Amount:

$650,000

Type of Program:

Loan


Description:

Nord-Aski REDC provides loans of up to $650,000 to area businesses who contribute to the creation and/or maintenance of long term employment in the communities it serves.

Their Small Business Loan Products are:

  1. 1
    Term Loans - for Business Start-up, Businesses Expansion, Asset Purchases, Working Capital and Consolidation of Business Debt.
  2. 2
    ReadyCash - short-term loans for existing businesses to enhance promotional tools/marketing campaigns or increase the productivity of their business by refreshing/renewing equipment (photocopiers, computers, cash registers, etc.), make leasehold improvements, increase inventory, or help with their working capital.
  3. 3
    FlexLine - flexible lines of credit, with no need to reapply for funds. Business & Financial Analyst will revise on a yearly basis.
  4. 4
    NextGen loans - for young entrepreneurs (18 to 35 years of age) with great business ideas who need assistance with business equipment costs.

Comments on Funding:

Funding is:

  • up to $650,000 for Term Loans, varying terms and regular interest rate;
  • up to $10,000 for ReadyCash, 12 month term, Prime + 2%;
  • up to $100,000 for FlexLine (line of credit), 12 month term, regular interest rate;
  • up to $5,000 for NextGen loans, 12 to 18 months term, Prime + 25.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicant must be:

  • businesses in the Nord-Aski REDC's service area;
  • businesses planning to locate, start or expand business operations within the boundaries of Nord-Aski REDC;
  • existing businesses, if applying to the ReadyCash loan;
  • young entrepreneurs (18 to 35 years of age) with great business ideas who need assistance with business equipment costs, if applying for NextGen loans.

Applications Steps:

1

complete applications along with an original signature and submit it;

2

meet with a Business and Financial Analyst to discuss the applicationa and the financing options.

Other Things to Note:

Nord-Aski REDC promotes economic growth in four Northeastern Ontario municipalities and the Unincorporated Territories along Highways 11 and 631. The region covers approximately 25,900 square kilometers.

  • Constance Lake First Nation
  • Town of Hearst
  • Township of Hornepayne
  • Municipality of Mattice-Val Côté

Nord-Aski to administers the Northeastern Ontario Investment Pool for a three-year period on behalf of the 13 partner CFDCs in the region. The Investment Pool provides term loans, patient capital and equity financing to qualifying small and medium-sized businesses in the region. This shared lending approach reduces the risk to participating CFDCs and allows them to support strategic and larger-scale projects by offering business financing up to a maximum of $500,000.

About the author 

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business.
Click here to learn more about Moe's background and how he can help your business.

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