Amount:
$250,000
Type of Program:
Loan
Description:
CFP providesloans of up to $250,000 for qualifying startups and small and medium-sized enterprises for start up, stabilization and expansion in Northumberland.
Comments on Funding:
Funding will take the form of loans of up to $250,000.
Loan terms and conditions:
When It Ends:
Ongoing
Deadline:
Rolling deadline
Eligibility:
Applicant must:
Applications Steps:
must complete the loan eligibility pre-screening form on the website. They will receive a link to submit their full application via Northumberland CFDC’s CORL application portal.
must submit their full application via Northumberland CFDC’s CORL application portal;
will receive instant decision (Pre-Qualified or In Review);
will be contacted by a Loan Officer from Northumberland CFDC with next steps. If approved, Letter of Offer will be issued. Closing (funds can be advanced in as little as 2 weeks after approval).
Documentation Needed:
Applicants must submit the following information and digital documentation:
- 1Copies/scans of two forms of photo ID
- 2Articles of Incorporation and/or Business Registration (Master Business License, Sole Proprietorship or General Partnership)
- 3Any financial statements or business planning documents you have on file electronically
- 4Login information for online business accounts such as business banking, accounting, payments, etc. (you must grant permission to CORL Financial Technologies to access this information for the limited purpose of assessing your business for financing, and for ongoing monitoring of your loan status throughout the term of the loan). Please note that the more accounts you connect, the more information we will have to accurately assess your application.
Additional documentation may be required in further due diligence and review of your application, such as (but not limited to):
- 1Statement of Personal Assets and Liabilities including;
- 2Detailed multi-year cash flow projections;
- 3If purchasing land or building, a signed Offer to Purchase, conditional on financing;
- 4The past 3 years’ financial statements and/or CRA Statement of Business Activities (Form T2125);
- 5Detailed listing of equipment and inventory to be purchased;
- 6CRA Notice of Assessment (T2 for Corporations);
- 7HST Return for Registrants (Form GST 34);
- 8Statement of Account for Current Source Deductions (Form PD7A);
- 9List of current Accounts Payable and Accounts Receivable;
- 10Detailed listing of equipment and inventory owned;
- 11Résumé(s) of partners/shareholders;
- 12Copy of Birth Certificate and Drivers’ licenses of partners/shareholders;
- 13Other documentation as deemed necessary and requested after initial submission.
Other Things to Note:
Northumberland CFDC is not in competition with the banks. It is an alternative lender that supports entrepreneurs as a pathway to future prosperity in our communities.
