Community Development Corporation of Sault Ste. Marie & Area (CDC of Sault Ste. Marie & Area) – Northeastern Ontario Investment Pool (NEOIP) (2021)
Description:
The Community Development Corporation of Sault Ste. Marie & Area (CDC) provides various loans of up to $150,000 ($250,000 on special circumstances).
In the event that a client requires funding exceeding their inhouse limits, the CDC is able to access the NEOIP in the amount of $500,000 with the CDC advancing the first $150,000. The eligibility criteria are the same as our normal CDC inhouse loans.
Comments on Funding:
The CDC is able to access the NEOIP in the amount of $500,000 with the CDC advancing the first $150,000.
Loan terms and conditions:
- Interest rates policy:
a) in cases of AAA Applications – Prime + 2;
b) normally – Prime + 4. - The interest rate is generally fixed for the life of the loan.
Eligibility:
Applicant must be:
Applications Steps:
Documentation Needed:
CDC will likely require additional information such as financial statements, if available and will work with the applicant to complete a cash flow forecast. Assistance will be provided where needed.
Program Contact:
When It Ends:
Ongoing
Deadline:
Rolling deadline