The Community Development Corporation of Sault Ste. Marie & Area (CDC) – 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 consitions:

  1. Interest rates policy:
  • in cases of AAA Applications – Prime + 2;
  • normally – Prime + 4.
  1. The interest rate is generally fixed for the life of the loan.

Eligibility:

Applicant must be:

  • small and medium–sized businesses;
  • businesses in the CDC’s service area (extends from Montreal River to the North, Laird Township to the East and Prince Township to the West).

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.

Other Things to Note:

The Community Development Corporation of Sault Ste. Marie & Area (CDC) is a community–based, non–profit organization governed by a local volunteer board of directors. The CDC is a FedNor funded Community Futures Development Corporation, which was established in Sault Ste. Marie in 1986.

The organization is dedicated to helping small and medium–sized businesses access services and capital, as well as enhancing the community’s economic and employment base through community–based planning and economic development initiatives.

The CDC is a member of the Ontario Association of Community Futures Development Corporations (OACFDC) and serves Sault Ste. Marie and the areas north to Montreal River, east to Laird Township and west to Prince Township.

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