Amount:

$500,000

Type of Program:

Loan


Description:

GEDC’s 3-Tier Lending Program was developed to assist new and existing small to medium enterprises (SME) to finance startup, expansion, purchase of assets or working capital. There are 3 types of loans:

  1. 1
    Micro Loans are ideal for smaller businesses looking for help with start-up and other costs. There is a simplified application and approval process.
  2. 2
    General Loans can help Greenstone businesses of all sizes reach their maximum potential.
  3. 3
    Pool Loans are available through the CFDC's Northwestern Ontario Investment Pool (Seven Community Futures Development Corporations (CFDCs) in Northwestern Ontario now have the ability to provide loans to Northwestern Ontario businesses in excess of their normal lending cap of $150,000 to as much as $500,000).

Comments on Funding:

Funding is:

  1. 1
    between $500 and $10,000 for Micro Loans;
  2. 2
    between $10,001 and $150,000 for General Loans;
  3. 3
    between $150,001 and $500,000 for Pool Loans.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicant must:

  • be new and existing small to medium enterprises (SME) to finance startup, expansion, purchase of assets or working capital;
  • be registered businesses in Ontario;
  • be located in the Greenstone region;
  • be sound businesses that create and maintain sustainable employment in all economic sectors;
  • have a business plan and financial projections;
  • be 19 years old;
  • be corporations, legal partnerships and registered sole proprietors, if applying for Pool Loans.

Applications Steps:

1

Applicants must call or email GEDC to set up an appointment: 807-854-2273 / info@gedc.ca.

Documentation Needed:

Applciants must submit a business plan.

Other Things to Note:

Regional Loan Pool
Seven Community Futures Development Corporations (CFDCs) in Northwestern Ontario now have the ability to provide loans to Northwestern Ontario businesses in excess of their normal lending cap of $150,000 to as much as $500,000. With the help of the CFDCs’ funding partner, FedNor/Industry Canada, these loans are available to Northwestern Ontario Businesses for starting a new business or expanding an existing business.

Participating CFDCs are:

  1. 1
    Thunder Bay Ventures – Thunder Bay, ON;
  2. 2
    Rainy River Future Development Corporation – Fort Frances, ON;
  3. 3
    Superior North Community Futures Development Corp. – Terrace Bay, ON;
  4. 4
     Lake of the Woods Business Incentive Corporation – Kenora, ON;
  5. 5
    Atikokan Economic Development Corporation – Atikokan, ON;
  6. 6
    Greenstone Economic Development Corp. – Geraldton, ON;
  7. 7
    Chukuni Communities Development Corp. Red Lake, ON.

Applications will be taken through the applicant's local CFDC (list above) who will provide the initial $150,000 in financing. In the Greenstone region, please apply to Greenstone Economic Development Corporation.

The balance of the loan – to a maximum of $500,000– will be provided on a pro rata basis by the other CFDCs. Approval for the loan will be made at the local CFDC level. Normal loan criteria established by the local CFDC will apply.

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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