Type of Program:
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:
- 1Micro Loans are ideal for smaller businesses looking for help with start-up and other costs. There is a simplified application and approval process.
- 2General Loans can help Greenstone businesses of all sizes reach their maximum potential.
- 3Pool 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:
- 1between $500 and $10,000 for Micro Loans;
- 2between $10,001 and $150,000 for General Loans;
- 3between $150,001 and $500,000 for Pool Loans.
When It Ends:
Applicants must call or email GEDC to set up an appointment: 807-854-2273 / email@example.com.
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:
- 1Thunder Bay Ventures – Thunder Bay, ON;
- 2Rainy River Future Development Corporation – Fort Frances, ON;
- 3Superior North Community Futures Development Corp. – Terrace Bay, ON;
- 4Lake of the Woods Business Incentive Corporation – Kenora, ON;
- 5Atikokan Economic Development Corporation – Atikokan, ON;
- 6Greenstone Economic Development Corp. – Geraldton, ON;
- 7Chukuni 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.