The South Temiskaming Community Futures Development Corporation – Investment in Small Business (2021)

Description:

South Temiskaming Community Futures Development Corporation provides loans, loan guarantees and equity investments to new or existing businesses in the South Temiskaming area that have viable business plans, demonstrate personal commitment, help maintain or create jobs, and cannot obtain sufficient financing from other sources.

Comments on Funding:

Funding is up to $150,000.
The minimum interest rate is never lower than what a conventional financial institution would charge on a similar deal as described in the Small Business Financing Act.
The interest rate is assessed based on the client’s ability to manage the business, the amount of the funds requested and the overall risk of the proposal.

Eligibility:

Applicant must:

  • be small businesses in the South Temiskaming area;
  • be new or existing businesses;
  • have viable business plans, demonstrate personal commitment;
  • demonstrate a commitment to help create and/or maintain jobs and that all other funding sources have been contacted before developing their investment request application;
  • have security and be able to repay the investment.

Documentation Needed:

Applicants must submit:

  1. an up-to-date business plan (CFDC staff can provide advice);
  2. financial statements (for at least two years, if available);
  3. forecasted financial statements;
  4. market and competitive analysis;
  5. proof of citizenship;
  6. other documentation and information needed to properly assess a request for funding.

Other Things to Note:

South Temiskaming Community Futures Development Corporation is actively involved in the development of small businesses in the South Temiskaming area. As a Community Futures Development Corporation, South Temiskaming Community Futures Development Corporation provides loans, loan guarantees and equity investments to new or existing businesses that have viable business plans, demonstrate personal commitment, help maintain or create jobs, and cannot obtain sufficient financing from other sources. Our investments are not considered as grants and they are repayable. The recipient is responsible for the repayment of all the funds disbursed.

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