Comments on Funding:
Loans between $50,000 and $500,000, with rates and terms determined on case-by-case basis.
The eligibility criteria is focused around two key questions:
must complete and submit the “Inquire now” form and they will receive a response in 3-5 business days.
will work with Verge to put together a strong and compelling loan application. When ready, the application is assessed by a review panel of 4-6 volunteers with diverse backgrounds in terms of lived experience and professional expertise. This due diligence period takes approximately two weeks.
must present to the review panel, either in-person or via videoconference. The review panel also has an opportunity to ask questions about the applicants’ social enterprise and get to know the applicants and their team better..
The review panel discusses the application as a group, and makes their recommendation to VERGE Capital to approve the loan, or that further work is needed for an approval. This decision is communicated to applicants within a week of their presentation.
Other Things to Note:
- The fund is co-managed with SVX, who collaborated on the fund design, leads due diligence, and supports governance and investor relations
- Again, there is no universal definition but we consider Southwestern Ontario as the general area between Windsor and Hamilton-Niagara. This does not include Halton Region (Burlington, Halton Hills, Milton, Oakville) or the rest of the Greater Toronto Area.