Amount:

$10,000

Type of Program:

Loan


Description:

Wakenagun CFDC’s Investment Fund - "A Helping Hand" Loan provides funding for business start up. Funding may be used for seasonal businesses, craft material purchases, minor capital items.

Comments on Funding:

Loan is up to $10,000.
A 10% cash equity is required.

Interest rate is equal to the prime rate published by the Bank of Canada at the time of application, plus an increase between 2-7% depending on the amount of risk determined.

The applicant will pay interest and other fees, if applicable. No repayment penalty is applicable.
Loan is repayable in 3 years.


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicants must:

  • Be sole proprietors
  • Be partnerships
  • Be corporations
  • Be not-for profit corporations
  • Have their business located within the boundaries of the Wakenagun catchment area.
  • be a small business venture or idea that only require a micro loan.

Documentation Needed:

Applicants must submit:

  • A Statement of Intent form
  • a project description including estimated costs (must provide quotations),
  • A general business proposal of the idea
  • A Statement of Personal Assets and Liabilities.

Other Things to Note:

Wakenagun can provide financing up to a maximum of $150,000 from our Investment Fund in the form of a loan to start or expand a business with a well-documented business plan. These loans are non-forgivable.
The program guidelines are from 2016.

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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