Wakenagun CFDC’s Investment Fund – “A Helping Hand” 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.

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.

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