Wakenagun CFDC’s Investment Fund – “Youth in Business” Loan

Description:

Wakenagun CFDC’s Investment Fund – “Youth in Business” Loan provides funding for youth aged 18 to 35 to enter into business ownership. Funds may be used for new or existing businesses.

Comments on Funding:

Loan is up to $20,000.

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 5 years.

Eligibility:

Applicants must:

  • Have interest in the following: sole proprietors, partnerships and corporations
  • Be a youth aged 18 to 35
  • Have their business located within the boundaries of the Wakenagun catchment area.

Funds may be used for new or existing businesses.

Documentation Needed:

Applicants must submit:

  • A Statement of Intent form
  • a project description including estimated costs (must provide quotations),
  • A business plan
  • 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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