Comments on Funding:
The maximum loan amount is $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.
Repayment terms are based on amount borrowed and available cash flow with maximum term of three years.
Funds may be used for new or existing businesses.
Applicants must submit:
Other Things to Note:
Wakenagun can provide financing up to a maximum of $150,000 from its 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.