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.
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 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.