Wellington Waterloo Community Futures – Rural Women in Business Loans (2021)

Description:

Wellington Waterloo Community Futures provides rural women in business loans that help with startup funds or expansion plans. The maximum loan size is $250,000.00 to be used for the purchase of fixed assets, leasehold improvements, inventory, expansion, start-up or working capital or a combination of any along with some consolidation.

Comments on Funding:

Funding is up to $250,000.

Loan terms and conditions:

  1. The loans have very flexible amortization and repayment terms.
  2. There are no prepayment penalties.
  3. A $250 fee will be charged on approved loans.
  4. Applicants are responsible for all legal costs to complete the loan securitization package. These funds can be paid for from the proceeds of the funds to be borrowed.

Eligibility:

Applicant must:

  • be women entrepreneurs who want to start or grow their businesses (business structure: sole proprietor, partnership, incorporation);
  • have their business in Wellington County or Waterloo Region, in the areas served by Wellington Waterloo Community Futures;
  • have a strong business plan.

Applications Steps:

Applicant must:

Documentation Needed:

Applicants must submit:

  1. a Business Plan & Business Loan Application;
  2. an up to date resume which includes work history, educational background and refers to any transferable skills the business owner has;
  3. other supporting documents, such as:
  • partnership agreement;
  •  letters of intent from customers;
  • existing contracts;
  • letters with terms of purchase from suppliers;
  • promotional literature;
  • Photographs of product or location.

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