How to Apply
To begin the loan
application process:
-
Prepare your business
plan.
-
Complete your financial statements and/or
forecast.
- Contact our Lending Specialist for an initial
interview.
For on-line assistance in
completing your business plan and financial forecasts, visit
our on-line application forms. For personal
assistance, contact our Business Consultant and Lending
Specialist.
Initial
Interview
The initial interview is
an information exchange where we provide you with an overview
of our services and you provide us with an overview of your
business plan and financing requirements. If you decide to
proceed, the next step is to submit a loan
application.
Application
At a minimum, your loan
application must include:
-
Business Loan
Application
-
Business Plan including Projected Cash Flow,
Balance Sheet and Income Statements
-
Personal Financial
Statement for each partner / shareholder (add to list of
docs)
- Copy of your Business Registration and/or
Articles of Incorporation
- Copy of your Income Tax Return
- Copy of Birth Certificates of each partner /
shareholder.
Evaluation
Our Lending Specialist will analyze your
loan application package and present it to the Investment
Committee of our volunteer Board of Directors. All financing
decisions are made by the Board at their monthly meeting based
on the strength of your business plan, your ability to repay,
available security, impact on job creation or maintenance and
the impact on long-term growth for the community.
Interest
Rates, Terms, Security and Reporting Requirements
Our loan interest rates,
terms, security and reporting requirements are reflective of
the level of risk involved and are assessed at the discretion
of our Investment Committee. Generally our interest
rates on approved loans range from prime plus 2% to prime plus
5%. Repayment terms can be customized to meet your
business needs and will not exceed 10 years. All of our loans
are reviewed annually. Our loans are repayable in full at any
time without penalty.
In all cases we seek to
obtain adequate security to ensure repayment in the event of
default. Types of security frequently taken include, but are
not limited to, the following:
- Promissory Note
- Real Property Mortgage / Assignment of Insurance
- General Security Agreement
- Personal Guarantee
- Subrogation / Postponement
- Assignment of Life Insurance.
All of our loan clients
are required to submit income statements to us regularly,
throughout their fiscal year, for the duration of the loan.
Consulting and Referral Services
Our professional staff is knowledgeable
about the local market place and understands the challenges
faced by your business. We offer one-on-one business
consultations at no cost to you. We can assist you in
assessing and planning a business start-up, restructuring,
expansion or relocation project. We can direct you to
available federal, provincial and local expertise that can
assist you in translating your research into reality.
Whether or not you are seeking to access financing from us,
we can assist you in the development and execution of your
business plan. Contact our Business Consultant for a
consultation.
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