| 1 What is Wellington-Waterloo Community
Futures Development Corporation? |
| 2 Where are you located? How do I get
there? |
| 3 Which areas do you service? |
| 4 What do I do first? |
| 5 What forms do I need to complete? |
| 6 Will you help me with my Business Plan? |
| 7 How much can my business borrow? |
| 8 What is the minimum amount a business can
borrow? |
| 9 How much interest do you charge? |
| 10 What term and amortization do you
offer? |
| 11 How soon will I have to make my first
payment? |
| 12 Is a down payment required? |
| 13 What collateral security is required? |
| 14 Is there an application fee? |
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1 What is Wellington-Waterloo Community
Futures Development Corporation?
We are a not for profit
organization funded through Industry Canada. The following
services are offered:
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Community Economic Development
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Business Investment in the form of
loans.
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Business Counseling and Advisory
Services
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2 Where are you located? How do I get
there?
We are located at
1-54 Wellington Rd #7, Elora, ON N0B 1S0
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3 Which
areas do you service?
We service the following
municipalities;
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Township of Centre Wellington
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Towns of Erin
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Township of Guelph/Eramosa
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Township of Mapleton
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Township of North Dumfries
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Township of Puslinch
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Township of Wellesley
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Township of Wilmot
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Township of Woolwich
Please Note: Businesses
located in the cities of Guelph, Cambridge and Kitchener-Waterloo
do not qualify for our assistance.
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4 What do I do first?
The best way to begin is by
contacting the Business Consultant and Lending Specialist.
Ben Moniz. Phone
(519)-846-9839 or 1-866-997-9928
e-mail [email protected]
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5 What forms do I need to complete?
You will need to complete a Business
Loan Application and Business Plan. These forms are
available on this website. Please click on….
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| 6 Will you help me with my Business Plan?
Yes, we can help by providing consulting
services and other resources such as books.
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| 7 How much can my business borrow?
Each business can borrow to a maximum of
$125,000.
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| 8 What is the minimum amount a business can
borrow? The minimum amount we lend for business
purposes is $5,000.
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| 9 How much interest do you charge?
Interest rates are based on TD Canada
Trust plus 2% to 4%.
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| 10 What term and amortization do you
offer? The term of the loan shall be a maximum
of 5 years and the amortization period shall be a maximum of
15 years.
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| 11 How soon will I have to make my first
payment? Our repayment terms are very flexible.
Generally, most payments begin 30-45 days after the funds
are advanced
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| 12 Is a down payment required?
You are required to provide a minimum
of 10% equity for capital purchases, leasehold improvements
and working capital.
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| 13 What collateral security is required?
The security requirements vary with the
amount of the loan. We usually require a general security
agreement covering the assets of the business and sometimes
a personal guarantee.
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| 14 Is there an application fee?
Our time is provided free of charge.
When a loan is advanced a $150 fee is charged to cover
administration costs such as registering security.
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