Business Loan Criteria
We take the following into account when you apply for assistance:
- Economic viability of the business
- Assessment of management skills and abilities
- Ability of the business to repay the loan
- Reasonable personal financial investment in the program
- Loan security
- Creation or maintenance of jobs
- Location of the business in the Central Kootenay region – see map for details
The Community Futures Loan Program can help to finance any viable business venture up to a maximum of $500,000 for the following purposes:
- Equipment purchases
- Real estate purchases
- Change of ownership
- Construction costs
- Additional working capital
IMPORTANT: Contact our office for initial discussions concerning your application
Community Futures Central Kootenay
201 – 514 Vernon Street, Nelson BC
Phone: 250 352 1933 – ext 117 or ext 114
- Contact our office prior to filling out any applications
- Develop a business plan, including financial projections.
- Complete the required Loan Application. Note: To download a PDF document, you will need Adobe Acrobat Reader Version 7 or later. Download Adobe Acrobat Reader
- Complete the Business Plan Outline.
- Submit both the completed application package and your business plan to the Community Futures office at the above address. Ensure that the application package is signed by yourself (the applicant/s) and your spouse, married or common law partner/s.
- A credit check will be conducted on all applicant/s and their spouse/s.
- Attend an interview with Community Futures loans staff to discuss your business plan.
- Supply any additional information that may be required.
- Loans under $50,000 are assessed by Community Futures loans staff for approval. Applications for these loans can be submitted at any time.
- Loans for more than $50,000 are presented to the Loans Committee (comprised of local volunteer directors) for approval. Accordingly you will be advised of the date of our monthly loan meeting and by when we need to have received your application and support information. Upon approval, we will contact you with information concerning the decision. Our “Letter of Offer” outlining the terms and conditions of the loan will be prepared for your immediate review.
- Upon your acceptance of the terms and conditions set out in the offer, we will commence preparation of the legal security documents.
- Once the security documentation is completed and executed by you we will be in a position to disburse the funds.