Interest rates can be as low as CIBC prime plus 2%, depending on the level of risk involved with the loan.

Community Futures is approachable and willing to listen to your idea. We are usually willing to take more risk than a conventional lender. Our criteria are not based on a formula; we look at the whole plan. We are able to tailor the monthly payments according to the cash flow to allow for reduced payments during slow periods if your business is seasonal.

Contact our Business Loans staff to discuss repayment scenarios.

We require security in the amount of the loan. Security can be in the form of a realty mortgage, equipment, and/or personal guarantees, to name just a few.

Contact our loans department for initial discussions concerning your needs. Application packages are available from your local Chamber of Commerce, the Community Futures office, or download here. A detailed checklist of requirements is included with the loan application.

No, you do not have to be on EI to apply for a loan.

Approval amount varies depending on the needs of the business. The maximum amount is $500,000.00.

The term of the loan depends on the nature of the business, cash flow and the amount of the loan. Payments can be amortized over a longer period in order to reduce the monthly payment amount.

• New business: applicants with new businesses will complete a business plan, including financial projections.
• Existing business: applicants with existing businesses provide an outline of the proposal and the benefit it will have on the business.

Funds will be made available to the applicant between 1-4 weeks after loan approval, depending on the security required.

Please refer to our Loans Appeal Procedures.