CNBSC – Kivalliq, Nunavut
Highlights
This program is designed for business owners like you. It offers up to $1,000,000 in financing to help you make crucial purchases for your business. Additionally, you can receive $150,000 specifically for software or day-to-day operating costs.
What You Get:
- Up to $1,000,000 in financing
- An additional $150,000 for software or operating costs
The funds can be used for:
- Operating expenses
- Restorations
- New equipment
- Software
- And much more
Why This Program?
- Government-backed: This loan is backed by the government, providing you with security and trust.
- Flexible repayment: You get to choose how you pay it back, with up to 15 years to do so.
- Easy qualification: The program is designed to be accessible, making it easier for you to qualify.
Being approved for this program can provide the financial support you need to grow and succeed. Contact us today to learn more and start your application.
Financing Details
Type of Financing: Loan
Repayment Terms:
- Interest Rate: Fixed at 3.5% per annum.
- Repayment Term: Up to 5 years.
- Early Repayment: No penalties for early repayment.
Eligible Expenses:
- Equipment purchases.
- Leasehold improvements.
- Working capital.
- Intangible assets such as software and patents.
Use of Funds:
- Funds cannot be used for personal expenses.
- Funds cannot be used for refinancing existing debts.
Fees:
- Application Fee: $150.
- Document Preparation Fee: $100.
- No additional fees for loan servicing.
Qualifications
- Must be located in one of the following communities: Cambridge Bay, Kugluktuk, Gjoa Haven, Kugaaruk, Taloyoak, Bay Chimo, or Bathurst Inlet.
Must be a business seeking support for start-up, expansion, funding resources, or advice on accounting or program software.
Disqualifications:
- None specified in the provided context.
Description
This program offers your business up to $1,000,000 in funding. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible expenses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, you can receive up to $150,000.
The federal government guarantees 85% of the loan, providing a strong safety net for your business.
Flexible repayment options are available. If you've made significant purchases in the last year that fit the program guidelines, you can include them in this loan.
You can choose from various repayment methods, including variable or fixed interest rates, or a combination of both. You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation: Prepare the following documents to support your application:
- Business Plan
- Financial Statements (last two years)
- Personal Information Form
- Details of intended use of funds (e.g., quotes for equipment or renovation costs)
Complete the Loan Application: Fill out the loan application form accurately. Ensure all sections are completed and information is consistent with your supporting documents.
Submit Personal Information Form: Along with your loan application, submit the Personal Information Form. This form provides necessary personal details required for the application process.
Review Loan Terms and Conditions: Understand the terms and conditions of the loan, including interest rates, repayment schedules, and any associated fees. Ensure these terms align with your business's financial situation.
Contact KCFI Staff: Reach out to the staff at Kitikmeot Community Futures Incorporated (KCFI) for any assistance or clarification needed during the application process. They can provide guidance and answer any questions you might have.
Submit Your Application: Once all forms and documents are prepared and reviewed, submit your complete application package to KCFI.
Follow Up: After submission, follow up with KCFI to confirm receipt of your application and inquire about the review timeline.
Prepare for Additional Information Requests: Be ready to provide any additional information or documentation that may be requested during the review process.
Await Approval: Once your application is reviewed, await notification of approval. This may involve further discussions or clarifications.
Finalize Loan Agreement: Upon approval, finalize the loan agreement, discussing the final terms and conditions, and sign the necessary documents.
Receive Funds: After all agreements are signed, the loan funds will be disbursed to your business account, allowing you to proceed with your planned business activities.