Community Futures British Columbia
Highlights
This program is designed specifically for businesses like yours in rural and remote areas. It offers flexible financing options that can help you grow, purchase new equipment, or even expand your market reach. The program is backed by the government, ensuring you get reliable support with favorable terms.
Key Benefits:
- Up to $1,000,000 in financing
- Additional $150,000 for software or operating costs
- Extended repayment terms of up to 15 years
What's in it for you?
- Operating expenses coverage
- Restorations and new equipment purchases
- Software investments
- Consulting and workshops for skill development
Qualifying for this program is straightforward, making it easier for you to access the funds you need. Approval can provide the financial stability and resources to take your business to the next level.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed interest rate of 3.5% per annum.
Eligible Expenses:
- Purchase of equipment and machinery.
- Leasehold improvements.
- Working capital.
- Intangible assets such as patents and trademarks.
Use of Funds:
- Funds cannot be used for personal expenses.
- Funds cannot be used to refinance existing debt.
Fees:
- Application Fee: $150.
- Administration Fee: 1% of the loan amount, included in the interest rate.
- Document Preparation Fee: $100.
Qualifications
- Must be a business located in rural or remote communities in British Columbia.
- Must be a new or experienced entrepreneur.
- Must be impacted by a disaster to receive priority for services.
Must be seeking business services or loans.
Disqualifications:
- Businesses not located in rural or remote communities in British Columbia.
- Businesses not impacted by a disaster (for priority services).
Description
This program offers your business a chance to receive up to $5,000 for business training. This money can help you and your team develop new skills and improve existing ones. You can use it for various training programs that will build your business capacity.
Conditions apply, but if your business has been impacted by a disaster, you may be eligible. This funding can cover workshops, peer mastermind sessions, and consultations with industry professionals. These resources can provide valuable insights and strategies to help your business grow and succeed.
The best part is that this money does not need to be paid back. It’s a grant designed to support your business in becoming stronger and more resilient. Take advantage of this opportunity to invest in your business’s future.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These include:
- Business plan
- Financial statements (balance sheet, income statement, cash flow statement)
- Proof of business registration
- Tax returns (personal and business)
- Identification documents (e.g., driver's license, passport)
- Disaster impact statement (if applicable)
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
Attach Supporting Documents: Attach the prepared documentation to your application form. Double-check that all required documents are included.
Submit the Application: Submit your completed application and supporting documents to the designated office or online portal.
Await Confirmation: Wait for confirmation of receipt and any further instructions from the program administrators.
Respond to Additional Requests: If the program administrators request additional information or clarification, respond promptly to ensure your application proceeds smoothly.
Review Approval Terms: Once approved, review the terms and conditions of the program. Ensure you understand the requirements and commitments involved.
Sign Agreement: Sign the agreement to formalize your participation in the program.
Implement Program Benefits: Utilize the program benefits as outlined in your approval. This may include accessing funds, attending workshops, or participating in consulting sessions.
Maintain Records: Keep detailed records of how the program benefits are used. This will be important for any future reporting or audits.
