Community Futures Program Northwest Territories
Highlights
The Community Futures Program is designed to support businesses like yours. This program offers business loans and loan guarantees up to $200,000, which can help you make significant investments in your business. Additionally, you can receive counseling and assistance to start or expand your business, ensuring you have the guidance you need to succeed.
Key Benefits:
- Up to $200,000 in financing
- Counseling and assistance for entrepreneurs
- Wage subsidies for unemployed individuals starting a new business
- Access to business information services
This program is easier to qualify for than many other financing options because it is community-based and tailored to the needs of your region. By participating, you can gain the financial support and expert advice necessary to grow your business and contribute to your community's economic development.
Financing Details
Type of Financing: Business Loans and Loan Guarantees
Loan Amount: Up to a maximum of $200,000
Repayment Terms and Interest Rates:
- Flexible repayment terms are available.
- Interest rates are competitive and vary based on the specific loan agreement.
Eligible Expenses:
- Business expansion costs
- Equipment purchases
- Working capital
- Leasehold improvements
Use of Funds:
- Funds can be used for starting a new business or expanding an existing one.
- Cannot be used for personal expenses or non-business-related activities.
Fees:
- No application fees.
- No hidden charges.
Qualifications
- Must be located in one of the 33 communities in the Northwest Territories (NWT).
- Must be a business or entrepreneur looking to start or expand a business.
- Must be willing to work with a Community Futures Development Corporation.
- Must be seeking business loans or loan guarantees up to a maximum of $200,000.
- Must be interested in counseling and assistance for business development.
- Must be open to wage subsidies if unemployed and starting a new business.
Must be willing to access Canada Business NWT Internet sites and business information services.
Disqualifications:
- Businesses not located in the Northwest Territories.
- Businesses not willing to work with a Community Futures Development Corporation.
Description
The Community Futures Program offers your business a chance to grow and thrive with several key benefits. You can borrow up to $200,000 through business loans and loan guarantees. This money can be used to start or expand your business, purchase equipment, or cover other essential expenses.
Key benefits include:
- Business loans and loan guarantees: Secure up to $200,000 to support your business needs.
- Counseling and assistance: Get expert advice and support to help you succeed.
- Wage subsidies: Receive financial help to hire employees if you're starting a new business.
- Access to business information services: Utilize Canada Business NWT Internet sites for valuable resources and information.
This program is designed to provide you with the financial support and resources needed to ensure your business can grow and succeed.
Program Steps
Contact Your Regional Office: Reach out to your regional Community Futures Development Corporation to express your interest in the program. They will provide specific guidance and initial information.
Prepare Required Documentation: Gather the necessary documents to support your application. These typically include:
- Business plan
- Financial statements
- Proof of business registration
- Personal identification
- Details of intended use of funds (e.g., quotes for equipment or renovation costs)
Complete the Application Form: Obtain and fill out the application form provided by your regional Community Futures Development Corporation. Ensure all sections are completed accurately.
Submit the Application: Submit your completed application form along with the required documentation to your regional Community Futures Development Corporation.
Attend an Interview: Be prepared to attend an interview or meeting with a representative from the Community Futures Development Corporation. This step may involve discussing your business plan and financial needs in more detail.
Review and Approval: Your application will be reviewed by the Community Futures Development Corporation. They may request additional information or clarification during this process.
Receive Funding: If your application is approved, you will receive the funding as per the terms agreed upon. Ensure you understand the repayment terms and any other conditions attached to the funding.
Utilize the Funds: Use the funds as outlined in your application to grow or support your business. Keep records of how the funds are used for future reference and reporting.
Follow Up: Maintain communication with your regional Community Futures Development Corporation. They may offer additional support and resources to help your business succeed.