Community Futures Saskatchewan — Loans
Highlights
This program is designed for businesses like yours, offering flexible and affordable loans tailored to your specific needs. Whether you are starting a new venture, expanding, or purchasing a business in a rural community, this program can provide up to $150,000 in financing. The loans come with a fixed interest rate and no repayment penalties, making it easier for you to manage your finances.
Key Benefits:
- Up to $150,000 in financing
- Fixed interest rate established at the time of application
- No repayment penalties
By applying for this program, you can secure the funds needed to grow your business without the burden of unpredictable costs. The application process is straightforward, and decisions are made locally, ensuring a quick response. This program offers a reliable and supportive way to finance your business goals.
Financing Details
Type of Financing: Loan
Repayment Terms:
- Maximum loan amount: $150,000.
- Fixed interest rate and amortization established at the time of application.
- No repayment penalties.
Eligible Expenses:
- New start-ups.
- Business expansions.
- Purchasing a business in a rural community.
Use of Funds:
- Funds cannot be used for personal expenses or non-business-related activities.
Fees:
- Application and administration fees will apply. Please contact your local Community Futures office for specific details.
Qualifications
- Must be a new start-up, expanding business, or buying a business.
- Business must be located in a rural community.
- Maximum loan amount of $150,000 to any one entity.
- Fixed interest rate and amortization established at the time of application.
- No repayment penalties.
Application and administration fees will apply.
Disqualifications:
- Businesses not located in a rural community.
Description
This program offers your business up to $150,000 in loans. You can use this money to start a new business, expand your current one, or even buy an existing business in a rural community.
Key benefits include:
- Fixed interest rate: The rate is set when you apply, so you know what to expect.
- No repayment penalties: Pay back the loan early without any extra fees.
- Tailored solutions: The loan terms are designed to meet your specific business needs.
This program is a great opportunity for your business to grow and succeed with flexible and affordable financial support.
Program Steps
Gather Necessary Documentation: Prepare the following documents:
- Business Plan
- Financial Statements (past 2-3 years)
- Tax Returns (past 2-3 years)
- Proof of Business Registration
- Identification Documents (e.g., driver's license, passport)
- Details of Intended Use of Funds (quotes for equipment, renovation costs, etc.)
Contact Your Local Community Futures Office: Reach out to your nearest Community Futures office for program information and application forms. They can provide guidance and answer any questions you may have.
Complete the Application Form: Fill out the application form provided by the Community Futures office. Ensure all sections are completed accurately and thoroughly.
Submit Your Application: Submit the completed application form along with the required documentation to your local Community Futures office. Make sure to keep copies of all submitted documents for your records.
Attend an Interview or Meeting: Be prepared to attend an interview or meeting with a representative from Community Futures. This may involve discussing your business plan and how the loan will benefit your business.
Review Loan Terms and Conditions: If your application is approved, review the loan terms and conditions carefully. This includes understanding the interest rate, repayment schedule, and any associated fees.
Sign the Loan Agreement: Once you agree to the terms, sign the loan agreement. Ensure you understand all the commitments and responsibilities involved.
Receive Loan Funds: After signing the agreement, the loan funds will be disbursed. You can then use the funds for the intended purposes outlined in your application.
Implement Your Business Plan: Use the loan funds to execute your business plan. Keep track of your expenses and ensure they align with the approved use of funds.
Repay the Loan: Follow the repayment schedule as outlined in the loan agreement. Make timely payments to maintain a good standing with Community Futures.