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Evol — Conventional loan

Up to $450,000
Type
LOANS AND CAPITAL INVESTMENTS
Application Difficulty
HARD
Time To Complete4 weeksProgram Budgetno cap
See If You Qualify

Highlights

This program is designed for business owners like you who are looking to grow, acquire, or transfer your business. It offers loans ranging from $20,000 to $450,000 with a minimum down payment of just 5% of the project value. The maximum amortization period is 8 years, and the interest rate is based on a base rate plus a percentage determined by the risk associated with your business project.

Key Benefits:

  • Flexible Financing: Use the funds for tangible and intangible assets, working capital, product development, marketing, and more.
  • Moratorium Options: Possibility of a moratorium at the start and during the loan, including for parental leave.
  • Low Fees: A $350 file opening fee and an annual management fee of 1.5% of the loan balance.

Applying for this program can provide the financial support you need to achieve your business ambitions. The application process is straightforward, requiring a business plan or project summary, projected financial statements, and past financial reports. This program is a valuable opportunity to secure the funding necessary for your business's growth and success.

Financing Details

Type of Financing: Loan

Repayment Terms and Interest Rates:

  • Minimum down payment: 5% of the project value.
  • Maximum amortization period: 8 years.
  • Interest rate: Base rate plus a percentage based on the risk premium.
  • Possibility of a moratorium at the granting and during the loan period.
  • Option for a moratorium in the case of parental leave.

Eligible Expenses:

  • Acquisition of tangible and intangible assets.
  • Working capital related to business operations post-loan granting.
  • Development and marketing of products and new services.
  • Purchase and redemption of shares.

Ineligible Expenses:

  • The funds cannot be used for personal expenses or non-business-related activities.

Fees:

  • $350 file opening fee.
  • Annual management fee: 1.5% of the loan balance.
  • Fees for analysis and follow-up of the file are applicable.

Qualifications

  • Must be a business in one of the 17 specified regions:
    • Bas-Saint-Laurent
    • Saguenay–Lac-Saint-Jean
    • Capitale-Nationale
    • Mauricie
    • Estrie
    • Montréal
    • Outaouais
    • Abitibi-Témiscamingue
    • Côte-Nord
    • Nord-du-Québec
    • Gaspésie–Îles-de-la-Madeleine
    • Chaudière-Appalaches
    • Laval
    • Lanaudière
    • Laurentides
    • Montérégie
    • Centre-du-Québec
  • Must be seeking a loan ranging from $20,000 to $450,000.
  • Requires a minimum down payment of 5% of the project value.
  • Must provide the following documents:
    • Business plan and/or project summary.
    • 2-year projected financial statements.
    • Financial reports for the past 3 years (when possible).
    • Most recent interim financial statements.
  • Must be in operation already.
  • Most business sectors are eligible.
  • Must be able to pay a $350 file opening fee.
  • Must be able to pay an annual management fee of 1.5% of the loan balance.

  • Disqualifications:

    • None specified in the provided context.

Description

This program offers your business loans ranging from $20,000 to $450,000. You can use this money to buy assets, fund operations, develop products, market new services, or even purchase shares.

Key benefits include:

  • Low down payment: Only 5% of the project value.
  • Flexible amortization: Payback period up to 8 years.
  • Interest rates: Based on a base rate plus a percentage tied to your project's risk.
  • Moratorium options: Possible at the start and during the loan, including for parental leave.

Fees involved:

  • $350 file opening fee.
  • 1.5% annual management fee on the loan balance.

This program is designed to help you grow and achieve your business ambitions with manageable financial support.

Program Steps

  1. Gather Required Documents: Prepare the following documents to support your application:

    • Business plan and/or project summary
    • 2-year projected financial statements
    • Financial reports for the past 3 years (if available)
    • Most recent interim financial statements
  2. Calculate Down Payment: Ensure you have a minimum down payment of 5% of the project value.

  3. Review Loan Terms: Understand the loan terms, including:

    • Loan amounts ranging from $20,000 to $450,000
    • Maximum amortization period of 8 years
    • Interest rate based on a base rate plus a percentage based on the risk premium
    • Possibility of a moratorium at the granting and during the loan
    • $350 file opening fee
    • Annual management fee of 1.5% of the loan balance
  4. Complete Application Form: Fill out the application form with accurate and complete information about your business and the project.

  5. Submit Application: Submit the completed application form along with the required documents to the appropriate financial institution.

  6. Pay Application Fees: Pay the $350 file opening fee and any other applicable fees for the analysis and follow-up of the file.

  7. Await Review: The financial institution will review your application to ensure it meets all criteria and aligns with the program's objectives. They may request additional information if needed.

  8. Approval and Loan Agreement: Upon approval, discuss and finalize the loan terms, including the interest rate, repayment schedule, and any associated fees.

  9. Receive Funds: Once the loan agreement is signed, the funds will be disbursed, allowing you to proceed with your business growth, acquisition, or transfer project.

Visit Program Website