Evol — Conventional loan
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
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
Calculate Down Payment: Ensure you have a minimum down payment of 5% of the project value.
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
Complete Application Form: Fill out the application form with accurate and complete information about your business and the project.
Submit Application: Submit the completed application form along with the required documents to the appropriate financial institution.
Pay Application Fees: Pay the $350 file opening fee and any other applicable fees for the analysis and follow-up of the file.
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.
Approval and Loan Agreement: Upon approval, discuss and finalize the loan terms, including the interest rate, repayment schedule, and any associated fees.
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.