Evol — Conventional start-up loan
Highlights
This program is designed for business owners like you who are looking to grow and expand. It offers a loan ranging from $20,000 to $75,000 with a minimum down payment of just 5% of the project value. The interest rate is competitive and based on the risk associated with your business project. You can also benefit from a moratorium at the start and during the loan, making it easier to manage your finances.
Key Benefits:
- Flexible financing for tangible and intangible assets, working capital, and product development.
- Amortization period of up to 8 years.
- Parental leave moratorium option.
- Low 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, projected financial statements, and shareholder CVs. This program is a great opportunity to secure funding with favorable terms, helping you focus on growing your business.
Financing Details
Type of Financing: Loan
Loan Amount:
- Ranges from $20,000 to $75,000.
Repayment Terms:
- 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 associated with the business project.
- Possibility of a moratorium at the granting and during the loan period.
Eligible Expenses:
- Acquisition of tangible and intangible assets.
- Working capital related to the operations of the business following the loan granting date.
- Development and marketing of products and new services for a business already in operation.
- Purchase and redemption of shares.
Ineligible Expenses:
- The funds cannot be used for personal expenses or any non-business-related activities.
Fees:
- $350 file opening fee.
- Annual management fee of 1.5% of the loan balance.
- Fees for analysis and follow-up of the file are applicable.
Qualifications
- Business must be a start-up (0-2 years old).
- Loan amount must range from $20,000 to $75,000.
- Requires a minimum down payment of 5% of the project value.
- Maximum amortization period of 8 years.
- Business plan required.
- 2-year projected financial statements required.
- Curriculum vitae of shareholders required.
Most business sectors are eligible.
Disqualifications:
- None specified in the provided context.
Description
This program offers your business a loan ranging from $20,000 to $75,000. You will need to make a minimum down payment of 5% of the project value. The loan comes with a maximum payback period of 8 years and an interest rate based on a base rate plus a percentage that reflects the risk of your business project.
You can use this loan for:
- Buying tangible and intangible assets
- Working capital for operations
- Developing and marketing new products or services
- Purchasing or redeeming shares
There is a $350 file opening fee and an annual management fee of 1.5% of the loan balance. You also have the option for a moratorium at the start and during the loan period, and even in the case of parental leave.
This program provides a valuable opportunity to secure funding for your business needs, helping you grow and achieve your ambitions.
Program Steps
Gather Required Documentation: Prepare the following documents:
- Business plan
- 2-year projected financial statements
- Curriculum vitae of shareholders
Complete the Application Form: Fill out the application form with accurate and detailed information about your business and the loan amount you are seeking.
Submit the Application: Submit the completed application form along with the required documentation to the appropriate financial institution or portal.
Pay the Application Fees: Ensure you pay the $350 file opening fee and any applicable annual management fees.
Await Review: The financial institution will review your application and documentation to ensure all criteria are met.
Respond to Additional Requests: Be prepared to provide any additional information or clarification if requested by the financial institution.
Discuss Loan Terms: Upon approval, discuss the final loan terms, including the interest rate, repayment schedule, and any fees associated with the loan.
Sign the Agreement: Once you agree to the terms, sign the loan agreement.
Receive Funds: After signing the agreement, the loan funds will be disbursed, allowing you to proceed with your business project.