Rise — Small Business Lending
Highlights
This program is designed for business owners like you who need financial support to launch or grow their small business. With low-interest loans up to $10,000, you can make essential purchases, attend events, or expand your operations. The average initial loan size is $4,000, and repayment terms are flexible, starting 30 days after disbursement with no hidden fees.
What You Get:
- Low-interest financing tailored to your business stage and capacity to repay
- Mentorship from experienced business professionals to guide you
- Support in reviewing your business plan and improving your financial management skills
This program is more accessible than traditional bank financing, focusing on your character and commitment rather than just your credit score. Approval can provide the financial boost and expert guidance you need to succeed. The application process is straightforward, ensuring you can quickly access the resources you need.
Financing Details
Type of Financing: Low-Interest Business Loan
Loan Details:
- Loan Amount: Up to $10,000, with an average initial loan size of $4,000.
- Interest Rate: Low-interest rate.
- Repayment Term: Average loan term of 3 years.
- Repayment Start: 30 days post loan disbursement.
- Fees: No hidden fees.
Eligible Expenses:
- Business growth and development.
- Attending events or trade shows.
- Launching new business initiatives.
Ineligible Expenses:
- Personal expenses.
- Non-business-related costs.
Fees:
- No application or hidden fees.
Qualifications
- Must be a motivated entrepreneur.
- Must self-identify as an individual who has experienced mental health and/or addiction challenges.
- Must be unable to access traditional bank financing for their small business.
- Must reside in Canada.
Must be a Canadian citizen or Permanent Resident.
Disqualifications:
- Businesses where the owner is in active bankruptcy.
- Businesses where the owner is behind on child support payments.
- Businesses where the owner is behind on government taxes.
Description
This program offers your business low-interest loans up to $10,000 to help you launch or grow. The average initial loan size is $4,000. The loans come with a low-interest rate and an average term of 3 years. Repayment starts 30 days after you receive the loan, and there are no hidden fees.
You can use the loan for various business needs, such as attending events, trade shows, or other growth activities. The program also provides mentorship from experienced business professionals. This guidance can help you implement your business plan and achieve long-term success.
Additionally, the program offers support in reviewing your business plan and improving your business skills and financial management. This combination of financial aid, mentorship, and support can significantly benefit your business.
Program Steps
Complete the Financing Application: Start by filling out the financing application form. This is the first step in the process.
Prepare Required Documentation: Gather the necessary documents to support your application. You will need:
- Business plan
- 1-year cash flow projection
- Resume
- Credit report
- Any supporting documentation as required
Submit Your Application: Once you have completed the application form and gathered all required documents, submit your application through the designated platform or contact point.
Review and Follow-Up: After submission, the application will be reviewed. Be prepared to provide additional information or clarification if requested.
Attend an Interview: You may be asked to attend an interview to discuss your business plan and financial projections in more detail.
Receive Approval: If your application is approved, you will be notified of the loan amount, interest rate, and repayment terms.
Sign Loan Agreement: Review and sign the loan agreement to finalize the terms and conditions.
Loan Disbursement: Once the agreement is signed, the loan funds will be disbursed to your business account.
Begin Repayment: Repayment of the loan will start 30 days after the loan disbursement. Ensure you adhere to the agreed-upon repayment schedule.