Community Futures is not in competition with chartered banks or other business lenders. Rather, our financing can be independent of, or in partnership with, other financial institutions.
To qualify for financing, you must have already explored traditional financing services first. Should traditional financing be insufficient or unavailable, we may be able to offer a viable lending solution.
Purposes of Financing
- Start-up financing for new businesses
- Leasehold improvements
- Equipment purchases
- Working capital
- Purchase or renovate commercial property
- Purchase vacant land to construct new
commercial building, or for farming
Regional Relief and Recovery Fund
The Regional Relief and Recovery Fund (RRRF) provides financial contributions (interest-free loans) to help support fixed operating costs of SMEs, where business revenues have been affected by the COVID-19 pandemic.
Funding available through RCCFDC
In order to provide targeted assistance to the small towns and communities they serve, RCCFDC will focus on assisting sole proprietorship “main street” businesses, such as retail shops, restaurants, corner stores, and businesses of strategic importance to their communities, with loans up to $40,000. If you have received CEBA you are still eligible to apply for RRRF but will be ineligible for the 25% forgivable portion.
- Details of the RRRF Loan:
- Maximum assistance will be $40,000
- 0% interest and no principal payments until December 31, 2022
- Principal repayments can be voluntarily made at any time
- 25% (not to exceed $10,000) of the loan can be forgiven provided the recipient has paid 75% of the original loan amount prior to December 31, 2022
- If the recipient is unable to repay the loan by December 31, 2022, the loan will be converted to a three-year term loan with interest rates of 5%, effective January 1, 2023. The full balance must be repaid no later than December 31, 2025.
- Grants and non-repayable contributions are prohibited
- Eligible RCCFDC applicants must also meet the following criteria:
- established prior to March 1, 2020;
- impacted adversely by the COVID-19 pandemic;
- viable and not experiencing other financial difficulties prior to March 1, 2020;
- have attempted to access other federal relief supports and were ineligible, rejected, or require funding for expenses that have not been supported, with priority given to applicants who were ineligible or rejected from other federal relief supports.
- Term Loan - Application Process
- Term Loan - Application Requirements
- Term Loan - Evaluation Process
- Term Loan - Appeal Process
1. Complete the request for application form below to receive a copy of the business loan application.
2. Submit your completed package with accompanying loan application fee.
Packages can be submitted:
- Electronically to email@example.com
- By mail to 450 O'Brien Road, Suite 205, Renfrew, ON, K7V 3Z2.
3. A credit check will be conducted on all applicants.
4. Supply any additional information requested.
5. Loans are presented to the RCCFDC Investments Committee (comprised of local volunteers) for approval.
Our Business Development Officer (BDO) will analyze your loan application and present it to the Investment Committee. Decisions are based on the viability of your proposed business, available security, impact of job creation or maintenance and the impact on the community.
The BDO will then contact you regarding the committee’s decision. If your loan has been approved, you will receive a “Letter of Offer”, outlining the terms and conditions of the loan.
6. Upon acceptance of the Terms and Conditions set out in the offer, we will commence preparation of legal documents.
7. Once the security documents are completed, with all terms and conditions met, funds will be disbursed.
Businesses applying for financing must be located in the County of Renfrew or City of Pembroke.
In order to apply for financing, the following documentation is required;
- Completed Loan Application
- Statement of Personal Assets and Liabilities
- Business Model Canvas
- Cash Flow
- Marketing Plan
- If purchasing land or building, a signed Offer to Purchase, conditional on financing
- Detailed listing of equipment and inventory to be purchased
- Loan Application Fee
For existing businesses, please also attach:
- The past 3 years financial statements and/or Revenue Canada Statement of Business Activities (Form T2125)
- Revenue Canada Notice of Assessment (T2 for Corporations)
- Current HST Return for Registrants
- Confirmation that WSIB and Source Deduction payments are up-to-date
- Articles of Incorporation and/or Trade Name registration
Personal Net Worth Statement
- Personal Net Worth Statement for each applicant (partner(s) and/or spouse)
- Proof of assessment value of home (MPAC Property Tax assessment and/or residential appraisal report)
- Other information to confirm balances on statements
*Note: If the application is approved there is an Application Fee of 1% of the approved loan.
All financing decisions are made at the community level by our local Board of Directors, made up of entrepreneurs and experts in their field.
The following criteria will be taken into consideration when reviewing loan applications:
- Purpose of the financing request
- Reasonable expectation of economic viability
- Creation or maintenance of jobs
- Character of the Client including credit history
- Personal investment or financial commitment
- Security offered to protect the investment
Upon review of applications, the following is taken into account:
- Adequate security
- Creation or maintenance of jobs
- Economic viability of the business
- Management skills and abilities
- Client character; including credit history
- Ability of the business to repay the loan
- Environmental factors
- Business location (must be located in Renfrew County)