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
- Term Loan - Application Process
- Term Loan - Application Requirements
- Term Loan - Evaluation Process
- Term Loan - Appeal Process
1. Click on the "Start Your Term Loan Application Now" button located at the top of the page to access the business loan application.
2. Submit your completed application with accompanying loan application fee. (A Loan Application Fee of 1% (minimum $250) of the requested amount must accompany all loan applications. The application fee is collected on the understanding should the loan request not be approved, the full application fee will be returned. The Loan Application Fee will not be returned if the application is approved or withdrawn once a Discussion Letter has been signed.)
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: A Loan Application Fee of 1% (minimum $250) of the requested amount must accompany all loan applications. The application fee is collected on the understanding should the loan request not be approved, the full application fee will be returned. The Loan Application Fee will not be returned if the application is approved or withdrawn once a Discussion Letter has been signed.
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)