Through Government of Canada funding, Superior North CFDC administers a local investment fund to help finance new or existing small businesses and social enterprises for start-up, expansion or stabilization plans that help maintain or create jobs. Financing decisions are made at the community level by a local investment committee.
A project is eligible for financing if it:
creates/maintains local jobs
is located within our catchment area
shows appropriate unencumbered investment or sufficient existing equity in the business
illustrates new business ideas or expansion
is a viable/sustainable project
presents reasonable expectations of repayment
The following points are also considered by the Investment Committee:
Is there relevant education, experience and/or management experience? Is it commensurate with the project?
Is there appropriate business and personal security offered?
Will the prospective client have access to sufficient working capital and emergency funds?
Are government remittances, HST, sales, property and income taxes paid up-to-date?
What is the prospective client’s credit history and record?
Is the application and the facts presented in the application supported by the documentation? (i.e. business plan, personal and business financials, assessment, tax certificate, etc.)
Repayable financing of up to $150,000 on commercial terms through loans, loan guarantees or equity investments is available when financing from other sources is insufficient. We do not finance 100% of a project. ” Due Diligence” is performed, like in most other financial institutions. Terms and amortization depend on the purpose of the loan.
Northwestern Ontario Investment Pool
Regional Loan Pool
Six Community Futures Development Corporations (CFDCs) in Northwestern Ontario now have the ability to provide loans to Northwestern Ontario businesses in excess of their normal lending cap of $150,000 to as much as $500,000. With the help of the CFDC’s funding partner, FedNor/Industry Canada, these loans are available to Northwestern Ontario businesses for starting a new business or expanding an existing business.
Participating CFDCs are:
Thunder Bay Ventures – Thunder Bay, ON
Rainy River Future Development Corporation – Fort Frances, ON
Lake of the Woods Business Incentive Corporation – Kenora, ON
Atikoken Economic Development Corporation – Atikoken, ON
Greenstone Economic Development Corporation – Geraldton, ON
Superior North CFDC – Terrace Bay, ON
How to Apply
Applications will be taken through your local CFDC (list above) who will provide the initial $150,000 in financing. In the Superior North region, please apply to Superior North CFDC.
The balance of the loan – to a maximum of $500,000 – will be provided on a pro rata basis by the other CFDCs. Approval for the loan will be made at the local CFDC level. Normal loan criteria established by the local CFDC will apply.
Business Development Bank of Canada-BDC
BDC is the Business Development Bank of Canada. From over 100 offices across the country, BDC promotes entrepreneurship by providing highly tailored financing, venture capital and consulting services to entrepreneurs.
A financial institution owned by the Government of Canada, BDC has been serving Canadian entrepreneurs for more than 65 years. Our team helps more than 28,000 businesses reach their full potential. As a complementary lender, we offer loans and investments that fill out or complete services available from private sector financial institutions.
We have a special focus on small and medium-sized businesses. We pay particular attention to start-ups, innovators, fast-growth companies, manufacturers and exporters. We also focus on entrepreneurs who are working to commercialize the fruits of R&D to create innovative products and build globally successful companies.
What we do
Help build Canadian businesses:
- Financing: long-term loans for projects and working capital
- Consulting services: tailored consulting services at a price businesses can afford
- Subordinate financing: hybrid debt and equity financing
- Venture capital: direct and indirect investments in high technology companies
We put entrepreneurs’ success at the heart of all we do. At BDC, it’s entrepreneurs first.
Turning a great idea into a thriving business will not only help you support and create new jobs in your community, but will also expand your skills in an exciting and rewarding way.
We offer entrepreneurs four fully integrated services that are built around the ‘life cycle’ of a young entrepreneur, helping to ensure the success of every new start-up.
- Pre-launch expertise – learn how to build your business plan, overcome challenges and grow your venture through our Entrepreneurs-in-Residence and network of community partners.
- Online Business Resources – use our free tools, templates, articles and crash courses, like our Business Plan Writer, to help you with business planning.
- Financing – find the best financing option for you whether you are an emerging entrepreneur, a new Canadian or an existing young business owner. Futurpreneur Canada provides access to up to $15,000 in start-up financing and up to $30,000 in additional financing through our unique partnership with the Business Development Bank of Canada.
- Industry-leading mentoring – benefit from the extensive experience of a business professional who will work with you for a minimum of two years to ensure you have support during the critical start-up phase.
We are a national non-profit organization dedicated to growing our nation’s economy one young entrepreneur at a time. We look at character, not collateral, when providing youth aged 18-39 with pre-launch coaching, business resources, start-up financing and mentoring to help them launch and sustain successful businesses. We have been recognized as a global leader in advancing youth entrepreneurship, are a founding member of the global G20 Young Entrepreneurs’ Alliance (G20 YEA), the Canadian member of the Prince’s Youth Business International, and the Canadian Host of Global Entrepreneurship Week (November 18-24, 2013).
Established in 1996 as the Canadian Youth Business Foundation, Futurpreneur Canada has invested in more than 6,570 young and emerging entrepreneurs across Canada, whose businesses have created over 26,000 new jobs, $191 million in tax revenue and hundreds of millions of dollars in sales and export revenue. Futurpreneur Canada delivers its program coast-to-coast through a national network of 250 community partners and more than 2,800 volunteers including business mentors.
Watch our video to learn more about the inspiring ways we help futurpreneurs move Canada’s economy forward.