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 $300,000 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 $250,000 to as much as $600,000. With the help of the CFDC’s funding partner, Federal Economic Development Agency for Northern Ontario, , 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
- Atikokan Economic Development Corporation – Atikokan, ON
- Greenstone Economic Development Corporation – Geraldton, ON
- Superior North CFDC – Terrace Bay, ON
- Chukuni Communities Development Corporation – Red Lake, ON
How to Apply
Applications will be taken through your local CFDC (list above) who will provide the initial $250,000 in financing. In the Superior North region, please apply to Superior North CFDC.
The balance of the loan – to a maximum of $600,000 – 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.
Corporations, legal partnerships and registered sole proprietors.
Allow 4 – 10 weeks from receipt of a comprehensive business plan.
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.
For more information please click here.
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Watch our video to learn more about the inspiring ways we help futurpreneurs move Canada’s economy forward.