Affinity Credit Union Revolving Equipment Line of Credit

Amount:

no fixed amount

Type:

Loan

Description:

Affinity Credit Union provides a Revolving Equipment Line of Credit designed for companies consistently replacing equipment. This option allows businesses to consolidate their equipment purchases under a single line of credit, simplifying management. With only one equipment loan to oversee, businesses can streamline their bookkeeping, closely monitor their equipment budget, and comprehend how the equipment contributes to their bottom line. The setup and payment processes are faster than a term loan, and businesses have the flexibility to pay down the loan balance at any time without incurring penalties.

Comments on Funding:

Funding takes the form of a revolving line of credit.

Deadline:

Rolling deadline

Eligibility:

Applicants must:
1. be businesses;
2. be Affinity Credit Union members;
3. be residents of Saskatchewan.

Application Steps:

No specific steps have been identified.

Documentation Needed:

Applicants must provide:
1. 3 years of financial statements;
2. personal financial information on all shareholders or guarantors including 3 years of personal income tax returns;
3. signed leases or rentals for all properties;
4. a business plan, including projections.

Other Things to Note:

Maurice

About the author

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Canada to identify and maximize funding to grow their business.

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