Micro Loans Program

By mmuise
Description:

Community Futures Cowichan offers Micro Loans ranging from $500 to $5,000. Micro loans can be used for almost any business purpose directly related to the core business.
Micro loan clients also get assistance from business advisors who provide guidance and resources to help start and grow a business.


Comments on Funding:

Loan terms and fees:
1. 10% interest rate;
2. 2% application fee on successful applications;
3. repayment terms range from 6 to 36 months, depending on the client and the size of the loan.
4. no penalties for early repayment.

Deadline: Continuous Intake
Eligibility:

Anyone in the Cowichan area with a viable business idea and demonstrated capacity to generate business cash flow is eligible to apply. Ideal applicants are:

  • entrepreneurs with great ideas and limited resources;
  • people looking to enter a trade or profession;
  • newcomers to Canada who need to build credit history;
  • young entrepreneurs.
Application Steps:

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Documentation Needed:

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Other Things to Note:

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About the author
mmuise