Community Futures Lethbridge Region Capital Growth Initiative Loan

Amount:

$75,000.00

Type:

In-Kind Support, Loan

Description:

Community Futures Lethbridge Region provides ongoing support, advice, and access to low-interest loans designed specifically for women entrepreneurs, and offering flexible repayments options and forgivable loan portions if conditions are met.

Comments on Funding:

Funding is a loan starting from $10,000 up to $75,000:
– Interest Rate of Prime + 2% for a 5-year term;
– 6 months interest-only payments at the start of loan;
– Forgivable 25% portion of loan amount if 75% is repaid within the 5-year loan term;
– Flexible opportunities to manage loan repayments;
– No penalties for early repayment and/or lump-sum payments.

Deadline:

Continuous Intake

Eligibility:

Applicants must:
1. be a 50.1% women-owned small or medium-sized business that is registered and located in Alberta;
2. reside in the province of Alberta;
3. be a Canadian Citizen or Permanent Resident;

4. As per the Terms and Conditions of the Community Futures Program, SMEs are defined as having less than 500 employees and annual sales revenue of less than $20 million, and produce goods and services for the market economy, regardless of their business structure (e.g. sole proprietorships, social enterprises, cooperatives, etc.).

Application Steps:

Applicants must:
1. submit an Eligibility Assessment;
2. complete the Loan Application;
3. be notified of the decision.

Documentation Needed:

Applicants must provide documents to confirm their identity, credit history, and other information as requested.

Other Things to Note:

April 2024: The program is fully subscribed.

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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