Northeastern Ontario Investment Pool (NEOIP)
$600,000.00
Loan
Description:
The Community Development Corporation of Sault Ste. Marie & Area (CDC) provides various loans of up to $150,000 ($250,000 on special circumstances).
In the event that a client requires funding exceeding their inhouse limits, the CDC is able to access the NEOIP in the amount of $500,000 with the CDC advancing the first $150,000. The eligibility criteria are the same as the normal CDC inhouse loans.
Comments on Funding:
The CDC is able to access the NEOIP in the amount of $500,000 with the CDC advancing the first $150,000.
Loan terms and conditions:
1. Interest rates policy:
a) in cases of AAA Applications – Prime + 2;
b) normally – Prime + 4.
2. The interest rate is generally fixed for the life of the loan.
Currently accepting applications
Eligibility:
Applicants must be:
1. small and medium–sized businesses who contribute to the creation and/or maintenance of long term employment;
2. businesses in the CDC’s service area (extends from Montreal River to the North, Laird Township to the East and Prince Township to the West).
Application Steps:
Applicants must:
1. complete the on-line application;
2. meet with CDC staff to discuss their project.
Documentation Needed:
CDC will likely require additional information such as financial statements, if available and will work with the applicant to complete a cash flow forecast. Assistance will be provided where needed.
Other Things to Note:
- Algoma District
- All
- Batchawana
- Echo Bay & the Township of MacDonald
- Expand a Business
- Garden River First Nation
- Goulais River
- Havilland/Harmony
- Heyden
- Karalash Corners
- Kirby’s Corner
- Laird Township
- Mamainse
- Meredith and Aberdeen Additional
- Montreal River
- Municipality of Sault Ste. Marie
- Non-profit Organizations
- Ontario
- Prince Township
- Searchmont
About the author
Maurice
