LoanNunavutProperty Development

Nunavut Business Credit Corporation: Interim Construction Financing

Interim construction financing: This type of credit facility is used for real estate development projects and is done either on a project completion basis or a percentage of completion basis.

Offered by Nunavut Business Credit Corporation (NBCC)

Amount

No fixed amount

Quick eligibility check

Years in business

No minimum stated

Employees

No limit stated

Revenue

No limit stated

Legal structure

Incorporated, co-operative, partnership, sole proprietor, other

Location

Nunavut

Who can apply

Applicants must:

Be business enterpirse carrying on business in Nunavut that is:

a. A company or corporation registered or incorporated under the Business Corporations Act;

b. A co-operative association registered or incorporated under the Co-operative Associations Act;

c. A partnership for which a declaration is registered under the Partnership Act; or

d. A corporation incorporated under Part II of the Canada Corporations Act and commonly known as a community futures organization; or

e. An individual

Be eligible to apply for a loan if:

a. It is or would likely be unable to obtain a loan from a financial institution on reasonable terms and conditions; or

b. There is not a financial institution or branch of a financial institution in a community in which the business enterprise carries on business.

Be prepared to provide security. Security can consist of:

a. A mortgage on real property;

b. A pledge on personal property;

c. A personal or general guarantee from the principals of the business enterprise; or

d. Any combination of the above.

About the funding