Access to Capital Program

By mmuise
Description:

LAMBAC offers small business loans of up to $300,000 to any one business. In its loan decisions LAMBAC balances sufficient security against the strength of business plan.
LAMBAC has several loan programs to meet business needs:
1. Micro-loan Program;
2. Standard Business Loan Program.

(EXCLUDE/to remove: Special business loans are available to larger businesses to a maximum of $600,000 through the North Eastern Ontario Investment Pool Network. LAMBAC as a member of this network can process such business loan applications.)


Comments on Funding:

Funding is:
- up to $10,000 for Micro Loans, repayable over 36 months;
- between $10,000 and $300,000 for Standard Business Loan Program. Currently the business interest rate is 7% including life insurance. All LAMBAC business loans are open and can be re-paid without penalty at any time.

Deadline: Continuous Intake
Eligibility:

The applicant must:

  • be either an existing small business owner wanting to expand his business or an entrepreneur wanting to start a business in the LaCloche Manitoulin region;
  • be unable to secure funding from traditional sources;
  • have sufficient security against the strength of their business plan.
Application Steps:

Applicants must complete and submit the application form and supporting documentation.

Documentation Needed:

Existing businesses must submit:
1. Municipal Tax Certificate showing taxes are current;
2. Proof of Payment of Government remittances;
3. Statement showing HST is current.

Applicants with approved loans, will be expected to supply / comply with some or all of the following, depending on their particular applications:
1. Serial numbers, registration, VIN numbers presented for verification;
2. Property mortgage(s). Survey or title insurance must be provided;
3. Report from CPIC (Canada Police Information Centre);
4. Creditor Loan Life Insurance.
5. The spouse / partner of the applicant will be expected to sign all documents and will require Independent Legal Advice.

Other Things to Note:

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About the author
mmuise