Impact Loan

By mmuise
Description:

Impact Loan offers financing of up to $5,000 to local enterprises that want to start or grow their business.


Comments on Funding:

Funding is up to $5,000, with the option of an additional $5,000 Step-Up Loan after one year. The yearly interest rate is Libro Credit Union’s Prime Rate + 2%.

Deadline: -
Eligibility:

The applicant must:

  • be local enterprises located in southwestern Ontario;
  • have difficulty obtaining traditional bank financing.
Application Steps:

The applicant must:

1. meet with the coordinator to evaluate the business idea and eligibility. 2. gather required documents and complete a formal application. A credit check will also be performed.

3. complete a formal business plan, as well as prepare to present his business idea.

4. meet with Libro Credit Union staff to set up a business account and obtain the funds, if the loan is approved.

Documentation Needed:

Applicants must submit the following:
1. financing application,
2. business plan,
3. their credit report,
4. supporting documentation as required.

Other Things to Note:

Same status in January 2021, January 2022, November 2022, and November 2023: Due to COVID-19, we are currently not taking any new applications until further notice.

About the author
mmuise