Northeastern Ontario Investment Pool (NEOIP)

By mmuise
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.

Deadline: Currently accepting applications
Eligibility:

Applicants must be:

  • small and medium–sized businesses who contribute to the creation and/or maintenance of long term employment;
  • 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:

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About the author
mmuise