Small Business Loan Products

By mmuise
Description:

Nord-Aski REDC provides loans of up to $750,000 to area businesses who contribute to the creation and/or maintenance of long term employment in the communities it serves.
Their Small Business Loan Products are:
1. Term Loans - for Business Start-up, Businesses Expansion, Asset Purchases, Working Capital and Consolidation of Business Debt.
2. ReadyCash - short-term loans for existing businesses to enhance promotional tools/marketing campaigns or increase the productivity of their business by refreshing/renewing equipment (photocopiers, computers, cash registers, etc.), make leasehold improvements, increase inventory, or help with their working capital.
3. FlexLine - flexible lines of credit, with no need to reapply for funds. Business & Financial Analyst will revise on a yearly basis.


Comments on Funding:

Funding is:
- up to $750,000 for Term Loans, varying terms and regular interest rate;
- up to $10,000 for ReadyCash, varying terms and regular interest rate;

Deadline: Continuous Intake
Eligibility:

Applicants must be:

  • businesses in the Nord-Aski REDC's service area;
  • businesses planning to locate, start or expand business operations within the boundaries of Nord-Aski REDC;
  • existing businesses, if applying to the ReadyCash loan.

Application Steps:

Applicants must:

1. complete applications along with an original signature and submit it;

2. meet with a Business and Financial Analyst to discuss the application and the financing options.

Documentation Needed:

Applicants must submit a a cash flow forecast with their application. It’s also common that they will be asked to provide cash flow forecasts at regular intervals until their loan is paid in full.

Other Things to Note:

The NextGen loans no longer included under Small Business Loan products.

1. Nord-Aski REDC promotes economic growth in four Northeastern Ontario municipalities and the Unincorporated Territories along Highways 11 and 631. The region covers approximately 25,900 square kilometers and it includes:
a) Constance Lake First Nation,
b) Town of Hearst,
c) Township of Hornepayne, and
d) Municipality of Mattice-Val Côté.

2. A FedNor investment of $455,000 will enable Nord-Aski to administers the Northeastern Ontario Investment Pool for a three-year period on behalf of the 13 partner CFDCs in the region. The Investment Pool provides term loans, patient capital and equity financing to qualifying small and medium-sized businesses in the region. This shared lending approach reduces the risk to participating CFDCs and allows them to support strategic and larger-scale projects by offering business financing up to a maximum of $500,000.

About the author
mmuise