Prescott-Russell Community Development Corporation Young Entrepreneur Loan
$30,000.00
Loan
Description:
Prescott-Russell Community Development Corporation’s Young Entrepreneur Loan is created to reduce the out-migration of young people towards urban centers. This program aims at supporting young entrepreneurs from 18 to 39 years of age in the start-up, acquisition, expansion and modernization of their business.
Comments on Funding:
Funding is a loan ranging from $5,000 to $30,000:
– Applicable interest rate is the prime rate of the PRCDC + 3%;
– Flexible terms and reimbursement;
– Possibility of 24 months without interest;
– Possibility of 24 months without capital reimbursement;
– Maximum amortization period of 5 years.
Continuous Intake
Eligibility:
Applicants must:
1. be businesses that meet the following criteria:
a) Be located or plans to be located within the designated boundaries in the United Counties of Prescott and Russell;
b) Have a head office registered in Ontario;
c) Demonstrate that it has exhausted all other means of financing, either by refusal of a financial institution or in partnership with a financial institution or other organization;
d) Demonstrate not to offend good morals (not to subscribe to illegal activities or commercial exploitation of sex, religion, and/or politics);
e) Demonstrate, both the business and the owner(s), that government deductions are up to date;
f) Owner must be between 18 to 39 years of age.
2. meet the viability criteria:
a) Demonstrate commercial viability;
b)Demonstrate that it will contribute to improving the performance and productivity of the business;
c) Demonstrate that, in its good judgment, it presents a reasonable possibility of achieving economic viability;
d) Demonstrate that the proposed business or project will achieve viability and self-sufficiency;
e) Demonstrate the ability to repay all funds advanced to it but the PRDC in the form of loans or participation in its shared capital.
3. meet the employment criteria:
a) Demonstrate that it has the potential to create new jobs and/or maintain them in the PRDC’s designated territories (Prescott and Russell and southern Ontario);
b) Demonstrate that it will mainly employ local people to fill positions created and/or maintained.
Application Steps:
Applicants must:
1. fill out the application form for financing;
2. submit the required documents.
Documentation Needed:
Applicants must submit the following:
1. Business registration or articles of incorporation
2. Identification proof with photo (driver’s licence, passport, health card)
3. Proof of citizenship (for newcomers – if applicable) – permanent residency
4. Applicant and partner last income tax statement or notice of assessment
5. Most recent financial statements (if applicable)
Other Things to Note:
About the author
Maurice
