Prêt pont (Bridge Loan)
$50,000.00
Loan
Description:
Microcrédit Montréal is a non-profit community loan fund whose mission is to fight poverty and exclusion through an innovative approach: community credit. Bridge loans of up to $50,000 are available primarily for cultural enterprises, social economy enterprises including NPOs and cooperatives.
Comments on Funding:
Funding takes the form of loans of up to $50,000.
Loan terms and fees:
1. Interest rate: 10%.
2. Administration fees: 1% of the authorized loan amount.
3. Repayment period: 3 months.
4. Guarantee required.
Continuous Intake
Eligibility:
The applicant must:
1. be a resident of Montreal or have the head office of their company on the island of Montreal;
2. be a Canadian citizen, permanent resident or accepted refugee ( or temporary worker * certain conditions apply);
3. be excluded from conventional sources of financing;
4. be a non-profit or social economy organization (for a bridge loan);
5. not be using funds for these projects:
a) export project;
b) technology project in a pre-start up phase;
c) purchase of a franchise / Multiple level marketing pyramid scheme;
d) projects of a religious, political, violent or degrading sexual nature;
e) projects with negative social and/or environmental impacts.
Application Steps:
Applicants must:
1. check their eligibility;
2. complete the eligibility form received by email;
3. get their Notice of Assessment’s ready for the last 3 years, so they can provide their annual income amount;
4. make an appointment with a counsellor for a 30 minute exploratory meeting on Zoom;
5. complete the loan application form.
Documentation Needed:
Applicants must submit a business plan, financial forecasts, TP80, etc.
Other Things to Note:
About the author
Maurice
