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The
objective of the Loans Program is to provide financial
assistance, in the form of repayable loans, to small /
medium-sized businesses and community development ventures
wishing to start new businesses or expand / maintain
existing ones; and, to deliver loans that diversify and
strengthen local economies in the East Kootenay region.
The Loans
Program acts as a supplement to existing lenders by providing
financing to businesses and ventures that are unable to obtain
funds through conventional sources (e.g. chartered banks).
The program also seeks to create and sustain jobs, increase the
skill sets of BC’s entrepreneurs, and provide opportunities for
young people, women, the disabled, and First Nation members.
Loans Program - Eligibility Requirements
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Loans may be made to individuals,
partnerships, societies, corporations, or co-operatives
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Small and medium-sized businesses are
eligible (focusing on enterprises with less than $10.0
million in annual sales)
Successful applicants will have:
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A reasonable personal financial
investment in the venture
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Either a
proven historical or a projected ability to repay
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Competent management skills & / or a
willingness to learn
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Satisfactory credit history
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Tangible collateral security to cover the
loan requested
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Future economic viability
Terms
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Current
Loan Fee Schedule is attached to the loan application
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The amortization period is negotiated and
depends on the nature of the loan and the security offered.
The period typically ranges from 3 to 15 years. Flexible
repayment terms are also available.
For more information, please contact:
Lana
Sheppard
(e-mail)-Business Analyst
Phone: (250)-489-4356 Toll Free:
1-800-661-2293
Fax: 1-250-489-1886
The Loans
Program also works with the
Canadian Youth Business Foundation (CYBF). It is a
national charity dedicated to growing our nation’s economy one
young entrepreneur at a time.
This partnership helps deliver start-up loans, mentoring,
educational tools, and other assistance to entrepreneurs aged
18-34, all in an effort to help them launch successful
businesses.
The CYBF looks at character, not collateral, when assessing
business ideas. w
The
following link provides access to a
short video that describes and summarizes
the program.
For more details, visit the CYBF’s website at
www.cybf.ca
or contact CFEK at (250)-489-4356
or Toll Free at 1-800-661-2293. You can also e-mail us at
info@cfek.ca.
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