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Submit your completed loan application package, along with the non-refundable application fee: $100 for loans up to $25,000 and $300 for loans over $25,000.

Meet with our lending staff to discuss your project or business idea one or more times, depending on the complexity of your endeavour.

Provide additional information as requested, based on a detailed analysis of your project. CFEK lending staff will conduct credit checks and gather other information as needed.

Once the loan proposal package is complete, you will receive a Discussion Paper (also known as a Term Sheet) that will generally outline the fees, interest rate, amortization period, security and other terms and conditions that you can expect upon approval. This is the time to ensure that the loan meets all of your expectations, as the Board of Directors will make the decision to approve or decline a loan based on these criteria.

Our Investment Fund Manager will then present the completed loan proposal package to the Board of Directors, who will vote to approve or decline the application. Occasionally the Board will request additional details or provide approval subject to additional due diligence.

If your application is approved, you will receive:

  • A formal Loan Agreement (Letter of Offer),
  • Security documents to be signed,
  • A Pre-Authorized Withdrawal form, authorizing CFEK to debit loan payments from your account,
  • A cheque for the net proceeds of the loan (fees and legal costs may be deducted from the total authorized loan amount).

NOTE: Security documentation may be completed in-house or may need to be prepared by external counsel. This will affect the time required to advance funds for approved loans.

If your application is declined, you will be provided with:

  • A letter stating the reasons for declining the application,
  • Potential steps or actions that may be available to address the Board’s concerns,
  • A written copy of CFEK’s appeal process to help you ensure that your application has received fair and equitable treatment.
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