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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.
The
Canadian Youth Business Foundation -
www.cybf.ca
The Canadian Youth Business Foundation (CYBF) is a national
charity providing
pre-launch coaching, business resources, start-up financing and
mentoring
to help you start your own successful business. If you are 18-34
and have a business idea...they can help!
Entrepreneurs need money - that's no secret.
CYBF lends young entrepreneurs up to
$15,000
for their start-up. Plus additional financing may be available
through CYBF’s partnership with the Business Development Bank of
Canada (BDC), where you can get up to an additional $15,000.
That’s not it. CYBF also has an expansion program, which offers
up to $10,000. That’s a total of
$40,000
possibly available for your new venture. CYBF supports
businesses of all kinds – skilled trades, technology, retail,
services, and everything in between. CYBF does not require
security for its loans – They lend on character and a great
business plan.
Along with your CYBF loan you will benefit from their mandatory
world-class mentoring
program. Every entrepreneur is hand-matched with an experienced
business mentor for a minimum of 2 years to allow knowledge
sharing and ensure a higher business success rate. A mentor is
an invaluable resource with years of business experience, often
it’s the difference between success and failure - and you
get his or her assistance free for a minimum of 2 years with
your CYBF loan!
The CYBF program is all about support from the beginning of your
entrepreneurial journey right through all of your milestones. We
are proud to be your official Community Partner for the CYBF
Program.
Eligibility Requirements:
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Between 18-34 years old
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Eligible to work in Canada (work permit
holders not eligible)
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Produces a complete and viable
business
plan
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Has been in business, fully operating, for
less than 12 months
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Lives or opens the business in the community
which is offering the CYBF program
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Has some training / experience related to
their business idea
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Work with qualified business mentor for a
period of two years
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Has a business that creates full-time
sustainable employment for the applicant
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Must hold at least 51% voting share in the
business (if a partnership)
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Not a full-time student
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Loan proceeds may NOT be used for the
refinancing of existing debt
GET STARTED NOW!
Visit
www.cybf.ca for more information about the program,
eligibility criteria and all their services, or Contact Us, your
local CYBF Community Partner today!
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