Our goal is to work with you to identify and create the right financing solution to meet your business’s specific needs. Designed with entrepreneurs in mind, our flexible and affordable loan products can help you take on new challenges. CFEK can take the lead or partner with traditional lenders to understand and address your unique financing needs.
Whether your plans are modest and need $1,000 to start your home-based business or extraordinary and require $1,000,000 to expand your production floor and buy new equipment, CFEK might be the right partner. Contact us to talk about your goals and we can start from there.
If you’re ready to take advantage of our flexible terms, reasonable interest rates and generally less restrictive security requirements, fill out the form that applies to your needs. Once you’ve finished just submit your complete loan application package and we’ll take the next steps.
If you have what it takes and the drive to see it through – contact us today to book an appointment.
Community Futures East Kootenay is a flexible, locally based lender. Applications are reviewed by local businesspeople who understand our unique business climate. We are usually willing to take more risk than a conventional lender and can tailor payment schedules to meet cash flow cycles.
The approved amount will vary depending on the needs of the business. We can meet the needs of most businesses.
The interest rate for a loan is affected by the risk associated with the project. Typically, the interest rate will be higher for start-ups than for existing businesses. There are many ways in which you can reduce your initial interest rate, including:
– Making a higher personal investment in your project.
– Providing collateral valued close to ro above the value of your loan
– Demonstrating diligent rsearch into yor business, market and industry
*Also, during the annual review of your loan, CFEK may offer your business an interest rate discount where we perceive our risk to be lower than when you first received your loan. Factors that help us to recognize reduced risk can include regular communication and strong financial performance.
Applicants with new businesses will need to submit a business plan. Applicants with existing businesses should provide an outline of the proposed project, describing the benefit o the business. All applications must be accompanies by a 2-year cash-flow forecast, demonstrating that the business can afford both its operational and debt-servicing needs.
Yes, we require security for all of our loans. Our preference is to secure business assets, particularly those assets purchased with CFEK loan funds. Unlike most traditional lenders, CFEK will consider lending where the loan is under-secured (the collateral is worth less than the loan amount) when other factors support the decision.
Achieving a complete application package may take several meetings with the Investment Fund Manager in order to gather all the required information. However, a decision from the Board can be obtained within four weeks of completing this process. Following board approval for the loan, advancing the loan proceeds can take from a few days (security prepared in-house) to a few weeks (security prepared by external counsel).
The term of the loan depends on how the funds are to be used and often reflects the life of the assets being financed. For working capital loans, the maximum amortization is 5 years, while for loans used to purchase equipment the amortization period can be up to 10 years.
If you are purchasing real estate, expanding or making renovations to existing facilities or buying an existing business that includes real estate, your loan may be amortized over as many as 20 years.
Your monthly payments are affected by the amount of the loan, the interest rate and the amortization period of your loan. You can use CFEK’s Loan Payment Calculator to estimate your payments.