Business Development - Term Loan

Overview of the Business Development - Term Loan program:

Economic Partners is actively involved in the development of small businesses in the Sudbury East/West Nipissing area. As a Community Futures Development Corporation, Economic Partners provides loans, loan guarantees and equity investments to new or existing businesses that have viable business plans; demonstrate personal commitment; will help maintain or create jobs; and cannot obtain sufficient financing from other sources. Our investments are not considered as grants and they are repayable. The recipient is responsible for the repayment of all the funds disbursed. Eligible applicants must demonstrate a commitment to help create and/or maintain jobs and that all other funding sources have been contacted before developing their investment request application. Our staff can assist you in the preparation of a financing request.

Benefits of the Business Development - Term Loan program:

• The client, who is applying for a Term Loan, must remember that our corporation is limited to $150,000 per company and that we cannot exceed a 10-year amortization period. Like other financial institutions, we must secure our loans with collateral.

Eligibility criteria of the Business Development - Term Loan program:

• Loans must provide creation or maintenance of jobs i.e. Without the Loan... the job(s) will (would) be lost or not created.
• Seasonal Business will apply if:
  • It is a permanent seasonal Business;
  • It is the prime source of income of the applicant.
  • Application for Finance needs credit check authorization.