Express Loan (PRCDC)

Overview of the Express Loan (PRCDC) program:

The Express Loan is a financial support initiative managed under the authority of the Prescott-Russell Community Development Corporation (PRCDC) Board of Directors. It aims to strengthen the economic stability of local SMEs by offering accessible and rapid funding for a variety of operational and growth purposes. Eligible businesses can use the loan for marketing, promotional activities, equipment upgrades, leasehold improvements, inventory expansion, and working capital. The program emphasizes business continuity and sustainability within Prescott-Russell by providing quick approval decisions—within 72 business hours after submission of a complete application. The loan program ensures that businesses remain competitive by offering personalized guidance, including evaluation of business viability and advice on accessing realistic financing options. Additionally, PRCDC offers information about other government and support programs available to SMEs. The Express Loan is not designed for debt repayment or any government-related financial obligations but rather for proactive growth and productivity improvement.

Benefits of the Express Loan (PRCDC) program:

• Access to up to $15,000 in quick financial assistance for SMEs.
• Fast turnaround funding decisions provided within 72 business hours.
• Flexible repayment terms and the possibility of 12 months with no capital repayment.
• Support for a range of business activities including marketing, equipment upgrades, leasehold improvements, and working capital.
• Personalized business viability evaluation and assistance with obtaining other financing.

Eligibility criteria of the Express Loan (PRCDC) program:

• Business Eligibility:
• Must be located or planning to locate within the United Counties of Prescott and Russell, or southern Ontario (for EDISO loans).
• Must have a registered head office in Ontario.
• Must demonstrate exhaustion of other funding avenues (e.g., rejection by a financial institution or partnership with one).
• Must not engage in activities that violate public morals or laws.
• Must be up to date with government withholdings and remittances.
• Viability Criteria:
• Demonstrate commercial and economic viability and potential for self-sufficiency.
• Show that the project will improve business performance and productivity.
• Demonstrate the ability to repay funds and contribute financially to the project.
• Employment Criteria:
• Must have potential to create or maintain local jobs within Prescott-Russell.
• Primarily employ local residents for the created or maintained positions.
• Ineligible Uses:
• Cannot be used to repay debts or obligations owed to any level of government.
• Does not offer grants, bursaries, or forgivable loans.