INVESTMENT FUND LOAN
The Investment Fund loan, under the authority of the Board of Directors, is to create and maintain permanent full time and part-time employment opportunities in the region by providing a source of financing that has a flexible repaying structure to new and existing businesses.
- Prescott Russell
Overview of the INVESTMENT FUND LOAN program:
Benefits of the INVESTMENT FUND LOAN program:
- Term loans available up to $300 000 in the form of financial loans for businesses who qualify;
- Applicable interest rate is the prime rate of the PRCDC + 3%;
- Flexible terms and reimbursement;
- Possibility of 12 months without capital reimbursement;
- Evaluation of the viability of your business venture and assistance obtaining realistic financing;
- Information concerning the government and other program services available to SMEs.
Eligibility criteria of the INVESTMENT FUND LOAN program:
- Business criteria
- Be located or plans to be located within the designated boundaries in the United Counties of Prescott and Russell (or in southern Ontario for EDISO loan)
- Have a head office registered in Ontario
- Demonstrate that it has exhausted all other means of financing, either by refusal of a financial institution or in partnership with a financial institution or other organization
- Demonstrate not to offend good morals (not to subscribe to illegal activities or commercial exploitation of sex, religion, and/or politics)
- Demonstrate, both the business and the owner(s), that government deductions are up to date
- Viability criteria
- Demonstrate commercial viability
- Demonstrate that it will contribute to improving the performance and productivity of the business
- Demonstrate that, in its good judgment, it presents a reasonable possibility of achieving economic viability
- Demonstrate that the proposed business or project will achieve viability and self-sufficiency
- Demonstrate the ability to repay all funds advanced to it but the PRCDC in the form of loans or participation in its shared capital
- Demonstrate the potential to contribute financially to the project
- Employment criteria
- Demonstrate that it has the potential to create new jobs and/or maintain them in the PRCDC's designated territories (Prescott and Russell and southern Ontario)
- Demonstrate that it will mainly employ local people to fill positions created and/or maintained
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