PROSPER NWT- Business Loans

Program Overview: Prosper NWT's Business Loans program provides financial assistance to businesses aiming to purchase assets or expand operations, offering term loans up to $2 million with competitive interest rates and flexible repayment options.

PROSPER NWT

Overview of the PROSPER NWT- Business Loans program:

The program is designed to support businesses in acquiring assets or pursuing expansion projects. Loans are available up to $2 million, with interest rates determined based on credit risk, set at prime plus 2%, 3%, or 4%. Prosper NWT offers customized solutions, including flexible terms and payment options, to align with the specific needs of each business.

Benefits of the PROSPER NWT- Business Loans program:

Access to substantial funding for business asset acquisition or expansion.
Competitive interest rates based on credit risk assessment.
Customized loan solutions with flexible terms and payment options.

Eligibility criteria of the PROSPER NWT- Business Loans program:

Eligibility by Geography:
The business must operate within the Northwest Territories (NWT).
Applicants must demonstrate that the primary economic activity of the business occurs in the NWT.
Business Status
New Businesses:
Start-ups are eligible to apply, provided they have a viable business plan and financial projections.
Existing Businesses:
Established businesses can apply for funding to support growth, expansion, or asset acquisition.
The business must demonstrate financial stability or a clear plan to achieve it with loan support.
Creditworthiness
Financial Review:
Applicants must demonstrate creditworthiness, including the ability to repay the loan.
Financial statements, cash flow projections, and personal credit history will be reviewed as part of the application process.
Risk Assessment:
Interest rates will be determined based on the applicants assessed credit risk, which is categorized as prime plus 2%, 3%, or 4%.
Documentation Requirements
Applicants must provide comprehensive documentation to establish eligibility and support their loan request, including:
A completed Application for Financing Form.
A Personal Statement of Financial Affairs, detailing personal and business finances.
A completed Standard Environmental Checklist, ensuring that the proposed business activities meet environmental standards.
Additional supporting documents, such as:
Business plan with detailed financial projections.
Proof of registration and licensing for operating within the NWT.
Asset valuations for funding requests involving asset purchases.