Ready for entrepreneurs- Loan Program

Overview of the Ready for entrepreneurs- Loan Program program:

To assist Montreal residents with limited income in initiating or growing community or business endeavors. Emphasis is on those lacking access to conventional financial services and credit, encompassing women, those on employment insurance, newcomers, and jobless young adults.

Benefits of the Ready for entrepreneurs- Loan Program program:

• Loans:
• Interest rate: variable up to 10%
• Repayment period: 3 years
• No file opening fees
• No early repayment penalities
• Bridge Loans:
• Interest rate: 10%
• Administration fees: 1% of the authorized loan amount
• Repayment period: 3 months
• Guarantee required

Eligibility criteria of the Ready for entrepreneurs- Loan Program program:

• Be a resident of Montreal or have the head office of your company on the island of Montreal.
• Be a Canadian citizen, permanent resident, or accepted refugee ( or temporary worker * certain conditions apply)
• Be excluded from conventional sources of financing
• Be a non-profit or social economy organization (for a bridge loan)
• Excluded sectors:
  • Export project
  • Technology project in a pre-start-up phase
  • Purchase of a franchise / Multiple level marketing pyramid scheme
  • Projects of a religious, political, violent, or degrading sexual nature
  • Projects with negative social and/or environmental impacts