Startup and Growth Loan

Overview of the Startup and Growth Loan program:

Next Step microloans are designed to meet the unique needs of thriving small businesses that are in their second or third year of operations. Business owners can access expansion funding of up to $75,000 based on their character and the competence they’ve demonstrated in the first year of their business operations. Loan details Loan size: Apply for up to $75,000 Loan type: Choose a term loan or line of credit (maximum 25% of total request) Interest charged: Pay prime plus 3% Repayment period: Repay the loan within 7 years

Benefits of the Startup and Growth Loan program:

• Qualify for a loan even without a strong credit history
• Receive funds as a line of credit* or a term loan**your choice
• Pay no administrative fees***
• Gain access to Vancitys business expertise and financial literacy support
• Benefit from access to a cooperative network of members
• Get additional support if youre an entrepreneur with a disability
• Microloan can be used for:
  • Working capital
  • New production and services capacity
  • Business purposes or business-related expenses
  • Purchasing additional tools or equipment
  • Adding new business lines
  • Increasing inventory to meet sales growth
  • Leasing new office space
  • New market development

Eligibility criteria of the Startup and Growth Loan program:

• To be eligible to apply for a Next Step microloan, you must:
• Have one or two years of sales history
• Be looking to expand and grow operations
• Operate the business in Metro Vancouver, the Fraser Valley Regional District, Greater Victoria, or the Sea-to-Sky Corridor
• Be a Canadian citizen or Permanent Resident.