YOUNG ENTREPRENEUR LOAN

Overview of the YOUNG ENTREPRENEUR LOAN program:

The Young Entrepreneur loan, under the authority of the Board of Directors, has been created to reduce the out-migration of young people towards urban centers. This program aims at supporting young entrepreneurs from 18 to 39 years of age in the start-up, acquisition, expansion and modernization of their business.

Benefits of the YOUNG ENTREPRENEUR LOAN program:

• Term loans available from $5 000 to $30 000 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 24 months without interest;
• Possibility of 24 months without capital reimbursement;
• Maximum amortization period of 5 years;
• 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 YOUNG ENTREPRENEUR LOAN program:

• Business criteria
• Be located or plans to be located within the designated boudaries 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
• Owner must be between 18 to 39 years of age
• 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
• 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)