At Community Futures Howe Sound, we offer free business advice, and we provide small business loans.
Like everything we do, our business loans are designed to support local entrepreneurs and business owners. That could be for getting a business off the ground, purchasing inventory, or for expanding your existing products and services.
If you’re interested in a small business loan from Community Futures Howe Sound, here’s everything you need to know about our loans, and why they’re not quite the same as a traditional loan from a bank.
We recommend asking a bank first
Many small business owners can access financing from a bank, and if you’re able to get approval there, that’s where we recommend you go.
The reason is because we are a nonprofit with a finite amount of financial resources, so we can only lend to a certain number of small businesses at a time. We want to prioritize those who cannot access lending from a bank, so would therefore not be able to start or grow their business without our help.
Of course, if you have a small business loan from a bank, we’re still happy to offer our free, personalized business advice sessions to you whenever you need them!
What we mean by character-based loans
We often say that our small business loans are based on character. That means that when we assess whether to provide you with a loan, we’re looking more at you, your business plans, and your drive.
We work this way because we know some business owners will be turned down at the bank for a loan due to factors such as how long the business has been operating, your recent arrival in the country, a poor credit history, or even your gender or ethnicity.
With these loans, we aim to support those who have the passion and good sense to drive a successful business, but who might have been turned down for financing elsewhere due to red tape and more traditional lending criteria.
Who might be eligible for one of our small business loans
We have a number of criteria that you must meet in order for you to be eligible for a business loan with Community Futures Howe Sound.
The business must be based in the Howe Sound region, anywhere from Lions Bay to Birken
The ability to repay the loan in future
Some security for the loan
The business must predominantly be staffed by local residents
A completed business plan and business loan application
Responsible personal financial investment
An applicant interview to talk about the business plan
Got a question about eligibility criteria? Get in touch to discuss.
The small business loan process
Our startup business loans process is fairly simple:
Initial meetings to discuss your business and finance needs
We invite you to fill out a formal loan application
We will either approve the request or ask you for more information
You will repay the loan over time with similar interest rates to the banks
What happens after you pay your small business loan back
One of the most important parts of our loan process is that when you repay it, and with the interest you repay, we are then able to fund more businesses and entrepreneurs in the Sea to Sky.
This final step is hugely important for us, as it allows us to help establish new enterprises, support local jobs, and encourage creativity and entrepreneurship in a very real and practical way in the local community.
It all begins with a no-strings-attached chat. Set up a session with us today to talk about your business, our small business loans, and how we can support you.
コメント