Entrepreneurship
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Business Development Loans
For 20 years, Community Futures Wild Rose has been lending money to small businesses throughout the Wild Rose region. During that time, we've loaned more than 15 million dollars to over 500 businesses ... that's a lot of investment!
We're here to listen to your business ideas as well as discuss your business financial needs.
We approach every business venture on the basis of its own merit.
To apply for funding, applicants need to:
- demonstrate serious commitment to their venture by investing either personal funds or assets into the business, and by being prepared to meet financial obligations; and
- have a history of honesty and integrity in their dealings with current and past creditors and other business contacts.
Community Futures Wild Rose has several unique loan funds that provide business loans to individuals who may not qualify for traditional financing.
Visit our interactive loans portal at roadahead.biz to find out more.
Loan Criteria
The following is taken into account when you apply for a loan:
- viability of the business
- reasonable personal financial investment into the venture
- ability of the business to repay the loan
- loan security
- creation or maintenance of local jobs
- location of the business within the Wild Rose region
Loan Purposes
The Community Futures Loan Program can help to finance any viable business venture up to $150,000* for the following purposes:
- equipment and inventory purchases
- real estate purchases
- renovations and expansions
- additional working capital
- start-up
*note: under special circumstances, loans greater than $150,000 may be made
Loans
Here are some of the loan products we offer, please visit roadahead.biz for more information about these, and other, Community Futures loans products.
Please contact our office for initial discussions concerning your application.
Small Business
$150,000 per venture to viable business endeavours
Small Business Development Loan Application
Disability Loans
$150,000 per venture to assist entrepreneurs
with disabilities
Disability Loan Application
Youth Business Loans
$25,000 per venture to assist young entrepreneurs
(18 - 29)
Youth Business Loan Application
Quick Cash Loans
$5,000 loans used for equipment, hard
assets, or working capital
Quick Cash Loan Application
Community Business Beautification Loans
$5,000 fast-tracked loans used for interior/exterior renovations
Community Business Beautification Loan Application
Self-Employment
Loans
$10,000 per venture to assist entrepreneurs in viable business endeavours
Self Employment Loan Application
Frequently Asked Questions
What is your interest rate?
Interest rates can be as low as prime plus 2%, depending on the level of risk involved with the loan.
What makes Community Futures different from a regular lending institution?
We provide alternative sources of financing and are usually willing to take more risk than a conventional lender. Our loan criteria are not based on formulas; we look at the entire plan. Where appropriate, we also work in partnership with regional banks and other lenders in joint lending agreements.
What will my monthly payments be?
Contact our Business Analysts to discuss repayment scenarios.
Do you require security?
Yes. Security can be in the form of a mortgage, equipment and/or personal guarantees, for instance.
How do I apply?
Contact our Business Analysts to discuss your needs. Loan application packages are available from our office, electronically (see Loans list - above), or you may apply online at roadahead.biz.
What is the minimum and/or maximum loan amount?
Approval amounts vary depending on the needs of the business. The maximum amount is typically $150,000, although special considerations may apply to exceed that amount.
How long do I have to pay back the loan?
The term of the loan depends on the nature of the business, cash flow, and the amount of the loan. Payments may be amortized over a longer period in order to reduce the monthly payment amount.
Do I have to submit a business plan?
Yes, applicants need to complete a business plan, including financial projections. Our business plan resources can be found here.
How long will it take before I can get money?
Funds are typically made available to the applicant approximately 1 to 2 weeks after loan approval, depending on the security required.
Are there grants available for business start-up or expansion?
No. Although there are many sites on the internet stating the availability of business grants, such grants are usually project-based or extremely narrow in their focus. Click here for more information.
Where do I get a business license?
You can get a business license from the municipal office where you reside.
