Frequently Asked Questions

Our time is provided free of charge. When a loan is advanced a $500 fee is charged to cover administration costs such as registering security and bookkeeping review.

The security requirements vary with the amount of the loan. In all cases we seek to obtain adequate security to ensure repayment in the event of default. Types of security frequently taken include, but are not limited to, the following:

• Promissory Notes

• Real Property Mortgage/Assignment of Insurance

• General Security Agreement

• Personal Guarantee

• Assignment of Life Insurance

You are required to provide a minimum of 10% equity for capital purchases, leasehold improvements, and working capital.

Our loan interest rates, terms, security, and reporting requirements are reflective of the level of risk involved and are assessed at the discretion of our volunteer Board of Directors. Repayment terms can be customized to meet your business needs and are reviewed annually. Our loans are repayable in full at any time without penalty.

The term of the loan can be up to a maximum of 10 years and the amortization period shall be a maximum of 10 years.

There is no minimum amount that you can borrow.

Each business can borrow to a maximum of $250,000.

You will need to complete a Business Loan Application and Business Plan. These forms are available HERE.

All of our loan clients are required to submit income statements to us regularly, throughout their fiscal year, for the duration of the loan.