Small Business Loans

Help for Norfolk County, Ontario Businesses

Small business loans may be available through the NDBDC to businesses not able to acquire traditional bank financing.

Loan Amount Maximum of $250,000
Interest Rate Prime plus 3.00 percent or 11.00 percent, whichever is greater, adjusted annually
Term Negotiable up to five years; amortization period up to 15 years if security is appropriate loans are open and can be paid out at any time without penalty
Uses Equipment, inventory, leasehold improvements, working capital, debt consolidation, land or buildings
Security Sufficient business and personal assets required to secure loan.
Fees $75 non-refundable review fee, 0.75% of principal application fee (to max of $750)

Who Can Apply?

  1. Client demonstrates significant commitment to the business, including sufficient security.
  2. Client develops realistic business plan with reasonable profit.
  3. Client has necessary skills and experience.
  4. Number of jobs impacted in the community by business.
  5. Traditional bank financing not available.

Application Process

  1. Prepare a business plan - your blueprint to your business proposal.
  2. Prepare one year cash flow projection (if an existing business, provide at last two years of financial statements).
  3. Meet NDBDC staff to review the financing required.
  4. Loan application fee of 0.75% of principal borrowed required with application and personal financial statements (the $75 loan review fee contributes to the cost of the application fee).

Contact us today to learn more about the program or to make your application.

 
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