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 |
Royal Bank Prime plus 3.00 percent or 11.00 percent, whichever is greater, calculated and payable monthly, 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 are required to secure a loan. |
| Fees |
$75 non-refundable review fee, application fee of 0.75% of principal of the loan (to amaximum of $750), and a processing fee may apply. |
Who Can Apply?
- A client who demonstrates significant commitment to the business, including sufficient security.
- A client who develops a realistic business plan with a reasonable expectation of profit.
- A client who has the necessary skills and experience to operate a business.
- A client with a business that impacts a number of jobs in Norfolk County.
- A client who cannot obtain traditional bank financing.
Application Process
- Prepare a business plan - your blueprint to your business proposal.
- Prepare one year cash flow projection (if an existing business, provide at least the last two years of financial statements).
- Meet NDBDC staff to review the financing required.
- 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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