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?
- Client demonstrates significant commitment to the business, including sufficient security.
- Client develops realistic business plan with reasonable profit.
- Client has necessary skills and experience.
- Number of jobs impacted in the community by business.
- Traditional bank financing not available.
Application Process
- Prepare a business plan - your blueprint to your business proposal.
- Prepare one year cash flow projection (if an existing business, provide at 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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