General Business Loans
At a glance
- Max. $1,150,000
- 90% of project cost
- Open Date : November 14, 2019
- All industries
- Two Rivers Community Development Centre
Overview
Eligibility criteria
Loans are available to assist with starting a new business, expanding an existing business, acquisition of an existing business, purchasing equipment, and working capital for inventory and day to day expenses.
- Business must be located in the service area
- Equity of not less than 10% to 15%
- Demonstrated ability to repay
- Evidence of future economic viability
- Management skills
Who is eligible
Eligible types of companies for this grant include businesses located in the service area, with equity of at least 10% to 15%, demonstrated ability to repay, and evidence of future economic viability. Management skills are also a requirement.
- Businesses located in the service area
- Equity of at least 10% to 15%
- Demonstrated ability to repay
- Evidence of future economic viability
- Management skills
Eligible expenses
There are eligible expenses for this grant.
- Starting a new business
- Expanding an existing business
- Acquisition of an existing business
- Purchasing equipment
- Working capital for inventory and day to day expenses
Eligible projects & activities
There are projects and activities eligible for this grant. The grant can be used for:
- Starting a new business
- Expanding an existing business
- Acquisition of an existing business
- Purchasing equipment
- Working capital for inventory and day-to-day expenses
Evaluation & selection criteria
TRCDC evaluates loan applications based on various criteria including:
- Equity requirement of a minimum of 10%
- Reasonable expectation of economic viability
- Creation or maintenance of jobs
- Client character including credit history
- Qualifications of owners and/or managers
- Adequate security (business and personal assets)
- Sustainable business plan and cash flow
How to apply
- Step 1:
- Give Us A Call
- Connect with our Business Support Team to discuss all your business financing options
- Step 2:
- Make a Plan
- Once deemed eligible, you will be invited to submit a Business Plan.
- Our Business Support Officer will review the application to ensure eligibility and the viability of the request.
- Step 3:
- Move Forward
- Discuss the plan with your Business Support Officer to ensure all details are included and questions are addressed.
- Step 4:
- Getting the Go Ahead
- Your plan will be reviewed, and you will be advised in writing of approval or decline, along with reasons for decline or conditions included in your Letter of Offer.
- Step 5:
- Cash the Cheque
- Sign agreements, including loan repayment terms, and provide progress updates.
- Work with the ongoing support of Two Rivers Support Team to achieve your business goals.
E-Commerce Grant Application Now Available
Understanding the TRCDC General Loans Financing Options
TRCDC provides financing options up to $1,150,000 for businesses looking to purchase equipment, secure working capital, finance inventory, acquire existing businesses, or cover expansion costs. Loans require a minimum equity of 10% and are assessed based on economic viability, job creation, client character, owner qualifications, security, and business plan sustainability.
Businesses must meet specific criteria including location in the service area, equity of 10% to 15%, ability to repay, future economic viability, and management skills. TRCDC offers competitive interest rates, flexible repayment terms, and a supportive process with ongoing assistance to help entrepreneurs achieve their business goals.
