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General Business Loans
ON, Canada
Financing for business development in Two Rivers, Ontario
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateNovember 14, 2019
grant_single|financingType
Grant and Funding
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Two Rivers Community Development Centre
grant_single|status
grant_card_status|open
grant_single_labels|preview
Access loans of up to $1,150,000 to purchase equipment, increase working capital, finance inventory, acquire an existing business, or to cover expansion costs.
grant_single_labels|terms_and_conditions
The General Business Loans offer tailored financing options structured to support various business needs including expansion and capital acquisition. The funding modalities are designed to ensure flexibility and security for different business ventures.
- Financing available up to $1,150,000.
- Loans may be used for equipment purchases, working capital, inventory financing, business acquisition, and expansion costs.
- Competitive interest rates and flexible repayment terms are provided.
- Equity contribution requirement ranges from 10% to 15% of the total loan amount.
- Adequate security, which may include both business and personal assets, is necessary.
grant_single_labels|projects
The General Business Loans are designed to support a variety of business needs, particularly aiming at growth and sustainability. These funds can be utilized for different business-related activities to ensure economic viability and development.
- Starting a new business.
- Expanding an existing business.
- Acquisition of an existing business.
- Purchasing equipment for business operations.
- Providing working capital for inventory and day-to-day expenses.
grant_single|admissibleProjectsExample
$ 650,000
Acquisition of cutting-edge software for a financial cooperative
$ 950,000
Expanding a non-profit community center to offer more services to local families
$ 750,000
Starting a new eco-friendly packaging business to promote sustainability
$ 450,000
Increased working capital for an expanding organic farm
$ 850,000
Acquisition of an existing bakery to introduce gluten-free products
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the business's characteristics and operations.
- The business must be located within the service area.
- The applicant must have equity of not less than 10% to 15%.
- The business must demonstrate the ability to repay the loan.
- There must be evidence of future economic viability.
- The management must possess adequate skills.
grant_eligibility_criteria|who_can_apply
This grant is targeted at businesses seeking to enhance their operations, start new ventures, or expand existing ones, with a focus on economic viability and job creation within the service area.
- Equity requirement: Minimum of 10% to 15%.
- Reasonable expectation of economic viability.
- Creation or maintenance of jobs.
- Client character including credit history.
- Qualifications of the owners and/or managers.
- Adequate security (may include both business and personal assets).
- Sustainable business plan and cash flow.
grant_eligibility_criteria|eligible_expenses
The E-Commerce Grant Application is available to support various business-related activities. These include starting or expanding businesses, acquiring existing businesses, and covering operational costs.
- Starting a new business.
- Expanding an existing business.
- Acquisition of an existing business.
- Purchasing equipment for business operations.
- Providing working capital for inventory and daily expenses.
grant_single_labels|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
grant_single_labels|register
Here are the steps to apply for this grant and submit your application:
- Step 1: Initial Contact
- Call the Business Support Team to discuss business financing options available.
- Step 2: Eligibility Assessment
- Discuss your business idea and requirements with the Business Support Officer.
- If deemed eligible, you will be invited to prepare a Business Plan.
- Step 3: Business Plan Submission
- Develop a detailed Business Plan demonstrating eligibility and viability.
- Submit the Business Plan for review by the Business Support Officer.
- Step 4: Consultation and Refinement
- Consult with your Business Support Officer to ensure all information is complete and accurate.
- Include all necessary details and address any questions.
- Step 5: Application Review
- Await review of your Business Plan by the local Board of Directors.
- Receive written notification of approval or decline, with reasons or conditions.
- Step 6: Finalize Agreement
- If approved, sign loan agreements, including repayment terms.
- Communicate progress with the Two Rivers Support Team regularly.
grant_single_labels|otherInfo
Here are additional relevant details for potential applicants considering loans:
- TRCDC provides competitive interest rates and flexible repayment terms to facilitate successful loan management.
- The Board of Directors making financing decisions is composed of local entrepreneurs and field experts, indicating a community-focused approach.
- The program is designed to assist with financing up to $1,150,000.
- Funded by Canada and other partners, indicating potential alignment with national and regional development goals.
- Ongoing support is provided by the Two Rivers Support Team to ensure business goals are met post-funding.
