
OCLF — Small Business Loans
Last Update: February 17, 2025
Ottawa, ON
Offers loans for small business startup or expansion
OCLF — Small Business Loans at a glance
Eligible Funding
- Max. $15,000
Timeline
- Continuous Intakes
Financing Type
Loans and Capital investments
Eligible Industries
- All industries
Grant Providers
- Ottawa Community Loan Fund (OCLF)
Status
Open
Overview of the OCLF — Small Business Loans program
The OCLF Small Business Loans program offers funding up to a maximum of $15,000 to support individuals in starting or expanding their businesses. Eligible activities include business establishment or growth within Ottawa, excluding debt consolidation.
Financing terms and conditions
- Loan amounts up to a maximum of $15,000.
- Interest rates are set at the current bank prime rate plus 2% to 6% maximum.
- Repayment terms typically range from 12 to 60 months.
- A one-time due diligence fee of 3% of the loan value, capped at $250, is charged upon approval.
- Applicants must provide proof of identity, a business plan with cash-flow projections, two references, a current resume, and business registration documents if applicable.
- The OCLF will conduct a credit check and assess eligibility on a case-by-case basis, even considering those with past credit difficulties.
Eligible projects & activities
- Starting a new business in the City of Ottawa.
- Expanding an existing business in the City of Ottawa.
- Investing in business operations where the applicant owns at least 51% of the business or has the necessary co-signers.
Eligibility criteria of the OCLF — Small Business Loans program
Who is not eligible
- Businesses planning to use funds for debt consolidation.
Eligible geographic areas
- City of Ottawa
How to apply to the OCLF — Small Business Loans program
1
Gather Required Documentation
- Ensure you have proof of identity such as a driver's license or passport.
- Prepare a comprehensive business plan with a two-year cash-flow projection.
- Collect two references from business or academic contacts.
- Update your current resume.
- If needed, obtain business registration documents.
2
Verify Eligibility Criteria
- Confirm you are 18 years or older and have permanent legal status in Canada.
- Ensure the business is located in or around Ottawa.
- Verify ownership requirements for your business structure.
- Check that you agree for OCLF to be the first secured party for pledged assets.
- Make sure there are no outstanding debts with payment defaults.
3
Application Submission
- Compile all necessary documents organized and completed according to OCLF's requirements.
- Submit the application package directly to the OCLF.
- Await feedback regarding loan approval and due diligence fee payment.
Additional information
- OCLF's lending partners may have additional terms or requirements as part of their assessment process.
- The due diligence fee is non-refundable and is applicable only upon the approval of the loan.
- Interest rates on the loans will vary depending on the applicant's creditworthiness and market conditions.
- Securing a loan may enhance or improve the applicant's credit history if repayments are made regularly.
- The loan can be used for business operations but not for the repayment of existing debts.
- OCLF's review process includes a credit check, which may impact the applicant's credit score.
Apply to this program

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