OCLF — Small Business Loans

• 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.

Who is not eligible

• Businesses planning to use funds for debt consolidation.

Eligible geographic areas

• City of Ottawa

• 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.