
OCLF — Small Business Loans
grant_single|update February 17, 2025
Ottawa, ON
Offers loans for small business startup or expansion
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Loans and Capital investments
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- Ottawa Community Loan Fund (OCLF)
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grant_card_status|open
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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.
grant_single_labels|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.
grant_single_labels|projects
- 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.
grant_single_labels|admissibility
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- Businesses planning to use funds for debt consolidation.
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- City of Ottawa
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- 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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