grant_single_labels|summary

grant_single|eligibleFinancing
  • grant_single|maxCount
grant_single|deadlines
  • grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
  • grant_single|allIndustries
grant_single|grantors
  • Ottawa Community Loan Fund (OCLF)
grant_single|status
grant_card_status|open

grant_single_labels|preview

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

grant_eligibility_criteria|who_cannot_apply

  • Businesses planning to use funds for debt consolidation.

grant_eligibility_criteria|zone

  • City of Ottawa

grant_single_labels|apply

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grant_single_labels|otherInfo

  • 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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