OCLF — Small Business Loans
Last Update: July 22, 2025
Ottawa, ON
Offers loans for small business startup or expansion
At a glance
Eligible Funding
- Max. $15,000
Timeline
- Unspecified
Financing Type
Loans and Capital investments
Overview
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.
Activities funded
- 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
Who is not eligible
- Businesses planning to use funds for debt consolidation.
Eligible geographic areas
- City of Ottawa
How to apply
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.
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Frequently Asked Questions about the OCLF — Small Business Loans Program
Here are answers to the most common questions about the OCLF — Small Business Loans. This section explains what the program is, how much funding is available, eligibility requirements, application deadlines, and other important details to help you determine if this grant is right for your business.
What is the OCLF — Small Business Loans?
How much funding can be received?
What expenses are eligible under OCLF — Small Business Loans?
What is the deadline to apply?
Is the OCLF — Small Business Loans a grant, loan, or tax credit?
Who are the financial supporters of the OCLF — Small Business Loans?
Who is eligible for the OCLF — Small Business Loans program?
Who can I contact for more information about the OCLF — Small Business Loans?
Where is the OCLF — Small Business Loans available?
Are startups eligible for the OCLF — Small Business Loans program?
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