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OCLF — Small Business Loans - Ottawa - ON - Canada

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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