We've been making small loans to help people create income and build assets since our first loan in 1999. So, whether you are starting or expanding a business or social enterprise, returning to work, headed to school or getting in to better housing we may be able to help with a small loan.
We love lending people money to go after opportunity, but we also realize that a loan is debt. So, think about whether you can finance by saving, or by reducing costs. For businesses, we always recommend a lean start-up. That is, start small and grow some revenue, create some customers. Then talk to us.
Okay, so you are still here. Time to answer these questions before going further:
- are you 18 or older?
- do you live in southern NB?
- have you tried and been unable to get a loan elsewhere?
- do you have three good references that are not friends or family?
- can you afford monthly payments?
- can you demonstrate the loan will improve your income?
In addition to those questions, here are minimum requirements for specific loan types:
Business Loans & Social Enterprise Loans
- take a business course (hey, we have one)
- have a completed business plan that demonstrates knowledge of the product or service
- have a marketing plan with customer profile and test marketing
- have your financial actuals and/or projections
Employment and or Training:
- loans can be used for anything that can help you get back to work; tools of trade, vehicle, short training courses
- you need a signed confirmation of employment or evidence of a high probability of being able to secure employment
- description of all the costs
- address of the apartment and clear demonstration it is an improvement in cost and quality from what you had
- positive reference from previous landlord
Fees, Loan Decision Process and Timeline
Each loan carries a low administrative fee and an interest rate of the current prime rate plus 3%. Loan decisions are made by a committee and can take up to one month to process depending on your ability to provide all of the necessary information. Employment and Affordable housing loans take, on average, 2 to 4 weeks to process and approve. Business Loans can take up to three months or longer to approve, depending on whether the business plan is finance ready or not.
REMINDER - Our loans are not for emergency purposes. If thatís your situation, we will refer you to another agency which might be able to assist.
For further information, please fill in and submit the form below, or call call 652-5601.