In the loan application process you must show that you weren’t able get a loan elsewhere due to income, assets, security or credit history. You must also have 3 references that can speak on your behalf, not friends or family. In all cases, you need to show that you can afford to make monthly payments and submit monthly income and expense statements during the term of the loan.
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 the applicant’s 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.
Some important points you should know about the types of loans we offer:
Our loans are not urgent or for emergency purposes and, if that’s your situation, we’ll help refer you to another agency which might be able to assist.
You must reside in Saint John, Kings or Charlotte Counties.
Business: We need to see a completed business plan that demonstrates viability and that you have what it takes to become self employed. Our staff has several years of experience helping people start or expand their small businesses so if you have a great idea but need a little help please get in contact with us.
Employment: A confirmation of employment or evidence of a high probability of being able to secure employment is needed. Some examples of what the loan can be used for – purchase of tools of the trade, clothing or short duration training courses for skills & development.
Affordable Housing: We work with individuals and families before they sign an agreement with a new landlord and they have a positive reference from their current landlords. The loan may be for a security deposit, full or partial, and / or moving expenses.
Call 652-5601 or send an email to firstname.lastname@example.org to inquire or get further information.