FAQ
FAQ’s
What does Greenstone Economic Development Corporation do?
We are a “Community Futures Development Corporation” with a history of serving the Greenstone region’s business community, for over 23 years; we provide three primary area of service:
- Access to Capital
- Small Business Counselling
- Community Strategic Planning
If you have any questions, please call us at 807-854-2273.
What is Greenstone Economic Development Corporation lending limit?
The Corporation may lend up to $150,000 per business and up to $500,000 with the Northwestern Ontario Investment Pool.
Who can borrow?
New or established businesses which are or will be located within the Greenstone service area.
What is GEDC’s service area?
GEDC’s service area is comprised of the communities of Aroland First Nation, Beardmore, Caramat, Geraldton, Ginoogaming First Nation, Jellicoe, Lake Nipigon Ojibway First Nation, Longlac, Long Lake #58 First Nation, Macdiarmid, Nakina, Rocky Bay First Nation and Orient Bay.
Can I just apply to GEDC for a loan and skip the banks?
We are here to assist applicants when financing from financial institutions are insufficient or declined.
Are there any administration fees to borrow from GEDC?
We do not charge any administration fees and there is no penalty for early repayment.
Do I need security to borrow?
Yes, GEDC cannot disburse unsecured loans.
What is the term of your loan?
The term is between three to five years.
What is the interest rate?
The interest rate chargeable will be no less than the bank’s mortgage rates plus 2% + at a fixed rate, dependent on the applicants’ credit check report.
Are GEDC’s loans forgivable?
No amount of the loan is forgivable.
Do you offer business grants or personal loans?
No we do not offer business grants, forgivable or personal
loans.
Who decides if you are approved for a loan?
The decision is made by the Volunteer Board of Directors based on the strength of your business plan, your ability to repay, available security, and impact on job creation or maintenance.
Are there service fees for counselling services?
Counselling services are available at no charge.
How can I find out about GEDC’s upcoming seminars or events?
All seminars or events are advertised in the local paper and you can also send and email to gedc%23ca|info
with your contact information to be added to our contact list.
