Frequently Asked Questions

What is Greenstone Economic Development Corporation's mandate?

We are a Community Futures Development Corporation (CFDC) funded by FedNor who offers a wide variety of progrmas and services supporting small business growth and community economic development.

  • Access to Capital for small and medium sized businesses and social enterprises;
  • Business information and planning services;
  • Strategic community  planning and socio-economic development; and
  • Support for community based projects

 

What is Greenstone Economic Development Corporation's lending limit?

GEDC has a 3-tier Lending Program:

  • Micro Loans:  $500 - $10,000
  • General Loans:  $10,001 - $150,000
  • Pool Loans: $150,001 - $500,000

 

What is GEDC's catchment area?

GEDC’s catchment area is comprised of the communities and First Nations of:  Aroland First Nation, Animbiigoo Zaagi'igan Anishinaabek, Beardmore, Biigwi Neyaashi Anishinaaabek,  Binjitiwaabik Zaaging Anishnaabek, Caramat, Geraldton, Ginoogaming First Nation, Jellicoe, Longlac, Long Lake #58 First Nation, Nakina, and Orient Bay.


Are GEDC's loans forgivable?

We do not provide forgivable loans; all loans are subject to a repayment schedule tailored to the client's needs.


Do you provide business grants or personal loans?

We do not provide business grants or personal loans, although the staff does assist in finding programs through other organizations that may be avaialble for small businesses.


Who does GEDC lend to?

To be considered for a loan you must start, maintain ro expand a registered business within GEDC's catchment area.


Do I need to be refused by a bank to apply for a business loan with GEDC?

No, borrowing from GEDC is your choice; however, we do recommend you meet with your exisitng financial institution also.


Is security needed to borrow from GEDC?

We do require adequate security to ensure repayment in the event of default.


Who decides on the approval of the loan?

The volunteer Board of Directors approve or decline loan applications based on the strength of the business plan, the ability to repay, available security, and the impact on job creation or maintenance.


What is the term of our loans?

The term is on a case by case basis, depending on the size of the loan.


What is the interest rate?

The interest rate can be as low as prime plus 2%, depending on the risk and circumstances of the loan.


Are there fees for your advisory services?

No, all of our services to individuals are confidential and free of charge.


Does GEDC write business plans?

GEDC does provide assistance and an easy to follow business plan template, however the client must attempt to complete as much as possible as they are the one with the business idea.

 

How can I find out about GEDC's upcoming seminars and events?

All seminars and events are advertised in the local media and/or GEDC website www.gedc.ca.  To be kept up to date on GEDC activities join our mailing list by emailing us at gedc%23ca|info