Regional Loan Pool
Six Community Futures Development Corporations (CFDCs) in Northwestern Ontario now have the ability to provide loans to Northwestern Ontario businesses in excess of their normal lending cap of $150,000 to as much as $500,000. With the help of the CFDCs’ funding partner, FedNor/Industry Canada, these loans are available to Northwestern Ontario Businesses for starting a new business or expanding an existing business.
Participating CFDCs are:
- Thunder Bay Ventures – Thunder Bay, ON
- Rainy River Future Development Corporation – Fort Frances, ON
- Superior North Community Futures Development Corp. – Terrace Bay, ON
- Lake of the Woods Business Incentive Corporation – Kenora, ON
- Atikokan Economic Development Corporation – Atikokan, ON
- Greenstone Economic Development Corp. – Geraldton, ON
How to Apply
Applications will be taken through your local CFDC (list above) who will provide the initial $150,000 in financing. In the Greenstone region, please apply to Greenstone Economic Development Corporation.
The balance of the loan – to a maximum of $500,000– will be provided on a pro rata basis by the other CFDCs. Approval for the loan will be made at the local CFDC level. Normal loan criteria established by the local CFDC will apply.
- Corporations, legal partnerships and registered sole proprietors
Allow 4 -10 weeks from receipt of a comprehensive business plan.