Since 1986, Community Futures has been lending money to small businesses throughout the Fraser Fort George Region. During the past 22 years, we have authorized loans totaling more than $22 million to 638 businesses, creating or maintaining close to 2,800 jobs.
At Community Futures, we are here to listen to your business idea as well as discuss any of your other financial needs.
Unlike most financial institutions, we are not a formula lender; instead, we assess every business venture on the basis of its own merit. Community Futures also has the ability to explore financing for businesses that are unable to secure funding under reasonable terms and conditions from traditional lenders. In some cases, we may be prepared to consider a position of higher risk than other lenders.
Our interest rates are calculated on the basis of the prevailing Bank of Canada prime rate, plus a variance depending upon the level of risk involved. Upon authorization, our loans are subject to administration fees to cover related costs, and applicants are responsible for any direct legal costs for loan security documentation.
We take the following into account when you apply for assistance:
The Community Futures Loan Program can help to finance any viable business venture up to a maximum of $150,000 for the following purposes:
Important: Please contact our office for initial discussions concerning your application.
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What is your interest rate?
Interest rates can be as low as Bank of Canada prime plus 3%, depending on the level of risk involved with the loan.
What makes CFDC different from a regular lending institution?
Community Futures is approachable and willing to listen to your idea. We are usually willing to take more risk than a conventional lender. Our criteria are not based on a formula; we look at the whole plan. We are able to tailor the monthly payments according to the cash flow to allow for reduced payments during slow periods if your business is seasonal. Additionally, decisions are made locally rather than at a head office in a major city centre.
Do you require security?
We require security in the amount of the loan. Security can be in the form of a realty mortgage, equipment and personal guarantees - to name just a few.
How do I apply?
Contact our loans department for initial discussions concerning your needs. Application packages are available from the Community Futures office, or download loan application here. A detailed checklist of requirements is included with the loan application.
Do I have to be on EI to apply for a loan?
No, you do not have to be on EI to apply for a loan.
What is the minimum and/or maximum loan amount?
Approval amount varies depending on the needs of the business. The maximum amount is $150,000.00.
How long do I have to pay back the loan?
The term of the loan depends on the nature of the business, cash flow and the amount of the loan. Payments can be amortized over a longer period in order to reduce the monthly payment amount.
Do I have to submit a full business plan?
Applicants with new businesses will complete a business plan, including financial projections. Applicants with existing businesses provide an outline of the proposal and the benefit it will have on the business.
How long will it take before I can get money?
Funds will be made available to the applicant between 1 to 4 weeks after loan approval, depending on the security required.
Community Futures Fraser Fort George
Loan Approval Authority and Appeal Policy
The purpose of this policy is to provide clarity on:
Loan Approval Authorities
The Board of Directors for Community Futures Development Corporation of Fraser Fort George (CF FFG) delegates authority to:
Businesses seeking loans over $150,000 will have their application reviewed by the Finance and Lending Committee who will:
The Board will only review loans over $150,000 that are recommended to them by the Finance and Lending Committee.
Appeals and Redress
Any applicant who has had his or her loan request refused by the relevant CF FFG authority for that loan value may appeal that refusal. Individuals resubmitting their loan request with revisions may not appeal the original decision.
All requests for redress on a loan decision must be put in writing and submitted to the appropriate review body, with supporting documents, within five working days of the applicant being made aware of the decision. The grounds for appeal are limited to:
Syndicated loans are not governed under this policy.
Appeal process for loans $10,000 and under
Redress request of refused loan applications for $10,000 or less will be reviewed by the Finance and Lending Committee at a regularly convened meeting. It is the full responsibility of the individual seeking redress to complete the process as outlined.
The process required:
Appeal process for loans $10,000 - $150,000
Redress requests of refused loan applications between $10,000 and $150,000 will be reviewed by the CF FFG Board of Directors. If time is of the essence a Special Meeting may be called, otherwise the loan redress will take place at a regularly convened Board of Directors meeting. It is the full responsibility of the individual seeking redress to complete the process as outlined.
The process required:
Appeal process for loans over $150,000
An independent Redress Review Committee, consisting of five past Board of Directors or Finance and Lending Committee members or relevant representatives of the community at large, shall review appeals for loans over $150,000. Members of the Redress Review Committee will be identified annually by the CF FFG Board of Directors and asked to be available for a two year period on an as-need basis. Members will be informed annually as to the RRC membership, and provided with a copy of this policy. The Board may approve the advisory services of a specialist in the field of the loan request, in special circumstances; the specialist would provide information and advice to the Redress Review Committee.
It is the full responsibility of the individual seeking redress to complete the process as outlined.
The process shall be: