Community Futures Emergency Loan Program

For loans under $40,000
 
Community Futures Cariboo Chilcotin is a part of the Federal Government’s economic response, in delivering the Community Futures Emergency Loan Program, part of the Regional Relief and Recovery Fund to business in our community. 
 
Community Futures Cariboo Chilcotin is proud to be a part of the Federal Government’s economic response, in delivering the Community Futures Regional Relief and Recovery Fund to business in our community.
For loans over $40,000 (up to $1M) Contact:
Western Economic Diversification Canada
Online Application
Toll Free: 1-888-338-9378
Email: wd.bc-cb.deo@canada.ca
 
For loans under $40,000
Please see criteria and click on this link (see below).
https://cariboochilcotin.commongoalsapp.com/ApplyNow?appid=1.
(Funding is subject to availability)
Email for additional info and/or questions rrrf@cfdccariboo.com
 
Loan terms (under $40,000)
       No interest accrual or principal payments through December 31, 2022.
       If 75% of the loan is repaid by December 31, 2022, the remaining 25% of the loan is forgiven.
       Blended principal and interest payments beginning January 1, 2023. Interest rate of 5%
       Loans must be repaid by December 31, 2025.
       No prepayment penalties.
 
 
 
Eligibility

Small and Medium-Sized Enterprises (SMEs) located in our service area can apply.
The SME must attest to their eligibility for:
       Have not received Canada Emergency Business Account (CEBA) funding support
       Have not received Business Credit Availability Program (BCAP) funding support
       The small business must have been viable and not experiencing any liquidity or other financial difficulties as of March 1, 2020.
       The small business must have experienced a material adverse effect on business operations on or after March 1, 2020, as a result of the COVID-19 pandemic.
       Business established before March 1, 2020.
       Be a sole proprietorship, partnership, professional services, corporation, social enterprise, or other similar organization.
 
Eligible expenses:

• Operating expenses, payroll, and other non-deferrable expenses that are critical to sustaining your business’ continuity.
Ineligible Expenses
Please note:
Purpose and Use of Loan. The Borrower acknowledges and agrees that: (i) the Loan must be used to pay non-deferrable operating expenses of the Borrower (for e.g.,payroll,rent,utilities,insurance,property tax and regularly scheduled debt service payments); (ii) the Loan cannot be used to fund payments of expenses such as pre payment our financing of existing indebtedness (including other indebtedness to the Lender), payments of dividends, distributions and increases in management compensation; (iii) the Loan cannot be used to pay expenses already supported through the Canada Emergency Wage Subsidy or the Canada Emergency Commercial Rent Assistance programs; and, (iiv) the Loan cannot be used for any illegal or illicit purpose and the Borrower may not repay any amount oft the Loan using funds that were received or derived from any illegal or illicit activity.
 
 

 


Western Economic Diversification Canada
Societe de developpement economique
Pour obtenir le service en fran├žais appeler 1-877-732-3534
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Community Futures Cariboo Chilcotin
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266 Oliver Street
Williams Lake BC V2G 1M1
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