WE PROVIDE AFFORDABLE LOANS TO SMALL-TO-MEDIUM-SIZED BUSINESSES AND SOCIAL ENTERPRISES.
We provide financing up to $250,000 for new or existing businesses in Prince Edward County and Lennox and Addington Counties and those relocating to the area.
Purpose of Financing
- Start up financing for a new business
- To purchase or renovate a building
- Leasehold improvements
- Equipment purchases or upgrades
- Inventory
- Working capital
Questions?
We highly recommend meeting with one of our social finance specialists to explore your business needs and select the best financing options for your enterprise.
Apply Now
- Complete a Loan Application Form following a meeting with our Business & Investment Advisor
- $100 application fee
- Complete a Business Plan
- If you are an existing business: Provide financial statements
- If you are a new business: Create a cash flow forecast – Download Excel Document Here
Contact Information
For more information or to book an appointment with a social finance specialist, contact:
Dominique Jones, BFAH
djones@pelacfdc.ca
Loan Criteria
Loan applications are considered on the basis of:
- Business viability
- Client character; technical and management skills
- Adequate security
- Owner’s investment
- Credit Worthiness
Business Advisory Services
- Free one-on-one business consulting
- Get advice for general business guidance or for a specific problem that your business may be encountering
Information/webpage links for new businesses
- Information on business structure
- Business registration link for sole proprietorships and partnerships
- Provincial incorporation form
- Business number registration
- Register for HST
- Will you be hiring employees?
- Business insurance
- All businesses require some form of insurance. Here is a list of the types of insurance you may need to consider:
- General liability
- Errors & Omission (sometimes called Professional Liability Insurance)
- Inventory and Assets
- Vehicle
- Bonding
- All businesses require some form of insurance. Here is a list of the types of insurance you may need to consider:
- Check with your municipality before you begin.
- Is the property zoned for the type of business you will undertake?
- Does the building have any restrictions for its use?
- What are the sign by-laws?
- Is a permit/license required from the city/town for your type of business?
- Are there any parking restrictions or requirements?
- Is there a home-based business by-law that will affect you?
- Most industries in Ontario are covered by the Workplace Safety and Insurance Board. Employers must pay into the fund of the Board through assessments on their payroll. Check with WSIB at their website: www.wsib.on.ca
Loan Decision Appeals Process
If a loan application is declined, staff will inform the applicant, in writing, of the decision, specifying the reasons the loan and /or investment opportunity did not meet with Community Future’s lending and/or investment criteria. The applicant shall have the option of appealing the decision.
1. Within 30 days of notification of the application rejection the applicant can address the decline reason(s) in writing. If the applicant is able to address the concerns, a re-application will be welcomed for financing with any additional relevant information, for reconsideration.
2. Once the written appeal is received, staff will present the appeal request and any revised materials at the next regular scheduled meeting, where loan applications are being reviewed. Should the applicant be unable to address the concerns and still feel that the loan application should have been granted, the applicant can request the original application, or the secondary application be presented again for consideration.
3. Community Futures may uphold, partially uphold or not uphold the appeal. No person shall penalize or otherwise discriminate against a person who brings a complaint, gives evidence or otherwise assists in an appeal.
