Micro Loans Program
Community Futures Cowichan Micro Loans Program
Community Futures Cowichan has been providing start up and expansion loans to small businesses in the Cowichan Region since 1989. In addition to our traditional business loans, we have micro loans ranging from $500 to $5,000. As with all our loans, micro loan clients get assistance from our business advisors who provide guidance and resources to help start and grow a business.
Who is eligible?
Anyone with a viable business idea and demonstrated capacity to generate business cash flow is eligible to apply. Ideal applicants are:
- Entrepreneurs with great ideas and limited resources
- People looking to enter a trade or profession
- Newcomers to Canada who need to build credit history
- Young Entrepreneurs
How can the loan funds be used?
Use a micro loan to turn your great idea into a new seasonal, part-time, or full time business venture. Or use it to purchase equipment, tools, inventory or as working capital. Micro loans can be used for almost any business purpose directly related to the core business.
How much does it cost?
The micro loan interest rate is 10%, and there is also a 2% application fee on successful applications. Repayment terms range from 6 to 36 months, depending on the client and the size of the loan. There are no penalties for early repayment.
How to apply?
If you have an idea, come talk to us. Micro loan approvals focus on character, business concept and your financial literacy rather than collateral and credit rating. Contact Community Futures Cowichan for an application form or download here. Micro loan applications can be approved within five business days, as long as the application is complete.