Introduction to CFSN Loan Program
One of the most successful means that Community Futures (CF) have in fostering entrepreneurship in BC is their ability to provide business loans to entrepreneurs who have had trouble accessing capital from traditional lenders.
In addition to providing individualized business counselling, our Community Futures operation can lend up to $500,000 to new and existing businesses for:
- capital purchases,
- operating capital,
- inventory,
- start-up costs,
- top-up financing, and
- expansion.
Loans received from a Community Futures are fully repayable and are offered at a competitive interest rate. In over ten years of lending to entrepreneurs in British Columbia, the CF’S, on average, have recorded an unprecedented financial institution repayment rate of 96%.
Arranging Financing:
Community Futures can help you arrange financing for your business through regular channels (banks, credit unions, and the Business Development Bank of Canada).
In addition, Community Futures can provide business development loans from their own funds, as well as by accessing specialized loans programs that target segments of the BC population that may face additional obstacles in securing business financing.
Unique Loan Programs:
(1) Community Business Loans Program
The Community Business Loans Program was established in 1996 to make additional capital available for investment in the forestry sector. The former Forest Renewal BC loan fund was established as a CFDC-FRBC matching investment fund where local Community Futures administer loans to clients operating forestry-related businesses. Contact our office for details by email or call 250-567-5219.
(2) Aboriginal Business Development Funding
Community Futures Stuart Nechako works with organizations such as First Nations Agriculture Lending Association to help meet the business development needs of First Nations entrepreneurs throughout our service region.
CFSN provides business counseling and planning services so that Aboriginal entrepreneurs can meet the criteria of the First Citizen’s Fund.
Call, visit or email our office for more details.
Appeal Process Policy
Any applicant whose loan application is declined by staff or the Business Loans Committee has the right to appeal. The steps are:
- Provide Additional Information
The applicant gives any new or relevant details to the General Manager of CFSN that could affect the decision. - Review by General Manager
The General Manager reviews these details and forwards them, along with the original application and staff recommendation, to the Business Loans Committee. - Business Loans Committee Consideration
The Business Loans Committee reviews all information provided.- If the Committee decides to reverse the original decision, the applicant is notified.
- If the Committee upholds the original decision, the applicant is informed in writing.
- Final Appeal
If the applicant disagrees with the Committee’s decision, they may submit a final appeal to the Board of Directors.
