“The advantage of going to Community Futures for a business loan is that they don’t have a line-up of people who say you can’t have it – they are eager to see how you can have it. They work with you and you are not deflated before you leave. The next thing you know, you got it!”
-Dan Bauer, President, The Accessible Wilderness Society, Campbell River, BC
Community Futures EDP Loan eligibility
- the business must be in a Community Futures service area
- the business must demonstrate it is economically viable
- adequate loan security and owner investment required
- the owner has a disability or ongoing health issue
Loan Application and required submission materials
- the local Community Futures loan application and application fee
- your business plan (operations. management, marketing, competition)
- cash flow forecasts for new and expanding businesses
- business costs breakdown with verification
- proof of security for the loan amount requested
- a credit summary prepared by the Community Futures Business Analyst
Loan approval process
- completed applications are presented by the Community Futures Business Analyst to the Loans Committee for the final decision
- requests may be denied where the Committee feels the risk of failure is too great, security is inadequate for the loan, due diligence has not been reasonably completed, or the project does not fully meet the Community Futures program criteria
- loan committees meet regularly each month
Frequently asked questions
- What is the maximum loan I can get for my business?
Community Futures have a lending limit of $150,000. The borrower must have security for any loan. For large loans, we look for $ to $ security matching.
- How do I know if the loan amount I am requesting is realistic for my situation?
The Community Futures Business Analyst will determine if your business is viable: is operable and can repay the loan amount needed.
- Why should I ask for the EDP loan?
EDP loans are more flexible to provide more opportunity for people with disabilities who may not meet traditional loan approval criteria (credit scores, adequate security)
Persons with disabilities applying for the EDP loan may be eligible for additional entrepreneurial training paid for by Community Futures.
- What if I am turned down for a business loan?
The Community Futures Business Analyst will promptly inform you why you were rejected for financing. You may re-apply once you have addressed weaknesses in your application.
When you are ready, please visit us and meet with our Business Analyst to discuss your business financing needs.