Question 1

How do I find out if I am eligible for a Community Futures loan?

Accepted Answer

The best place to start is to schedule an appointment with the Business Analyst at our office by calling 780-849-3232.   General eligibility criteria include: Your business must be located in our region You must be involved in the day-to-day operations of the business You must be of legal age and a resident of Canada You must contact a bank first.  If you are unable to secure appropriate financing under reasonable terms elsewhere, contact your local Community Futures Office.

Question 2

Can I combine Community Futures financing with other borrowing?

Accepted Answer

If you are looking for a loan for your business, you must contact a bank first. Then, if you are unable to secure appropriate financing under reasonable terms elsewhere, you may be able to get financing through Community Futures.

Question 3

Do I need to have a certain amount of money, assets and/or resources before applying for a business loan?"

Accepted Answer

If you are interested in applying for a Community Futures business loan, you must be prepared to make a personal investment. We ask that you provide cash plus security (such as vehicles, equipment, land, buildings, etc.) to back the loan. This shows that you are committed to making your business work.   For more information, contact your local Community Futures office.

Question 4

Will my credit rating be considered before applying for a business loan?

Accepted Answer

Yes. All financial institutions including Community Futures will run a credit check on you or your incorporated company to see if you have dealt responsibly with past loans and debt.   A bad credit rating is a concern to most lenders, including Community Futures. If this is an issue, there are a number of things you can do to improve your credit rating. Feel free to contact us to discuss options.

Question 5

Am I required to provide a business plan to apply?

Accepted Answer

Yes. A business plan provides important information about your company's management expertise and viability. Almost all financial institutions, including Community Futures, requires that you prepare a business plan – and we can help you write it, or provide you with useful tips and tools.   A good place to start is to complete the forms available for download on this page aboxe and work through the Loan Application and Business Plan Template. We are here to help walk you through every step of the business planning process.   Learn more from the helpful experts at our Community Futures office by calling today at 780-849-3232

Question 6

Typically, how long does it take to receive a decision on a loan application?"

Accepted Answer

Community Futures strives to provide a decision for each loan application within 10 business days from the date the completed loan application (including all required support information and documentation) is received by the office.   Contact our office to discuss loan products. The Loan Application package and checklist are available on this page for download.

Question 7

Does the business need to be located in my community?

Accepted Answer

Community Futures loans and services are available for businesses located within our region both in town limits and rural locations.

Question 8

How do I appeal a declined loan application?

Accepted Answer

Rejected Applications/Appeal Process:   The General Manager or Business Analyst will inform the client immediately following the Investment Review Committee decision meeting. The applicant will be sent a letter outlining the reason(s) for the rejection of the application. Appeals will be addressed by the Investment Review Committee only. All appeals must be made in writing   Upon an Appeal request: Investment Review Committee meets and review the loan application Committee analyzes the loan application and makes their final decision. Client is advised by authorized personnel within 24 hours of the decision. Only one appeal permitted per proposal, with the Board’s decision being final Redress Process:    If the appeal is declined, the appellant may again appeal the decision in writing.  The appeal should include reasons and new information supporting that appeal (redress.)  For this appeal, a Redress or Appeals Committee consisting of not less than three (3) not more than seven (7) members representing two (2) or more Community Futures Corporations shall review the amended appeal application.  This Adhoc Committee representative of Community Futures Corporations shall be the highest level of authority.
 Accordingly, the decision will be considered final and binding on behalf of the Corporation that assessed, reviewed and declined the original and the initial appeal applications.  If this joint Ad Hoc Appeals Committee, representing two or more CF Corporations, upholds the appeal and grants approval to the investment (loan) request as amended, the standard lending processes of the original CF Corporation will be undertaken and completed.
 A fee plus all expenses associated with the Ad Hoc Committee shall be the responsibility of the appellant There are options available if your application could not be funded at this time. Please contact us for more details.

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