As part of the Community Futures program, the Community Futures Development Corporation of Middlesex County provides term loans  to small businesses that have had difficulty finding financing elsewhere on reasonable terms.

Loans up to a maximum of $250,000 can be made to businesses in Middlesex County (excluding the City of London) that will be creating new jobs or maintaining existing jobs in the local area.

Usage of Funds

Financing can be used for the purchase of fixed assets, leasehold improvements, inventory or working capital.

Application Process

Applicants must complete a business plan that proves the viability of the operation. Past financial statements (if applicable), as well as projections, must be submitted with the application.

Business Plan Outlines and loan applications are available online or by contacting our office.

A successful application must demonstrate:

• the ability to repay the loan;
• adequate security which may include a combination of business and personal assets;
• the capability to operate and manage the business;
• a firm commitment to the business, including a personal investment of funds and resources.

Timeline

All loan applications over $25,000 must be received by the 25th of the month in order to be considered at the next monthly board meeting. Loans of $25,000 or less can be submitted any time.

Fees

All loans are subject to a non-refundable application fee, payable at the time of application. The fees vary as follows:

• $50.00 for loans up to $25,000.00
• $100.00 for loans between $25,000.00 & $250,000.00

Interest Rates

Interest rates are currently fixed as follows:

     Prime + 2 - 4% and must be at least 75% secured

Terms of Payment

Loans are subject to a maximum five (5) year term, with a maximum amortization period of fifteen (15) years. All loans are subject to regular monthly payments however, remain open for repayment, in full or in part, at any time, without penalty.

Go to the Applications Information Page