Loan Details

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 $5,000 can be made to youth-owned 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 by contacting our office.   

A successful application must demonstrate:

• the ability to repay the loan;
• adequate security which may include a combination of business assets and personal guarantees;
• the capability to operate and manage the business;
• a firm commitment to success of the operation.

Fees

All loans are subject to a non-refundable application fee of $25.00, payable at the time of application. All approved loans are subject to legal and registration fees, and must be life insured.

Interest Rates

Interest rates starting at Prime +2% are fixed at the time of borrowing for the term of the loan.

Terms of Payment

Loans are subject to a maximum three (3) year term.  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