The Application Process

Applicant submits:
1) Business Plan
2) Cash Flow Projection
3) Business Loan Application
4) Picture Identification
5) Personal resume
6) Financial Statements (if an existing business) and personal tax returns for last 3 years, including current year.
7) If an incorporated company, a complete copy of the minute book. On-line incorporations won’t be accepted.
8) Proof of registration/insurance for vehicles and recreational items listed as security
9) Business Registration Documentation and Business Identification Number (if an existing business)
10) $150 Application Fee

Review by staff;
Telephone or office appointment for discussion of any points arising out of information submitted;
Presentation of the application package to the Loan Committee for review, usually within 3 weeks of submission;
If approved, Offer of Financing given to applicant for signature;
Legal work and security procedures;
Funds made available to applicant once all pre-disbursement conditions are met and all required documentation is on file.

Loan Information
Maximum loan size $150,000 for expansion, business purchase, or start-up (subject to available funds).
Interest rates at prime plus a risk premium
Flexible repayment terms
No prepayment penalty
Possibility of additional funding up to $500,000 available (Some restrictions apply)

Criteria
Specific financing criteria must be met including:
Employment creation or maintenance for predominantly local residents;
Location of the business in the Shuswap area;
Reasonable personal financial investment;
Ability to repay;
Future economic viability of the business;
Competent management;
Adequate security for the venture.

*There is a $150 non-refundable application fee, due when the loan application is submitted. Applicants who are successful in getting a loan will be responsible for legal costs. These fees will be deducted from the monies that are disbursed (see back page).

Community Futures Development Corporation of the Shuswap
P.O. Box 1930 #101 – 160 Harbourfront Dr. NE
Salmon Arm, B.C. V1E 4P9
Phone (250) 803-0156 Toll Free 1-877-803-0156 Fax (250) 803-0157
E-mail: info@futureshuswap.com www.beyourfuture.com