Loan applications are reviewed through a Lending Committee comprised of community volunteers. The majority of the members have successful business management or entrepreneurial experience and sufficient familiarity with local conditions and needs that enables them to make informed and effective lending decisions.
Following the review of a comprehensive business plan and cash flow information, applications will be evaluated using the following criteria:
- Business must be located in Elgin County
- Anticipated financial viability
- Responsible management
- Personal financial or equity investment
- Available security
- Applicant’s credit history
Elgin Business Resource Centre (EBRC) is a developmental lender providing entrepreneurs, established businesses and co-operatives with business loans of up to $250,000. Loans are eligible to qualified clients for start-up, expansion or preservation of an existing business within the region and with an emphasis on economic diversification, job maintenance or creation.
Note: Lending money takes time, and often depends on the applicant’s state of readiness in preparing and presenting a viable business plan and financial information. The loan review process; preparation of loan agreements and other legal documentation; security registration; as well as time for representatives of your firm to sign the documents are all considerations. We suggest you plan on 3-5 weeks from providing the information above to receiving the money (assuming the loan is approved, of course.)
For more information contact:
Sr. Business Counsellor / Loans Officer
519-633-7597 x 333