Frequently Asked Questions
Yes! Lending to startup businesses is our specialty.
Eligibility for a business loan is based on your current financial standing, the nature of your business, available security, the amount you can personally invest, and the strength of your business plan.
Community Futures is guided by the “Five C’s” :
- Character – Your trustworthiness
- Capacity – Ability to repay
- Capital – Your personal investment
- Collateral – Assets for security
- Credit – Your credit history
Community Futures can lend up to $150,000 to new and existing businesses. For larger amounts, we can partner with other Community Futures Offices or your financial institution. Whether you need minimal financing for micro or home-based businesses or significant investments for larger ventures, we are here to support your business growth.
Community Futures can expedite financing decisions. Once you have completed and submitted all necessary documentation, you can expect your financing within 7 – 14 business days.
Interest rates are based on the prime lending rate. Microloans (loans up to $25,000) are fixed at prime +4% and Regular loans (over $25,000) at prime +3%. The exact rate of Regular loans depends on our internal grading system, which evaluates factors such as management, security, and repayment ability.
To apply for Community Futures North Fraser financing, please apply through our Loan Application Portal. Once we have received a completed application, we will contact you to provide further information regarding the application process.
Have More Questions?
Contact us at (604) 826-6252 or email us at info@northfraser.org