Business Succession Loans

Business Succession Loans

It is estimated that over 2,000 Huron County business owners will retire over the next decade. The question becomes: Who will take these businesses over?

The availability of a business succession loan of up to $250,000 from Community Futures Huron will encourage family, employees or third‐party entrepreneurs to consider taking over these “going concerns” to ensure they are not lost to the local economy. 

Next Steps?

Contact Tina for more information or apply for a business loan now!

* The Business Loan Application Process Step-by-Step

  1. Applicant completes the online application and uploads their completed Business Plan, past financial statements, 12-month cashflow projection and two pieces of ID.
  2. Documentation is reviewed by the Lending Consultant.
  3. Lending Consultant and applicant have discussions to clarify points in business plan or application as needed. 
  4. If it is recommended to the Community Futures Huron Board of Directors for approval, Community Futures Huron will complete a credit check.
  5. Application is presented to the Community Futures Huron Board of Directors for approval.
  6. If approved, a Letter of Offer is extended to the applicant for signature and return to Community Futures Huron. 
  7. Funds are normally made available within 2 weeks after the Letter of Offer is returned to Community Futures Huron. 

Costs 

  • There is a 2% loan development and maintenance fee (to a maximum of $2,000) that is paid up front after the loan is approved. 
  • Applicants are responsible for all legal costs to complete the loan securitization package. These funds can be paid for from the proceeds of the funds to be borrowed. 

Loan Information 

  • Maximum loan size is $250,000.00 to be used for the purchase of fixed assets, leasehold improvements, inventory, expansion, start-up or working capital or a combination of any along with some consolidation. 
  • Flexible repayment terms and no prepayment penalties.

Need Help? 

If you get stuck in the application, just contact Tina, and she’ll help to get you on track.

Community Futures Huron is located at 435 Turnberry Street, Brussels, Ontario. Come see us in this new location.

Office hours are Tuesday to Friday from 10 am to 3 pm. Phone: (226) 889-8256; emailpnichol@cfhuron.ca.

Areas we serve: Howick, Wingham, Blyth, Brussels, Dungannon, Goderich, Clinton, Seaforth, Hensall, Zurich, Bayfield, Exeter.

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