Are YOU an innovator? Do you think out of the box?
Innovation is a buzz word and touchstone for most, if not all federal and provincial business development programs.
While Huron County has several examples of innovation — Everspring Farms, MTS Environmental, Leadbury Bats — there are many more out there. We are certain of this.
The goal of these Innovation Loans is to work with area manufacturers or ‘tinkerers’ to develop and commercialize new and better ways of doing things. Apply for up to $250,000 in funding to grow your new idea.
While numerous programs and services do exist, we believe an early infusion of Community Futures capital could help clients get the ball rolling to a point where they can access other resources.
* The Business Loan Application Process Step-by-Step
- Applicant completes the online application and uploads their completed Business Plan, past financial statements, 12-month cashflow projection and two pieces of ID.
- Documentation is reviewed by the Lending Consultant.
- Lending Consultant and applicant have discussions to clarify points in business plan or application as needed.
- If it is recommended to the Community Futures Huron Board of Directors for approval, Community Futures Huron will complete a credit check.
- Application is presented to the Community Futures Huron Board of Directors for approval.
- If approved, a Letter of Offer is extended to the applicant for signature and return to Community Futures Huron.
- Funds are normally made available within 2 weeks after the Letter of Offer is returned to Community Futures Huron.
- 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.
- 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.
If you get stuck in the application, just contact Tina, and she’ll help to get you on track.