Micro Enterprise Loans

Micro Enterprise Loans

Offered by Community Futures Huron, micro enterprise loans are available to Huron County based entrepreneurs. What’s a micro enterprise? A micro enterprise is a business that operates on a very small scale, usually with a sole proprietor and less than 6 employees.

Modeled after the Rural Enterprise Loan Fund launched by WRED and local credit unions in the 1990s, micro‐loans provide an opportunity for clients to establish a credit history by operating small‐scale ventures that are often home‐based. Community Futures Huron clients can apply for up to $10,000 in micro enterprise funding.

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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