Community Futures Huron believes in the importance of priming a pipeline for new entrepreneurs in the area so we are happy to be able to provide these youth loans for ages 15 to 29. Youth Business Loans compliment the availability of financing from other programs. For instance, it is common to provide matching loans to youth for Summer Company ($3,000), Starter Company Plus ($5,000) and the Futurpreneur program of the Canadian Youth Business Foundation ($15,000). Our youth loans offer a fast-track approval process and forego any collateral.
Canadian Youth Business Foundation
Community Futures Huron is now partnering with the Canadian Youth Business Foundation. CYBF helps young Canadians who have a great business idea and require financing, mentoring and the right business resources to start a business. If you are between the ages of 18 and 34 and have a business idea CYBF can help! In addition to financial assistance, CYBF hand-matches qualified business mentors with young entrepreneurs to allow knowledge sharing which drives a higher business success rate.
* 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.