Business Planning & Support Initiative

Targets

This initiative is designed to selectively enhance the business prospects of individual businesses through the provision of targeted financing (loans) for planning. The following are the two target areas of this initiative:

• Micro, small and medium sized business requiring business plans or market expansion plans;
• Those businesses after review who are deemed as target recipients for improved financial reporting to enhance their business decision making.

Criteria

Eligible Applicants:

• Corporations, legal partnerships and registered sole proprietors
• Not-for-profit corporations engaged in a for-profit business activity.

Ineligible Sectors:

• Food services;
• Inappropriate financing;

Plans must be created by qualified 3rd Party Consultants (List available).

Terms

1. Normally 80% of 3rd Party Consultants Costs - to a maximum loan of $4,000;
2. Normal client contribution of 20% of 3rd Party Consultants Costs of Plan;
3. Special encouragement loan rate of 5%;
4. Interest only payment equal to 6 months interest - to be paid up front;
5. Blended payments of interest and principal start in 7th month after loan agreement is signed;
6. Loans amortized over 30 months maximum.

Application Procedure

• Complete a simple application form;
• TBV loan policies will apply;
• Non-refundable application fee of $100 must be submitted at time of application.

General Information

• All loans personally guaranteed;
• All payments by Pre-Authorized Debit Agreements;

Proponents must demonstrate they have the management skills and financial capacity to complete or follow through on the planning phase to the eventual establishment of the business.

Through Government of Canada funding, Thunder Bay Ventures provides access to capital for small business.