Regional Loan Pool

Seven Community Futures Development Corporations (CFDCs) in Northwestern Ontario now have the ability to provide loans to Northwestern Ontario businesses in excess of their normal lending cap of $150,000, to as much as $500,000. With the help of the CFDCs' funding partner, FedNor/Industry Canada, these loans are available to Northwestern Ontario Businesses for starting a new business or expanding an existing business.

Participating CFDCs are:

• Thunder Bay Ventures - Thunder Bay, ON
• Rainy River Future Development Corporation - Fort Frances, ON
• Patricia Area Community Endeavours Inc. - Dryden, ON
• Superior North Community Futures Development Corporation - Terrace Bay, ON
• Lake of the Woods Business Incentive Corp. - Kenora, ON
• Atikokan Economic Development Corporation - Atikokan, ON
• Greenstone Economic Development Corp. - Geraldton, ON

How to Apply

Applications will be taken through your local CFDC (list above) who will provide the initial $150,000 in financing. In the Thunder Bay CMA, please apply to Thunder Bay Ventures.

The balance of the loan - to a maximum of $500,000 - will be provided on a pro rata basis by the other CFDCs. Approval for the loan will be made at the local CFDC level. Normal loan criteria established by the local CFDC will apply.

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;

Processing

Allow 4 - 10 weeks from receipt of a comprehensive business plan and fee.

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