FAQs
What does the Saugeen Economic Development Corporation do?
As a Community Futures Development Corporation with a history of serving small business clients for over 25 years, we provide 3 primary areas of service:
- Loans and equity investment
- Small business counselling
- Community economic development
What grants are available to help me with my business idea?
Currently there are no grants available to starting up or expanding businesses. There are, however, many other assistance programs geared towards various types of businesses. Information regarding these programs can be found at the Saugeen Economic Development Corporation or at the Canada-Ontario Business Service Centre website www.cbsc.org/ontario All the information is free of charge!
Where is the Saugeen Business Development Centre located?
The Saugeen Economic Development Corporation is located at 515 Mill Street - P.O. Box 177 in Neustadt, ON.
What area does the Saugeen Economic Development Corporation represent?
Our service area includes the municipalities of (brackets indicate SEDC coverage within amalgamated Municipality):
- Arran-Elderslie (Chesley, Elderslie Twp, Paisley & Dobbinton)
- Brockton (Brant Twp, Cargill & Walkerton)
- Chatsworth
- Grey Highlands (Artemesia Twp, Flesherton & Markdale)
- Hanover
- Minto
- Southgate
- South Bruce (Carrick Twp & Mildmay)
- Wellington North
- West Grey
How much will the Saugeen Economic Development Corporation loan me for my business?
The Corporation may lend businesses up to $150,000.00.
Tell me about the Saugeen Economic Development Corporation Business Loan Program and what they need in order for me to apply for a loan for my business.
Size of Financing
- Minimum: 6 months
- Maximum: 12 years
Term of Financing
- Minimum: $1,000
- Maximum: $150,000.00
Cost of Financing
- Interest Rates: Please contact our office to discuss our current rate schedule
- Service Charges: None
- Other Arrangements: Dividends (under equity financing)
Loan Repayment Term
- Terms are flexible, tailored to clients business (i.e. terms can be adjusted for seasonal nature of business)
Processing Fee
- None
Account Management Fee
- None
Average Decision Turnaround
- 1 week to 1 month
Security for Repayment
- All Loans are secured (e.g. PPSA, second mortgage, personal guarantee)
Principal Prepayment
- Flexible
- Interest penalty if paid out during first 90 days
Other Requirements
- Quarterly financial statements
- Annual financial statement
Youth Business Loan
- Available to youths ages 15 to 25 who are returning to school full or part-time.
- Terms and Interest Rates are flexible
What if I have a poor credit rating or no credit rating at all?
If you feel that you have a strong business concept and business plan (either starting a new business or expanding a current business), we recommend that you contact us. Our Business Manager/Loans Officer will work with you to determine the feasibility of the plan and explore all possible alternatives available.
SEDC's mandate is to create and maintain jobs, which allows us some flexibility and creativity when developing business loans. Our goal is to assist businesses to succeed and grow: therefore, we look at the whole business plan (i.e. concept, management, partners, experience, demographics…and the numbers).
While this is our mandate, it does not guarantee approval. The business plan must stand up to the scrutiny of our Board of Directors as a feasible plan and as beneficial to the "Saugeen City" Business Community.
How long does the loan process take?
1 Week to 1 Month - Unfortunately we have to be vague on this answer.
The time really does depend on the application and the business plan. Our goal is for the business to be successful; therefore, we will take the time to help the applicant develop the best possible Business Plan to ensure success.
How do I register my business?
There are three ways you can register your new business.
- Visit SEDC at 515 Mill Street, Neustadt, 519-799-5750. With help from knowledgeable staff, you can complete the form on-line for a cost of $60.00 and $8.00 per business name search. Payment can be made by VISA, MasterCard or American Express. Once the form is submitted, your Master Business License will be printed immediately.
- Mail in the completed form with a cheque for $80.00. Your Master Business License will be mailed to you in 6 - 8 weeks.
- Visit the closest Ontario Business Connects (OBC) computer workstation and complete the form. The cost to register your business name at these sites is $60.00 and $8.00 per business name search. Payment can be made by cash, VISA, MasterCard, American Express or money order. Once the form is submitted, your Master Business License is printed at the workstation immediately. In the Saugeen Community, the closest workstations are located in:
- Port Elgin at the Saugeen Shores & Area Small Business Self Help Office, 600 Tomlinson Drive, 832-2008
- Owen Sound at the Land Registry Office, 1555 Sixteenth Street East Units 519-376-1637
Is lending money to businesses all you do?
No - the SEDC offers resources and is involved in many projects to assist businesses and communities.
We offer a Business Resource Centre (free access to government program information, demographic information, Internet access, resource books…and much more) and affordable consulting services.
Some of the projects SEDC has been involved with in the past include: feasibility studies, business directories, industrial directories, strategic planning, targeted business attraction programs, developing and presenting seminars and workshops to assist business, and "The Saugeen Economy" quarterly newsletter…
If you have any questions or project ideas, please contact us at the Saugeen Economic Development Corporation.
