Loans
All loan applicants must apply with a business plan, cash flow projections or financial statements.
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, viable plan.
Amount of Financing
- Up to $250,000 maximum
Term of Financing
- Based on individual application
Cost of Financing
- Based on each application and its variables
- Some service charges may apply
Loan Repayment Term
- Tailored to each client's needs
Processing and Account Management Fees
- Some may apply
Average Decision Turnaround
- 1 week to 1 month, varies based on individual factors
Security
- All Loans must be secured (e.g. P.P.S.A., mortgage, personal guarantee)
Other Requirements
- Financial Statements as requested
- Additional supporting documents as requested
SEDC Business Loan Applications
(click on links below to download application, disclosure and release forms.)
Loan Options
SEDC Business Loan Application
Youth Initiative Loan Fund Program Guide & Workbook
Youth Initiative Loan Fund Application
Business Improvement Loan Fund
Agri-Business & Agri-Food Loan Fund
Advancing Women Economically Loan Fund application
Note: if submitting any loan fund application, you will also need to submit the Notice to SEDC Clients form.
