Applicants must complete a business plan along with any required documentation. Applications are available at local Business Services Centres located throughout the province. During the first few months of a new business start up, working capital is tight. This loan can be used to purchase fixed assets. Under exceptional circumstances, the loan may also be used for working capital.
Consideration is given to the applicant's individual capacity to pay back the loan.
The maximum repayment term on the loan is 10 years. The program uses the prevailing interest rate at the time of the loan. A minimum 20 percent equity is required, unless otherwise determined. Acceptable security must be furnished. To receive funding, an applicant must submit a business plan that clearly shows the economic viability of the business.