ACCESS TO CAPITAL
Support provides access to capital for non-profit organizations engaged in social enterprising in the St. Johnâ€™sand Mount Pearl area. Social enterprises are community-based businesses that sell goods or services in the market place to achieve to achieve a social, cultural and/or environmental purpose; they reinvest their profits in their social mission.If you are a non-profit organization with a social enterprise or wanting to start one, the Support program maybe able to help you start or expand it. The organization may also access business training and counseling.
- Repayable loan to a maximum of $50,000.
- No penalty for early repayment.
- Flexible interest rates starting at Prime plus 1%.
- Flexible repayment periods up to ten years.
- Start-up of a new Social Enterprise or the expansion or upgrading of existing are acceptable.
- Incorporated Non-Profits.
- The Social Enterprise must be located in St. Johnâ€™s or Mount Pearl area.
- Year-round and/or seasonal business activities qualify.
- Borrower must invest the Loan as capital into the Social Enterprise.
- Loan proceeds may be used to finance fixed assets and working capital.
- The majority of revenue must be reinvested back into the Social Enterprise.
- The Social Enterpriseâ€™s business activity should demonstrate a reasonable expectation of economic viability and ensure that fundamental business aspects are present.
- Must be able to demonstrate the ability to repay the capital and interest on approved financing.
- While there are no personal guarantees, security will be taken against existing equipment.
- The Loan cannot be used for bail-out situations (i.e. refinancing of existing debt or a restructuring exercise).
- Loan decisions will take into consideration competitive impacts on existing businesses.
CONTACT US FOR MORE INFO OR TO APPLY!!