FAQs
Downloand FAQ (PDF) here
CF General Loan Fund:
 |
Starting with loans to $150,000 in-house, we partner and syndicate to get you whatever financing package you could need (no known limit!). Approval based on business plan, security and application review. |
|
Flexible repayment |
|
Lowest rate offered at 7.75% The amortization and interest rate may be decided on a case-by-case basis (dependent upon the available security and amount of financing requested). |
|
Average Term is 3 years. (Longer terms are available - depending on security and/or asset life) |
|
No penalties are charged for early payout or lump sum payments |
|
Business Loans for either start-up or expansion; customized for your business and can be used for capital expenditures or operational requirements. |
|
Minimal one-time fees charged (about 1% over the term). No monthly fees. Minimal legal & registration fees. |
|
Blended monthly payments of principal and interest can be automatically debited from your bank account. |
Other Loan Funds:
|
Targeting businesses in the Forestry Industry; such as value-added wood manufacturing, logging or trucking. Forest Renewal BC has contributed to these funds. Clients may borrow up to $250,000. | |
|
Targeting Youth between the ages of 18-34, who are starting up a business. The Canadian Youth Business Foundation has partnered with CFOS for these funds. Clients may borrow up to $30,000 and have access to a mentor and professionals for free. * New partnership with BDC increases the amount youth have access to! | |
|
Targeting Disabled entrepreneurs. Western Economic Diversification Canada has partnered with CFOS for this fund. Clients may borrow up to $150,000. | |
|
CFOS has a strategic lending partnerships with the Business Development Bank of Canada, the Canadian Youth Business Foundation and Community Futures of BC. |
Applications should include:
|
Business plan including a 12 month cash flow projection ~ See our CFOS Business Plan Guide |
|
Signed application form for each partner (or shareholder); granting CFOS permission to check credit history of each applicant and their spouses |
|
If existing business, provide last 3 years of financial statements (balance sheet and income statement) |
|
If new business, provide market survey and letters of support from potential customers or clients |
Who reviews my application and business plan?
|
All applications and business plans are reviewed by CFOS staff, to make sure they are "Board-ready”. Our staff are experienced business counselors and are qualified to assist you with your planning. Once the proposal is ready, the CFOS Loan Review Board meets and reviews the proposal. Please allow approximately 2 weeks for response to your loan application. The Board is made up of volunteer members, each of whom have many years of experience operating profitable businesses themselves. The Board has final decision regarding approval. |
What will the Board be looking for in my loan application and business plan?
The Board will review and consider the following:
|
Business description and viability |
|
The personal financial stability and past credit history of each applicant |
|
Abilities and skills as Owner / Operator |
|
Repayment ability of the business and market availability |
|
Marketing and advertising plan |
|
Potential for growth and future employment |
|
Equipment, property, vehicles, co-signors, mortgage, etc. available for security |
|
How much cash the business owner has to invest |
|
That the amount of financing requested is appropriate |
|
Competition |
|
Job Creation |
