Business loans are available to new and existing businesses located in the Town of Prescott and the Townships of Augusta, Edwardsburgh/Cardinal and the Municipality of North Grenville.
Here’s how to apply:
Begin the process
- Prepare your Business Plan
- Contact our Business Advisor for an initial interview.
Meet with our Advisor
This is where you tell us about your business plan and financing requirements, and we sort out the best options to meet your needs.
Complete the Application
To ensure things go smoothly, we’re going to need the following:
- Business Loan Application
- Business Plan including Projected Cash Flow, Balance Sheet and Income Statements
- Personal Financial Statement for each partner / shareholder
- Copy of your Business Registration and/or Articles of Incorporation
- Copy of your Income Tax Return
- Copy of Birth Certificates of each partner / shareholder.
Once we review your details, we may ask you for additional documents, if necessary.
Our Business Advisor will review your loan application documentation and present it to the Investment Committee of our volunteer Board of Directors. All financing decisions are made by the Investment Committee at their monthly meeting. Financing decisions are based on the strength of your business plan, your ability to repay, available security, impact on job creation or maintenance and the impact on long-term growth for the community.
Decision & Documents
Interest rates, terms, security and reporting requirements reflect the level of risk involved and are assessed at the discretion of our Investment Committee.
Repayment terms can be customized to meet your business needs and will not normally exceed 10 years. The term of your loan is determined by our Investment Committee based on your cash flow forecast and overall capacity. Loans are reviewed annually. Note: Your loan is repayable in full at any time without penalty.