EXPRESS LOAN
Loan calculator
The Express loan, under the authority of the Board of Directors, is created to support the continuity of business for SMEs in Prescott-Russell. Whether is be for:
- publicity campaigns;
- marketing;
- promotional tools;
- improve or refresh equipment;
- leasehold improvements;
- increase inventory;
- help with working capital.
FINANCIAL SUPPORT
- Term loans available up to a maximum of $15 000 in the form of financial loans for businesses who qualify;
- Applicable interest rate is the prime rate of the PRCDC + 3%;
- Flexible terms and reimbursement;
- Upon reception of the complete file, a decision will be transmitted within 72 hours (business days);
- Evaluation of the viability of your business venture and assistance obtaining realistic financing;
- Information concerning the government and other program services available to SMEs.
The Express loan cannot be used to repay debts or obligations owed to the Government of Canada, the Government of Ontario, or any other municipal/regional government. Grants, bursaries, or forgivable loans are not available through the Investment Fund loan program.
To be eligible to receive financial assistance, the business must:
To be eligible to receive financial assistance, the business must:
| Business criteria | |
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Be located or plans to be located within the designated boudaries in the United Counties of Prescott and Russell (or in southern Ontario for EDISO loan) |
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Have a head office registered in Ontario |
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Demonstrate that it has exhausted all other means of financing, either by refusal of a financial institution or in partnership with a financial institution or other organization |
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Demonstrate not to offend good morals (not to subscribe to illegal activities or commercial exploitation of sex, religion, and/or politics) |
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Demonstrate, both the business and the owner(s), that government deductions are up to date |
| Viability criteria | |
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Demonstrate commercial viability |
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Demonstrate that it will contribute to improving the performance and productivity of the business |
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Demonstrate that, in its good judgment, it presents a reasonable possibility of achieving economic viability |
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Demonstrate that the proposed business or project will achieve viability and self-sufficiency |
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Demonstrate the ability to repay all funds advanced to it but the PRCDC in the form of loans or participation in its shared capital |
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Demonstrate the potential to contribute financially to the project |
| Employment criteria | |
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Demonstrate that it has the potential to create new jobs and/or maintain them in the PRCDC's designated territories (Prescott and Russell and southern Ontario) |
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Demonstrate that it will mainly employ local people to fill positions created and/or maintained |
Please submit the following documents with you application:
| Documents to submit with the funding application form (each applicant) | |
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Business registration or articles of incorporation |
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Identification proof with photo (driver's licence, passport, health card) |
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Proof of citizenship (for newcomers - if applicable) - permanent residency |
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Applicant and partner last income tax statement or notice of assessment |
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Most recent financial statements (if applicable) |
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Refusal letter or proof of investment of your financial institution |
| Documents to download and submit with the funding application form (each applicant) | |
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Appendix A - Finance ratio |
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Appendix C - Personal finances of each applicant |
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Disclosure of personal information of each applicant (to downlaod if more than one owner) |
Before submitting an application
- Have you read and understood all the eligibility criteria? Are you eligible for funding according to the criteria?
- Do you have all the necessary documents to submit your application? Click on the following LINK to download the check list of documents to submit. Once all the boxes have been checked, you will then be ready to fill out the application form for financing.
Click on the following LINK for the online version of the Express loan application.
If the Board of Directors rejects a proposal for financial assistance, the applicant may appeal the decision to the Board of Directors.
If a client requests an appeal, members of the Board of Directors may be invited to attend a meeting with the client in question. The intention is to have the appeal heard by the required majority of the members. If the request is subsequently refused during the Board of Directors consideration, the applicant with have no further appeal.
If a client requests an appeal, members of the Board of Directors may be invited to attend a meeting with the client in question. The intention is to have the appeal heard by the required majority of the members. If the request is subsequently refused during the Board of Directors consideration, the applicant with have no further appeal.