YOUNG ENTREPRENEUR LOAN

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The Young Entrepreneur loan, under the authority of the Board of Directors, has been created to reduce the out-migration of young people towards urban centers.  This program aims at supporting young entrepreneurs from 18 to 35 years of age in the start-up, acquisition, expansion and modernization of their business.  The program promotes the leadership of young people and the development of their social, cultural and economic engagement in our region.

FINANCIAL SUPPORT
  • Term loans available from $5 000 to $30 000 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;
  • Possibility of 24 months without interest;
  • Possibility of 24 months without capital reimbursement;
  • Maximum amortization period of 5 years;
  • 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 Young Entrepreneur loan cannot be used to repay debts or obligation 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 Young Entrepreneur loan program.

The loan must be to start, maintain or expand a business.
  1. The business must be situated in the counties of Prescott and Russell.
  2. The head office must be registered in Ontario.
  3. The business must create or maintain employment.
  4. The applicant must have been refused by a financial institution or is in partnership with a financial institution.
  5. Both the company and the owner must provide proof that they are up to date with government deductions.
Please download and fill out the following documents and submit with you application:
Please submit the following documents with you application:
  • Copy of the business registration or articles of incorporation;
  • Environmental approvals, permits and studies (if applicable);
  • Identification proof with photo;
  • Proof of citizenship (for newcomers - if applicable);
  • Most recent financial statements (if applicable);
  • Applicant and partner last income tax statement or notice of assessment;
  • Refusal letter or proof of investment of your financial institution;
  • Disclosure of personal information of each applicant;
  • Disclosure of information on the company;
  • Notice of consent to the Prescott-Russell Community Development Corporation of each applicant;
  • Appendix A - Finance ratio
  • Appendix C - Personal finances of each applicant.

Before submitting an application

Have you read 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 to download the online version of the Young entrepreneur 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.