Edson Small Business Loan
The Town of Edson and Community Futures West Yellowhead (CFWY) understand the difficulties and challenges that small businesses may face. As a result, the Town of Edson has made funds available to CFWY to support and assist small businesses and non-profits in the Town of Edson.
The purpose of the Edson Small Business Loan is to provide long-term business recovery and business resiliency for the future.
General Details:
Loans issued are amounts between $1,000 to $10,000
Loans will be at a fixed interest rate of 5%.
Loans are interest-free for the first 365 days
Monthly payments begin on the 366 days, consisting of interest and principal
The maximum amortization will be 3 years, starting on the day of the loan agreement.
Eligibility:
Must be a business or nonprofit in the Town of Edson that has a valid business license issued for the Town of Edson.
Must be a new entrepreneur and/or start-up business, a succession business, an existing business, or sole proprietor.
The Business must meet the following criteria on or after January 1st, 2024, such as :
· Valid Town of Edson business licenses and any and all acceptable permits
· Where applicable, a comprehensive business plan, and a projected two-year cash flow or
· In the case of an existing or succession business, a plan for the loan funds, cash flow projections for the next two years, and if applicable, two years of historic financial statements; or where applicable the seller’s financial statements for the past two years
· All CFWY requirements related to the Five Cs of Credit and CFWY lending policies
· The business must not be using funds for refinancing of CEBA, RRRF debt or other outstanding debt such as CRA taxes or remittances.
Any existing business or nonprofit that qualifies as an Edson small Business must also have a minimum of $5,000 of gross annual revenue.
An applying business or nonprofit must submit the $250.00 application fee with its loan applications to be considered eligible. Nonpayment will result in the application being deemed incomplete and will not be processed.
A business or a nonprofit which has previously received funding with CFWY is eligible to apply for a loan. However, it is required to submit a new project plan including related expenses, unlike previously submitted projects.
Tenants that lease its premises and wish to make leasehold improvements must have written consent from their property owner before loan submission to be considered for the Smal Business Loan. The letter must accompany the application.
Any physical and/or external work for which a loan is sought (such as renovation or construction) must be performed by a professional contractor, and receipts provided to CFWY. Quotes may be requested from more than one contractor, at the discretion of CFWY.
An application for the loan must be submitted through the CFWY loan website loan portal on its web page to be eligible.
How To Apply
Click here to access our secure online Loan Application Portal.
Click ‘Apply’
Click the 'Sign up now!' button on the right-hand side
Enter your name, email address and desired password.
You will then receive an email asking you to verify your email address (make sure to check your Junk Folder or Spam Filtering if the email doesn't arrive in your inbox).
Once you verify, you will be able to log in to the Loan Application Portal and complete your application.
