Community Futures Development Corporation

Business Financing

The Community Futures Development Corporation of the Powell River Region is a non-profit community economic development organization. We are committed to helping people in the Powell River Region who are either operating an existing business, or are planning to start a new business.

Deciding to start your own business is an exciting challenge. Community Futures' Loan Program offers many services to help you get started. Through our programs, entrepreneurs are able to receive:

Loans for business start-up, expansion or enhancement
Business Counselling – free and confidential
Small Business Workshops
Business plan assistance
Research and reference material

The COMMUNITY FUTURES Investment Fund Program consists of several funds that enable COMMUNITY FUTURES to provide loans or equity investments to entrepreneurs. The purpose of the program is to provide development and expansion capital through repayable loans of up to $150,000 to viable businesses that are unable to obtain adequate financing elsewhere. Community Futures offers repayment terms suitable to individual needs.

Loans

Eligibility for a loan is determined by assessing a business' management, ability to repay, personal financial contribution, security, market demand and employment creation. Only businesses located within the Powell River Region are eligible for financing from this Community Futures Development Corporation.

Criteria
Specific financing criteria must be met, including:

Location of the business in the Regional District of Powell River Region;
Future economic viability of the business;
Competent management;
Reasonable personal financial investment;
Ability to repay;
Adequate security for the venture; and
Employment creation or maintenance for predominantly local residents.

In addition to our Community Futures Investment Fund, we also offer loan funds targeting forest-based businesses, marine-based businesses, young entrepreneurs and entrepreneurs with disabilities.

Loan Information

Maximum loan size $150,000 for expansion, enhancement or start-up
Flexible repayment terms
In-house Life Insurance available

How Can I Apply?

The first step in applying for a loan is to complete a Business Loan Application and Business Plan. These forms and samples are available at our Powell River office. Once our loans staff have had a chance to review the application, they will set up an appointment to meet with you and discuss your business idea.

If you've never prepared a business plan, you may choose to attend our monthly Business Planning workshops. Once you have your business plan down on paper, you can drop it off, e-mail it to Derek Johnson, our Business Investment Counsellor.

The Application Process

Applicant submits a completed:

Business Plan with financial projections and Business Loan Application to the Community Futures office
Application and Business Plan are Reviewed by staff;
Interview of applicant by staff (usually several meetings)
Presentation of completed Business Plan and Business Loan Application to Community Futures Loans Committee for review (usually 7 to 10 days after all information is received);
If approved, Loan offer is presented to the applicant
Legal work and security procedures are undertaken (1 to 3 weeks);
Funds are made available to applicant (usually 1 to 4 weeks after Loans Committee approval).

Costs

There are no costs for having your Business Plan and Application for Financing reviewed. Applicants who are successful in getting a loan will be responsible for loan application fee (1% of loan amount - minimum $100) and legal costs.

Call (604) 485-7901 for more information on our Loans Program.

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