Community Futures Program

All financing decisions are made by NCFDC, governed by a local Board of Directors made up of entrepreneurs and experts in their field.

The following criteria may be taken into consideration when reviewing loan applications:

• Purpose of the financing request
• Reasonable expectation of economic viability
• Creation or maintenance of jobs
• Client character including credit history
• Qualifications of the owners and/or managers
• Personal investment or financial commitment
• Security offered to protect the investment

We recommend that you gather the following information and digital documentation:

• Copies/scans of two forms of photo ID
• Articles of Incorporation and/or Business Registration (Master Business License, Sole Proprietorship or General Partnership)
• Any financial statements or business planning documents you have on file electronically
• Login information for online business accounts such as business banking, accounting, payments, etc. (you must grant permission to CORL Financial Technologies to access this information for the limited purpose of assessing your business for financing, and for ongoing monitoring of your loan status throughout the term of the loan). Please note that the more accounts you connect, the more information we will have to accurately assess your application.

Additional documentation may be required in further due diligence and review of your application, such as (but not limited to):

• Statement of Personal Assets and Liabilities including;
  • Personal Net Worth Statement
  • Personal Net Worth Statement for each applicant (partner(s) and/or spouse)
  • A schedule of investment properties
  • Proof of assessment value of home (MPAC Property Tax assessment and/or residential appraisal report)
  • Copies of Bank statements supporting account and investment balances and loan/mortgage amounts
  • Personal income tax returns for 2 years together with Revenue Canada Notice of Assessment
  • Other information to confirm balances on statements
• Detailed multi-year cash flow projections
• If purchasing land or building, a signed Offer to Purchase, conditional on financing
• The past 3 years’ financial statements and/or CRA Statement of Business Activities (Form T2125)
• Detailed listing of equipment and inventory to be purchased
• CRA Notice of Assessment (T2 for Corporations)
• HST Return for Registrants (Form GST 34)
• Statement of Account for Current Source Deductions (Form PD7A)
• List of current Accounts Payable and Accounts Receivable
• Detailed listing of equipment and inventory owned
• Résumé(s) of partners/shareholders
• Copy of Birth Certificate and Drivers’ licenses of partners/shareholders
• Other documentation as deemed necessary and requested after initial submission

• Loans up to $250,000
• Instant pre-qualification possible on competitive loan requests up to $15,000
• Interest rates starting at Prime +2% (and no more than Prime +5%)
• General Security Agreement (GSA) and Personal Guarantee
• Up to 60 month terms
• Repayment schedules can be customized for seasonal business cycles
• No prepayment penalty
• Non-dilutive
• Payment flexibility may be available if the business is facing hardship due to COVID-19
• Niche loan programs with flexible terms may be offered to priority clients (e.g. social enterprise, accessibility loans, recent new Canadian-owned and led businesses, etc.)

Online application and credit model powered by CORL Financial Technologies

If the application is approved there is a Loan Administration Fee of 1% of the approved loan up to a maximum of $1,000.

Q. My business is located outside of Northumberland but has economic impacts in Northumberland (e.g. vendors, contractors, supply/value chain impacts, job creation, economic multiplier effects, etc.). Can my business apply for a loan through NCFDC?

A. No. For the purposes of the Community Futures Program, the business must be located in Alderville First Nation or Northumberland County. Competitive applications will demonstrate a substantial local presence and address the assessment criteria noted above.

Q. Do I have to sign a personal guarantee?

A. If the business is incorporated we require all owners to personally sign a Guarantee limited to the amount of the loan.

Q. Do you lend to new businesses?

A. Yes, we provide financing for start up (as well as business stabilization and expansion).

Q. Do you offer operating lines of credit?

A. No, we do not have current accounts and do not offer lines of credit. We do have flexible repayment terms that may still address your needs.

Q. Do you lend for commercial properties?

A. Yes, we do lend for the purchase, upgrade or renovation of commercial properties. Our maximum loan amount is $250,000, however we can partner with your financial institution or BDC for larger deals.

Q. Do I have to have security?

A. All loans have some type of security. However, depending on the use of funds and amount of the loan, physical security may not be required.