Loan Application Process

We understand that it takes money to grow, so whether you are looking to start your own business, update or expand an existing business or are simply in need of support for business maintenance, we have the right loan for you. With financing and technical advice, we are here to help your business thrive. We can provide loans for new entrepreneurs wanting to start a business, to help with the purchase of an established business, to expand an existing business or provide working capital for stabilization.

Business Loan Requirements

Businesses applying for loans must be located in the County of Northumberland. As with any application for business financing, a certain amount of detail will be necessary both on the loan application and through supporting documentation.

Please provide the following information:

• Loan Application
  [Click here to download Loan Application in PDF]
• Statement of Personal Assets and Liabilities
  [Click here to download Statement of Personal Assets and Liabilities in PDF]
• Business Plan
  [Click here to download Business Plan Template in Word]
• Cash Flow Projections
• If purchasing land or building, a signed Offer to Purchase, conditional on financing
• Detailed listing of equipment and inventory to be purchased
• Non-refundable Application Fee of $75.00, payable to Northumberland CFDC*

For existing businesses, please also attach:

• The past 3 years financial statements and/or Revenue Canada Statement of Business Activities (Form T2125)
• Revenue Canada Notice of Assessment (T2 for Corporations)
• HST Return for Registrants (Form GST 34)
• Statement of Account for Current Source Deductions (Form PD7A)
• List of your current Accounts Payable and Accounts Receivable
• Detailed listing of equipment and inventory owned
• Articles of Incorporation and/or Trade Name registration

Personal Net Worth Statement

• Personal Net Worth Statement for each applicant (partner(s) and/or spouse)
• 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

Other

• 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

The loan application deadline is normally the 20th of each month.

*Note: If the application is approved there is an Administration Fee of 1% of the approved loan. The $75 Application Fee will be deducted from the Administration Fee if the loan is approved and advanced.

How we evaluate loan applications

All financing decisions are made at the community level by our 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

Business Manager - Susan R. Latta

Susan Latta, Northumberland CFDC Business Manager is available to answer any questions you may have and assist you through the application process. It’s easy to apply and there is no obligation to proceed.