In response to the stress that the COVID-19 pandemic is having on local small and medium-sized businesses, Northumberland CFDC is offering a RESILIENCE LOAN ($5,000 up to $10,000) available by application on a first-come first-served basis until the special Resilience Loan fund is exhausted.

Eligibility
  • Applicants must demonstrate hardship as a result of the COVID-19 pandemic response
Use of Proceeds
  • Working Capital
Resilience Loan Term Sheet
  • Minimum request of $5,000 up to a maximum of $10,000
  • Fixed interest rate of Prime (currently $2.95%, as of March 19, 2020)
  • Interest only payments for 3 months
  • Principal and interest repayment for a maximum of 24 months amortization
  • Application fee is waived
  • Promissory Note (and supporting resolution if required)
  • General Security Agreement
  • Personal Guarantee (for corporate clients)
  • Assignment of relative insurance
Other Information, Terms and Conditions
  • All applications will be evaluated using standard Community Futures Program credit evaluation criteria (click here for more information)
  • Northumberland CFDC reserves the right to request additional information and documentation in furtherance of due diligence in evaluation of all loan applications
  • With respect to physical distancing, Northumberland CFDC staff will engage in virtual meetings with loan clients (if needed)
  • Rapid closing (via DocuSign) is available normally within 7 business days, with electronic transfer of funds where possible.
  • No amount is guaranteed to any applicant

Apply Now


 

 

 

 

 

 

 

Select all that apply to your business, under the exceptional circumstances of the COVID-19 pandemic response:

 
Please share any other information about how COVID-19 is effecting your business and what hardships you are currently facing: