Loan Criteria
The Superior East Community Futures Development Corporation offers loans to new and existing businesses located in the Superior East Region. The business must maintain or create jobs for individuals in the region. The terms and conditions of the loans are as follows:

  • Maximum loan size is $150,000.
  • Loans up to $500,000 may be considered under special circumstances.
  • 10-25% equity is required.
  • Loans bear a fixed interest rate of 7.5%.
  • Terms may be between 1 and 10 years.
  • Seasonal payments are an option.
  • Financing is available for: working capital, equipment purchases, marketing, expansion and business purchases.
  • Legal fees are the responsibility of the applicant.

Loan Process
The process of applying for and getting a loan from the Superior East Community Futures Development Corporation normally takes between 4 to 6 weeks from the time the application is submitted to the final disbursement of the loan. The following is the process in order of procedure.

  1. Please fill out the application form and e-mail to: amos@superioreastcfdc.ca.
  2. Fill out the Loan application form (assistance is provided if needed).
  3. Either e-mail completed application form with financial statements if applicable (if the business is an existing one, the CFDC requires 3 years of financial statements) or mail it to: Superior East CFDC, 14 Ganley Street, P.O. Box 709, Wawa, ON, P0S 1K0.
  4. A CFDC counsellor will summarize and analyse the information provided by the applicant and submits it to the Board of Directors.
  5. The loan application is approved or declined by the Board of Directors;

If the loan is approved, it is disbursed against invoices.

Flex Loans
Superior East has recently introduced a Flex Loan option to its services. These small loans (up to $10,000) are available to existing businesses only. The business must have their financials in order and up to date. The applicant must provide their most recent financial statements only. The terms of these loans are for 1 – 3 years. The applicant will receive an answer within 72 hours.

Process

  1. Contact the Superior East office and pick up a flex loan application form.
  2. Fill out the condensed application form (assistance provided if needed).
  3. Submit completed application form with most recent financial statements to: Superior East CFDC, 14 Ganley Street, P.O. Box 709, Wawa, Ontario P0S 1K0
  4. The application is reviewed and an answer is provided within 72 hours.