FAQs

No.

There are no fees or charges related to initial loan inquiries or applications. Loan application and documentation fees apply only to 'approved' loans.

A number of factors are considered when determining what the interest rate of a loan will be. Currently Community Futures' interest rates vary between 8% and 10%. Community Futures Cowichan offers variable interest loans priced at RBC prime rate plus 3-5 points based on risk.

Community Futures offers 'term loans' that are repayable over 3–5 years.

We also offer micro-loans (up to $5000) with a simplified application process and shorter terms.

Yes.

A business plan provides a lender with insight into your business. Including a financial plan will also help show the business' viability and profitability.

Your unique Business Plan becomes a 'roadmap' to follow and a tool that will measure future performance.

It depends. The sooner requested information is submitted, the better!

Loan requests up to $25,000 usually take up to 10 business days (from application to money in your account).

Applications greater than $25,000 may take up to 20 business days. Delays can occur when an application is incomplete or additional information is required from the applicant.

Yes.

As part of our due diligence and a step in the loan application process, a credit check will be conducted through Equifax. This is part of the personal information verification process and only undertaken after the business has been deemed viable.

If a personal or business bankruptcy has occurred in an applicant’s past, more information will be sought in order to determine its relevancy to a loan application with Community Futures.

Financing is available for starting, aquiring or expanding a business in the Cowichan Region. Funds may be used for capital expenses, start-up costs, leasehold improvements, inventory and working capital.

No.

Community Futures provides repayable term loans for small businesses and entrepreneurs.

For a New or Start-Up Business

• A business plan with financial projections
• Personal Information (form provided)
• Personal Financial Summary (form provided)
• Additional information as requested

For an Existing Business

• A business plan with financial projections (in some cases a comprehensive overview will suffice)
• Accountant prepared and/or in-house financials 
• Personal information (form provided)
• Personal Financial Summary (form provided)
• Additional information as requested

We encourage you to research all available investment and financing options and decide which one best suits your needs or situation.

Community Futures is a developmental lender. Banks and credit unions are community partners that refer clients who cannot be approved for a business loan, as we offer flexible criteria and ongoing business support to our clients.