Micro Loans Program
Our approach to financing small business works.
Community Futures Cowichan Micro Loans Program
Community Futures Cowichan has been providing start-up and expansion loans to small businesses in the Cowichan region since 1989. In addition to our traditional business loans, we have microloans ranging from $500 to $5,000.
As with all our loans, microloan clients get assistance from our business advisors who provide guidance and resources to help start and grow a business.
How can the loan funds be used?
Use a micro loan to turn your great idea into a new seasonal, part-time, or full-time business venture.
Or use it to purchase equipment, tools, inventory or as working capital. Micro loans can be used for almost any business purpose directly related to the core business.
How much does it cost?
The micro loan interest rate is 10%, and there is also a 2% application fee on successful applications. Repayment terms range from 6 to 36 months, depending on the client and the size of the loan.
There are no penalties for early repayment.
How do I get started?
If you have an idea, come talk to us. Micro loan approvals focus more on character, business concept and your financial literacy rather than collateral and credit rating.
Contact Community Futures Cowichan for an application form or download below.
Micro loan applications can be approved within five business days, as long as the application is complete.