Community Development Corporation of Sault Ste. Marie & Area

Business Loans

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Interest Rates Policy

•    In cases of AAA Applications - Prime + 2

•    Normally - Prime + 4

Fast Approvals up to $50,000

Normally approved within 10 days depending on the completeness of information provided by applicant.

Line of Credit (New) $100,000

This product is designed for clients with a fluctuating need for capital.  Demand may be the result of seasonal start-up costs for farmers or tourist operators, or the result of a increase in demand as the result of seasonal conditions or strong business growth.  

CDC Term Loans up to $150,000 ($250,000 on special circumstances)

These loans are for expansions, changes of ownership, purchase of equipment or buildings required to conduct a business as a going concern.  These loans have a fixed term that is generally linked to the useful life of the asset being purchased, or the cashflow profile of the business.  The interest rate is fixed for the life of the loan.

Northeastern Ontario Investment Pool (NEOIP) $600,000

In the event that a client requires funding exceeding our inhouse limits, the CDC is able to access the NEOIP in the amount of $500,000 with the CDC advancing the first $150,000.  The eligibility criteria are the same as our normal CDC inhouse loans.  The interest rate is generally fixed for the life of the loan.

Business Planning Loan (New) – Loans $5,000

The CDC will extend Micro Loans to clients needing a business plan to be completed.  These plans may be for Start-ups, Expansions or perhaps Change of Ownership situations.  These loans will be fixed at a maximum of $5,000 with a one-year term and interest rate set as per our interest rate policy.  The loan will be repaid in the event that the business proceeds within one year of the plan completion.  

Fast Cash - $15,000

Short term loans for equipment, marketing etc.  Amortization 12 months.

Generation Next - $15,000

For young entrepreneurs (18 to 35 years of age) with great business ideas who need assistance with business equipment costs.  Term of 24 months

PARO Micro Loans

The CDC will continue to offer micro-loans through our Memorandum of Understanding with PARO in the support of Women’s Lending Circles in our region.

For more information contact PARO at 1-800-859-2052. PARO website

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