What is a Microloan?
A small business loan of up to $30,000 that can be approved relatively quickly by the Community Futures Middlesex General Manager, subject to meeting financing criteria.
Small business founders or owners in Middlesex County who, for whatever reason, do not qualify for financing from other financial institutions. Ultimately, we want to support those who want to start a business and have the ability to start a business and who need unique or additional support to be successful.
How much funding is available?
Microloan funding is available up to a maximum of $30,000, but is still subject to certain criteria.
How do I apply?
For new business ventures, refer to the checklist on pages one and two of the loan application. A business plan, projected cash flow statements, and a personal financial statement will be required. For businesses already in operation, we will need to review previous financial statements.
What is the interest rate?
The interest rates are favourable in comparison to various other financial support systems.