Venture Niagara offers COVID-19 loan for businesses that fall through cracks
Venture Niagara is a community based non-profit community economic development organization. We have been providing business financing, encouraging job creation and community economic development throughout the Niagara region for thirty-five years. We are governed by a volunteer Board of Directors comprised of skilled professionals drawn from the local community. The directors and staff are dedicated to facilitating entrepreneurial development and a strong regional economy.
Venture Niagara is making a COVID-19 Business Loan available to Niagara businesses. The loan details and the application process for a Venture Niagara COVID-19 Business Loan are as follows:
- Loans from $2,500 – $15,000.
- 3 year amortization.
- Fixed interest rate of 2.45% for the first year with interest only payments in year one.
- Fixed interest rate of 3.45% for the balance of the loan.
- Principal & interest payments start in year two and continue to the end of the loan.
- The loan is repayable anytime in part or in full without penalty.
- To assist with the hardships of the COVID-19 pandemic on the applicant’s business.
- Loan is not to be used to repay current loans, operating lines, or credit card debt.
- The business must be based in Venture Niagara’s service area including the following municipalities: Fort Erie, Grimsby, Lincoln, Niagara Falls, Niagara-on-the-lake, Pelham, Port Colborne, St. Catharines, Thorold, Wainfleet and Welland.
- Reasonable personal financial investment must be shown by the applicant.
- Business must have been in operation for at least one year prior to March 1, 2020.
- Good personal credit rating.
- Demonstrated ability to repay.
- Competent management.
- Future economic viability of the business.
- Loan application are to be submitted by May 31, 2020.
There will be only one of two outcomes from the Loan Committee:
- Approved as presented.
- Declined as presented. If declined, you will be advised by email with an explanation and will have the opportunity to address any concerns and resubmit your application.
- Upon approval, the applicant will be provided an Offer to Finance that must be signed and returned within a prescribed period.
- Loan documentation will then be prepared for signing.
- Once the applicant has provided Venture Niagara with the signed Offer to Finance, the applicant will pay a processing fee of $50.00 to Venture Niagara Community Futures Development Corporation.
- The applicant may pay this fee separately or may have the fee added to the loan.
- Applications that are not approved will not be subject to the processing fee.