Business Micro Loan Program
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The Business Micro Loan Program for small business has been operational since 1995. The overall goal of the Business Micro Loan program is to support disadvantaged entrepreneurs in the start up and expansion of their businesses. Borrowers will come from low income backgrounds and many will come from different cultural backgrounds. For these clients, a small loan can help them get up and running with a business and build a strong credit history.
The Business Micro Loan program utilizes character lending in contrast to asset based lending. A business plan, peer group participation, attendance and references are indicators of character. Participants must sign up and attend a minimum of four Business Peer Support Group Meetings in order to apply for the loan.
Eligibility Criteria
- Eligible borrowers must have a have a viable business opportunity and a complete business plan.
- They must be 18 years of age.
- They cannot have an undischarged bankruptcy.
- Borrowers must live within the City of Calgary limits.
- Borrowers must attend a minimum of 4 peer group sessions prior to applying for a loan.
- Multi level marketing, distributorships or a franchises are not eligible for the program.
- Your total household income is below the following:
| Household Size | Income Limit |
|
1 |
$19,261 |
|
2 |
$24,077 |
|
3 |
$29,944 |
|
4 |
$36,247 |
|
5 |
$40,518 |
The initial loan is up to $5,000. There is a 5% administration fee. As an example if you borrow $2,000 fees are $100 and we would release $1,900. Once the initial loan has been repaid satisfactory clients can apply for a second loan to a maximum of $7,500. The interest is Bank of Canada prime plus 1.5 %. Loans are paid over a period of 24 months. The loan payments are debited from the borrower's business bank account each month.
Related Reading
Alberta Contact(s):
Ms. Kellie Anderson
Momentum
16, 2936 Radcliffe Drive SE
Calgary, Alberta T2A 6M8
Telephone: 403-272-9310 ext 238
Fax: 403-235-4646
E-mail:
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Web site: http://www.momentum.org/
