Community Futures North Red 2nd Floor - 18 Main Street, Selkirk, MB - Phone: (204) 482-2020

Frequently Asked Questions

1. Where are you located?

2nd Floor - 18 Main Street, Selkirk, MB  R1A 1P5

2. Does CF North Red provide any grants/non-repayable funding?

No, we offer financial assistance in the form of repayable loans to new or expanding businesses in our region.

3. Is there any charge for your services?

Community Futures North Red  is a non-profit organization operating under the umbrella of Western Economic Diversification, a department of the federal government.  Most of our services are provided free of charge.

4. Why should I prepare a business plan?

First, a business plan, if properly prepared, should provide you with a "road map" of your desired course of action and overall plans for the venture - and can be readily updated as things progress. 

Second, a well prepared business plan will help you immensely to obtain financing you may need to get your project moving.  A well thought out plan will provide information which lenders and investors will need to know in order to evaluate the viability of your proposed venture.

5. What sources of information and resources  can help with my business planning?

CF North Red will assist you in any way possible by providing a business plan guide book as well as reviewing your plan with you as often as needed.  CF North Red can also provide you with the information you are looking for such as demographic & other statistical information based on the most recent census.  If the information you need is not held at our office, we can help you find it or direct you to the appropriate source.

6. Do I need a business license to operate my business?

Most communities require that you either pay business tax, have a business license, or both.  Contact your local municipal office for regulations concerning business licensing.

7. How do I register my business name?

Before a business name can be registered a Request for Business Name Reservation must be filed to determine if the name is available for use.  If your name is reserved, you will have 90 days to file the Business Registration forms.  If your name is rejected (already taken), you must choose a new name and begin the process over.  

Forms are available at CF North Red or by calling  1-888-246-8353.  

8. What can loan proceeds be used for?

CF North Red provides small business sector financing only.  Eligible activities include:

  • Starting or expanding a business
  • Purchasing and applying new technology
  • Upgrading facilities and equipment
  • Developing marketing and promotions materials
  • Establishing working capital for anticipated sales increases

9. Do you require collateral for your loans?

Yes.  We take business and/or personal assets as secured collateral on our loans similar to other lenders.  However, unlike most other lenders, we are able to take second secured positions behind other financial institutions.

10. How long does it usually take to get funding?

A committee of our volunteer board of directors assesses funding applications on a monthly basis.  As a result, the loan process usually takes between 3-4 weeks from the submission of your application until a decision is finalized, but can take up to four weeks.