Community Futures East Interlake 12 Main Street, North Riverton, MB - Phone: (204) 378-5106

Frequently Asked Questions

General

1) Where is Community Futures East Interlake located?
12 Main Street North Box 10 Riverton, MB R0C 2R0
Ph: 204-378-5106 or Toll Free: 1-800-378-5106

2) What services does Community Futures East Interlake provide?
Assistance is available in the following areas:

  • Business Services:
  • Financial Assistance to New or Expanding Businesses
  • Free Business Planning Assistance
  • Free General Business Counseling
  • Community Support Services:
  • Community Planning
  • Market Surveys & Data Collection
  • Funding Applications
  • Research Assistance

Business & Financial

1) Does Community Futures East Interlake provide any business grants, forgivable loans or non-repayable funding?
No, the financial assistance we offer comes in the form of repayable loans to new or expanding businesses in the region. However, there is a business loan program available through the Manitoba Government. Youth age 18-29 can apply for the Young Enterpreneurs Business Grant. You can receive up to $4000 towards your business venture.

2) What Loan Programs are available?
The loan programs that are available are:

  • General Loan Program
  • Youth Enterpreneur Loan Program
  • Entrepreneurs with Disabilities Loan Program
  • Micro Loan Program
  • Fishing Loan Program

3) What are the terms and conditions that apply to Community Futures East Interlake funding?
General Loan Criteria
Entrepreneurs with Disabilities Criteria
Youth Entrepreneur Criteria
Fishing Criteria

4) Is collateral or equity required for a loan?
Yes each loan program has a different equity requirement. They are:

  • General - 10%
  • Youth Enterpreneur - 5%
  • Entrepreneurs with Disabilities - 5%
  • Micro - 10%
  • Fishing - 20%

5) What interest rate is applied to a loan?

  • General - CIBC Prime Lending Rate plus 3%-6%, Base rate of no less than 6%
  • Youth Enterpreneur - CIBC Prime Lending Rate plus 3%
  • Youth Micro – CIBC Prime Lending Rate plus 2%
  • Entrepreneurs with Disabilities - CIBC Prime Lending Rate plus 3%-6%, Base rate of no less than 6%
  • Fishing - CIBC Prime Lending Rate plus 3%-6%, Base rate of no less than 6%

6) What is the maximum amount of funding I can receive?

  • General - $150,000
  • Youth - $25,000
  • Entrepreneurs with Disabilities - $150,000
  • Micro - $20,000
  • Fishing - $10,000

7) What are the necessary requirements for a loan application?
While the requirements vary slightly for each different type of loan program, there are fundamental requirements that are needed regardless of what type of loan you are seeking.

Loan Application Process Requirements

8) How lengthy is the loan application process?
The process for applying for a loan through Community Futures East Interlake will take approximately 4 weeks from the time the information required is received by the CFEI office.

9) What can loan proceed be used for?
Loan proceeds can be used for a number of business start-up or expansion requirements. There are, however, established general lending guidelines that specify what the loan proceeds can be used for.

General Lending Guidelines

10) Does Community Futures East Interlake help with the formation of a business plan?
Yes, our staff is well equipped with the tools needed to help you with your business plan. We provide you with a comprehensive resource library and business planning workbook that makes it easier for you to create your business plan.

Business Planning Workbook

11) How do I apply?
Contact us to make an appointment to discuss your business idea and financing needs.

12) Where do I have to live to receive funding or assistance?
You do not have to live in the Community Futures East Interlake region to receive funding. The business however must operate in the region.