Community Futures North Central P.O.Box 1208, Thompson, MB - Phone: (204) 677-1490
Photo by Tiffany Spence

Business Services

Regular Loan Program (Business Investment Fund)

This fund is intended to help entrepreneurs start up or expand a business located in the north central region.

WHO CAN APPLY?
The fund is open to any individual, partnership or corporation located in or intending to locate in the north central region.
All business proposals will be considered, but certain sorts of businesses may be given priority.

Community Futures North Central Development (CFNCD) will only consider:
• loans,
• loan guarantees, or
• equity participation.

WHAT ARE THE CONDITIONS FOR LOANS?
No grants or forgivable loans are permitted to be made by the Corporation.
• A minimum of 10% equity is required
• Interest rates range from bank prime plus 2 to prime plus 6%.
• The maximum loan is $150,000
• The level of funding will depend on the feasibility of the applicant’s business plan.

HOW TO APPLY:
The Team at Community Futures North Central Development can assist. A copy of the CFNCD Loan Application is available for download under the ‘Resource’ tab under ‘Forms’.
The Business Development Committee will review all applications and typically meet once a month.

 

Youth Entrepreneur Loan Program

The Youth Entrepreneur Program is intended to help young entrepreneurs start up or expand a business.

WHO CAN APPLY?
Applicants must be aged 18-35.
All business proposals will be considered, but certain sorts of businesses may be given priority.

CFNCD WILL ONLY CONSIDER:
• loans,
• loan guarantees, or
• equity participation.

WHAT ARE THE CONDITIONS FOR LOANS:
• No grants or forgivable loans are to be made by the Corporation.
• All loans must be repaid within five (5) years of the date of issue.
• Interest rates range from bank prime plus 2 to prime plus 6%.
• The maximum loan is $25,000.
• The level of funding will depend on the feasibility of the applicant’s business plan.

HOW TO APPLY:
The Team at Community Futures North Central Development can assist. A copy of the CFNCD Loan Application is available for download under the ‘Resource’ tab under ‘Forms’.
The Business Development Committee will review all applications and typically meet once a month.

 

EDP Loan Program

The Entrepreneurs with Disabilities Program is for people who have self-declared a disability and want to set up or expand a business. This program helps reduce barriers for northerners with disabilities.

WHO CAN APPLY?
Applicants must have a disability that limits their ability to perform at least one of the basic activities of self-employment or entrepreneurship.
No grants or forgivable loans are to be made by the Corporation.
CFNCD will only consider loans, loan guarantees, or partnerships.

WHAT ARE THE CONDITIONS FOR LOANS?
• All funding is repayable.
• Interest rates are charged on loans (ranging from bank prime plus 2% to prime plus 6%)
• The maximum amount that is available to any individual or business is $150,000.
• Funding is dependent on the feasibility of the applicant’s business plan.
• Business and personal collateral may be requested to secure the financing.
• A minimum of 10% equity is required.

HOW TO APPLY:
The Team at Community Futures North Central Development can assist. A copy of the CFNCD Loan Application is available for download under the ‘Resource’ tab under ‘Forms’.
The Business Development Committee will review all applications and typically meet once a month.

 

CFNCD POLICY ON PROCESS OF APPEALS

Business Development Committee (BDC) shall have as its terms of reference:

• To receive and review applications for loans, guarantees and/or equity participation place before it and decide on approval or rejection of such applications
• To review major conditions and terms set out in agreements with clients who are to receive financial assistance from Community Futures North Central Development
• To review major conditions and terms set out in agreements with clients who are to receive financial assistance from other sources
• To maintain a continuing review of loans, guarantees and equity interests made by Community Futures North Central Development

In the event that a client wishes to appeal the decision of the BDC, the following process will be undertaken.

Upon receipt of written notice by the client, exact information provided to members of the BDC will be forwarded to CFNCD Board of Directors. Their role will be: 

• Review loan decision made by CFNCD BDC which is under appeal. Following a review, the Board shall provide clear, non-binding recommendations to the appellant as to whether the organization's loan decision should be:

1. Upheld
2. Amended, including recommendations as to the specific amendments.

In the event the decision is upheld, the applicant may provide notice in writing to consider a further and final appeal process which includes forwarding exact information provided to BDC and Board of Directors to Community Futures Investment Fund Committee located in Winnipeg, Manitoba.
This is a provincial association that works with 16 CF offices across Manitoba and the committee is comprised of board members from various CF Offices. The role for this committee with be:

• Review loan decisions under appeal. Following a review of the appeal, the committee shall provide clear, non-binding recommendations to the appellant and the referring CF organization as to whether the CF organization's loan decision should be: 

1. upheld
2. Amended, including recommendations as to the specific amendments.

• The Appeals Committee will strive to provide the appellant and CFNCD with its recommendations within 15 business days of receiving all of the following:

1. Notice of appeal
2. A copy of the documentation, e.g. loan assessment, provided to and the decision made by the original lending decision authority within CFNCD
3. Any additional documentation provided for, and the written results of the initial appeal of the decision at the local CF organization level
4. Provide to CFNCD recommendations and lessons learned from loan decision appeal reviews regarding best practices for assessing and approving investment applications and for dispute resolution.

CFNCD Privacy Code