Do you provide grants or forgivable loans?

We do not provide grants or forgivable loans. All loans are subject to interest and administration fees, and will have a repayment schedule tailored to the needs of the clients. We will also help research any grants that may be available from other organizations.

What is the most I can borrow?

The most Community Futures Westman will lend out to a single business is $150,000, however, we work with various other lending institutions to leverage funds needed.

What interest rate will I pay on the loan?

Community Futures Westman uses a base interest rate of TD Prime plus 4%. A variance may be added or subtracted based on risk and duration of loan.

How long does it take to process a loan application?

From time of approval, it takes about 3-4 weeks for the loan to be disbursed, depending on loan structure.

What can loan proceeds be used for?

Loan proceeds may be used to start a new business, purchase an existing business, expand an existing business or maintain an existing business.

Do you require collateral for your loans?

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

Can you help with my business plan?

Yes, we can help with your business plan and financial projections.

Is there any charge for your services?

We do not charge for our services. There is a Business Assessment Study Fee charged to all loans once they are disbursed, and loans are charged interest.

How do I apply?

To apply, fill out the Application for Financial Assistance and submit along with a business plan and financial projections for two years (templates available under 'Forms')

Do you offer any grants?

No we do not, but we can direct you to the limited few that are available.