EXPRESS LOAN
The Express loan, under the authority of the Board of Directors, is created to support the continuity of business for SMEs in Prescott-Russell. Whether is be for:
- publicity campaigns;
- marketing;
- promotional tools;
- improve or refresh equipment;
- leasehold improvements;
- increase inventory;
- help with working capital.
- Term loans available up to $15,000 in the form of financial loans for businesses who qualify;
- The applicable interest rate is the prime rate of the PRCDC + 3%;
- Flexible terms and reimbursement;
- Possibility of 12 months without capital reimbursement;
- Upon reception of the complete file, a decision will be transmitted within 72 hours (business days);
- Evaluation of the viability of your business venture and assistance obtaining realistic financing;
- Information concerning the government and other program services available to SMEs;
The Express loan cannot be used to repay debts or obligations owed to the Government of Canada, the Government of Ontario, or any other municipal/regional government. Grants, bursaries, or forgivable loans are not available through the Investment Fund loan program.
To be eligible to receive financial assistance, the business must:
To be eligible to receive financial assistance, the business must:
| Business criteria | |
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be located or planning to be located within the designated boundaries of the United Counties of Prescott and Russell (or in southern Ontario for EDISO loan); |
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have a registered head office in Ontario; |
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demonstrate that it has exhausted all other funding avenues, either by rejection by a financial institution or in partnership with a financial institution or other organization; |
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demonstrate that it does not violate public morals (not subscribing to illegal activities or the commercial exploitation of sex, religion, and/or politics); |
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demonstrate, both the business and the owner(s), that government withholdings are up to date. |
| Viability criteria | |
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demonstrate commercial viability; |
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demonstrate that it will contribute to improving the performance and productivity of the business; |
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demonstrate that, in its good judgment, it presents a reasonable possibility of achieving economic viability; |
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demonstrate that the proposed business or project will achieve viability and self-sufficiency; |
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demonstrate the ability to repay all funds advanced to it but the PRDC in the form of loans or participation in its shared capital; |
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demonstrate the potential to contribute financially to the project. |
| Employment criteria | |
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demonstrate that it has the desired potential to create new jobs and/or maintain them within the PRDC's designated territories (Prescott and Russell and southern Ontario); |
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demonstrate that it will primarily employ local people to fill the created and/or maintained positions. |
Please submit the following documents with you application:
| Documents to submit with the funding application form (each applicant) | |
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Business registration or articles of incorporation |
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Identification proof with photo (driver's licence, passport, health card) |
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Proof of citizenship (for newcomers - if applicable) - permanent residency |
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Applicant and partner last income tax statement or notice of assessment |
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Most recent financial statements (if applicable) |
| Documents to download and submit with the funding application form (each applicant) | |
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Appendix A - Finance ratio |
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Appendix C - Personal finances of each applicant |
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Disclosure of personal information of each applicant (to downlaod if more than one owner) |
Before submitting an application
- Have you read and understood all the eligibility criteria? Are you eligible for funding according to the criteria?
- Do you have all the necessary documents to submit your application?
- You have questions before you begin the application process? Contact us at info@sdcpr-prcdc.ca. We will be more than happy to work with you and answer any questions or concerns.
Click on the following LINK for the online version of the Express loan application.
If the Board of Directors rejects a financial assistance proposal, the applicant may appeal the decision to the Board of Directors.
If a client requests an appeal, members of the Board of Directors may be invited to attend a meeting with the client in question. The intention is to have the appeal heard by the required majority of the members. If the request is subsequently refused upon review by the Board, the applicant will have no further recourse for appeal.
If a client requests an appeal, members of the Board of Directors may be invited to attend a meeting with the client in question. The intention is to have the appeal heard by the required majority of the members. If the request is subsequently refused upon review by the Board, the applicant will have no further recourse for appeal.