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;
- promotional tools;
- improve or refresh equipment;
- leasehold improvements;
- increase inventory;
- help with working capital.
- Term loans available up to a maximum of $15 000 in the form of financial loans for businesses who qualify;
- Applicable interest rate is the prime rate of the PRCDC + 3%;
- Flexible terms and 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.
Interest is generally paid on the amount used, meaning the amount disbursed by the PRCDC, and not on the amount of the credit line allocated. The interest rates associated with a line of credit can be variable or fixed, depending on the terms of the agreement between the parties and the PRCDC preferential current rate.
A line of credit may be secured by assets such as real estate, inventory, accounts receivable or other valuable assets as well as general and specific security agreements.
A line of credit cannot be used to acquire or start a business or to pay government taxes.