The Investment Fund
loan, under the authority of the Board of Directors, is to create and maintain permanent full time and part-time employment opportunities in the region by providing a source of financing that has a flexible repaying structure to new and existing businesses.
Line of credit
- Term loans available up to $300 000 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;
- Possibility of 12 months without capital reimbursement;
- 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 maximum financial assistance of $150 000
in the form of a line of credit provided by the investment fund is offered to incorporated SMEs only. The borrower can borrow money from his/her line of credit in whole or in part, according to his/her needs and with proof of justified invoices. The funds can be used for a variety of reasons including:
- business expansion;
- leasehold improvements;
- cash flow management;
- cash flow for contracts purposes;
- bill payment;
- unexpected expenses.
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.