The Young Entrepreneur loan, under the authority of the Board of Directors, has been created to reduce the out-migration of young people towards urban centers. This program aims at supporting young entrepreneurs from 18 to 39 years of age in the start-up, acquisition, expansion and modernization of their business. The program promotes the leadership of young people and the development of their social, cultural and economic engagement in our region.
- Term loans available from $5 000 to $30 000 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 24 months without interest;
- Possibility of 24 months without capital reimbursement;
- Maximum amortization period of 5 years;
- 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.