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.
Line of credit
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:
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.
- business expansion;
- leasehold improvements;
- cash flow management;
- cash flow for contracts purposes;
- bill payment;
- unexpected expenses.