The Application Process
Submit your completed loan package to your consultant electronically or in hard copy form.
- Client Information Form and Waiver of Liability – must be completed in order to work with a consultant.
- Business Background/Summary/Plan – summary of your business activities and plans moving forward.
- 12 month Cash Flow Forecast – an Excel workbook available on our website.
- Identification – two copies of government identification. One must include a current photo. (Health Cards are not acceptable.)
- Taxation – provide copies of your CCRA Notice of Assessment for last year.
- Resume – provide resume for each owner.
- Existing Business – if you are purchasing a business or applying for a loan for an existing business we require the following:
- Annual Financial Statements – prepared by an accountant for the past three years
- Year to Date (YTD) financial statements:
- Profit and Loss (Income Statement)
- Balance Sheet
- Accountants Notes (Original)
- Accounts Receivable aged lists
- Accounts Payable aged lists
- Sole Proprietorship/Partnership – copy of your Master Business License
- Partnership – copy of your partnership agreement
- Corporation – copy of the Articles of Incorporation
- Completed Personal Financial Statement
- Signed and Completed Loan Application Form
Once we have all your documents
- credit and reference checks will be completed
- questions requiring clarification will be discussed
Additional information may be required once the initial review of your application is completed.
Criteria for Loan Consideration
Specific financing criteria must be met including:
- Employment for local residents.
- Location of the business in Brant/Brantford.
- Reasonable personal financial investment.
- Demonstrated ability to repay.
- Future economic viability of the business.
- Competent management.
- Adequate security for the venture.
Upon approval we will prepare an Offer to Finance package. This package includes a cover letter and the actual offer that you must sign and return within a prescribed period of time. Your signed Offer to Finance documents will be forwarded to our lawyers to process the documents on your behalf.
Legal Fees and Loan Application Fees
You will be responsible for the legal fees and the loan application fee. The legal fees can vary depending on the legal registrations and the complexity of the security involved. The application fee is 1% of the loan amount to a maximum of $1,500. Both of these fees can be deducted from the loan proceeds.
If we process your application and a loan is approved you are responsible for these fees even if the loan is not advanced.
Some general guidelines:
- Loans up to $250,000
- For any business need
- Start-Up – inventory, equipment
- Maintenance – payroll, repairs
- Expansion – new products, location
Competitive interest rates
- Flexible repayment terms
- Help from our consultants to assist you with complete submission of your application
There is typically only one of four outcomes from the Loan Committee:
- Approved as presented – application approved.
- Approved with Conditions – committee felt that certain conditions should be added to the loan; these will be presented to you in writing.
- Referred to the Board – application to be presented to the Board of Directors at their next meeting.
- Declined – application declined. You will be advised in writing with an explanation and have the opportunity to address any concerns and re-submit your application.
Services Provided by Enterprise Brant
In addition to business loans Enterprise Brant offers a full slate of programs and services to assist our local business community.
- Business Plan Review
- Business Seminars Series
- Business Consulting
- Community Development Support
Enterprise Brant on Line
The Enterprise Brant website is a great resource tool for all businesses. On our website you can book appointments with consultants, register for a seminar, and find links to helpful sites for business.
330 West St. Unit 10
Brantford Ontario, N3R 7V5
Phone: 519 752-4636
Fax: 519 759-0098
22 total views