Small Business Working Capital Loans
What loan is it?
The Small Business Working Capital Loans supplies working capital and operating funds for Basin-based small businesses and social enterprises to help overcome the challenges that COVID-19 has presented. The funds provided by this loan may be used for business costs such as rent, wages, inventory, renovations, equipment purchase, personal protective equipment and capital expenses necessary for business re-opening or modifications.
Additionally, loan funds may be used for expenses related to technology adoption and implementation. Technology adoption includes, but is not limited to, front and back end office systems, e-commerce and digital transformation of business and/or manufacturing processes.
The funds from this loan can not cover debt repayment.
Loan amount and repayment
This is a one time loan and the minimum amount given is $5000, with the maximum being $40, 000. No interest is charged for the first three months. Interest only payments will continue for the following nine months afterwards payments must be made to ensure the full repayment of the loan within a five year period.
You may still apply to this loan if you have received funding for other programs.
How to qualify
Small businesses, both Indigenous and non-Indigenous, and social enterprises that are headquartered and operating in the Columbia Basin Trust region may qualify for this loan.
Your business must demonstrate:
- Revenue between $150,000 – $1,500,000
- Business operations for a minimum of two years
- Adequate insurance coverage
Businesses must provide:
- Its most recent accountant prepared financial statements; and
- Its current profit and loss statement.
- Other requirement may also be required