Business loans faq
Get Some Answers Now:
What is your interest rate?
Interest rates can be as low as CIBC prime plus 4%, depending on the circumstances of the loan.
What makes CF Boundary different from a regular lending institution?
Community Futures is approachable and willing to listen to your idea. We are usually willing to take more risk than a conventional lender. Our criteria are based on a formula; we look at the whole plan. We are able to tailor the monthly payments according to the cash flow to allow for reduced payments during slow periods if your business is seasonal.
What will my monthly payments be?
Contact our loans manager to discuss repayment scenarios.
Do you require security?
We require security in the amount of the loan. Security can be in the form of realty mortgage, equipment, and personal guarantees, to name just a few.
How do I apply?
Contact our loans department for initial discussions concerning your needs. Application packages are available from the Community Futures Boundary office in Grand Forks.
Do I have to be on EI to apply for a loan?
No, you do not need to be on EI to apply for a loan.
What is the minimum/maximum loan amount?
Approval amount varies depending on the needs of the business. We can meet the needs of most businesses.
How long do I have to pay back the loan?
The term of the loan depends on the nature of the business, cash flow, and amount of the loan. Payments can be amortized over a longer period in order to reduce the monthly payment amount.
Do I have to submit a full business plan?
Applicants with new businesses will complete a business plan, including financial projections. Applicants with existing businesses provide an update of their plan and outline the need for additional funds.
How long will it take before I can get the money?
The time line will vary with the complexity of the deal.