Covid-19 Business Loan

$2,500 To $15,000 for Eligible Businesses


ABOUT VENTURE NIAGARA

Venture Niagara is a community based non-profit community economic development organization. We have been providing business financing, encouraging job creation and community economic development throughout the Niagara region for thirty-five years. We are governed by a volunteer Board of Directors comprised of skilled professionals drawn from the local community. The directors and staff are dedicated to facilitating entrepreneurial development and a strong regional economy.

We are making a COVID-19 Business Loan available to Niagara businesses. The loan details and the application process for a Venture Niagara COVID-19 Business Loan are as follows:


LOAN DETAILS

  • Loans from $2,500 - $15,000.
  • 3 year amortization.
  • Fixed interest rate of 2.45% for the first year with interest only payments in year one.
  • Fixed interest rate of 3.45% for the balance of the loan.
  • Principal & interest payments start in year two and continue to the end of the loan.
  • The loan is repayable anytime in part or in full without penalty.

LOAN CRITERIA

  • To assist with the hardships of the COVID-19 pandemic on the applicant’s business.
  • Loan is not to be used to repay current loans, operating lines, or credit card debt.
  • The business must be based in Venture Niagara’s service area including the following municipalities: Fort Erie, Grimsby, Lincoln, Niagara Falls, Niagara-on-the-lake, Pelham, Port Colborne, St. Catharines, Thorold, Wainfleet and Welland.
  • Reasonable personal financial investment must be shown by the applicant.
  • Business must have been in operation for at least one year prior to March 1, 2020.
  • Good personal credit rating.
  • Demonstrated ability to repay.
  • Competent management.
  • Future economic viability of the business.
  • Loan application are to be submitted by June 30, 2020.

OUTCOMES

There will be only one of two outcomes from the Loan Committee:

  1. Approved as presented.
  2. Declined as presented. If declined, you will be advised by email with an explanation and will have the opportunity to address any concerns and resubmit your application.

APPROVED APPLICATIONS

  • Upon approval, the applicant will be provided an Offer to Finance that must be signed and returned within a prescribed period.
  • Loan documentation will then be prepared for signing.

FEE

  • Once the applicant has provided Venture Niagara with the signed Offer to Finance, the applicant will pay a processing fee of $50.00 to Venture Niagara Community Futures Development Corporation.
  • The applicant may pay this fee separately or may have the fee added to the loan.
  • Applications that are not approved will not be subject to the processing fee.


Registration

Register here to create your profile and start your loan application process
Register Now
Please first register here. We will contact you and provide you with the Covid-19 Business Loan application package via email. Make sure to select Covid-19 Business Loan under the "referred to Venture Niagara" section.


CONTACT INFORMATION

Venture Niagara Community Futures Development Corporation

Studio A, 20 Pine St. N., Thorold ON L2V0A1

Frank Rupcic, General Manager Frankr@ventureniagara.com

Volker Loetfering, Business Loans Officer   Volker@ventureniagara.com

www.ventureniagara.com