Business Loans
Do I qualify for the CFPL Loans Program?
The CFPL may help finance viable business ventures with both expansion and startup financing up to $150,000. Eligibility for loans is determined by:
- Assessing the management
- Ability to repay
- Personal financial commitment
What documents are required for Loans Applications?
We STRONGLY urge you to have the following documents prepared BEFORE applying to any bank for a loan. These documents will be required by the CFPL. (Help with these documents is available, when necessary, through CFPL.)
- Proposal letter / Loans Application
- Personal Financial Statement
- Business Plan Outline
- Written quotes on purchases & or soft costs.
- Appraisals/ Assessments and proof of ownership of items you are offering for security. Please note: CFPL does NOT do 100% financing - A personal investment from you will be required
- Current Credit Bureau report. (Be prepared to defend any derogatory information on your report by way of proof of payment, discharges, etc.) The CFPL can obtain this report for you at a cost of $25.00. Some exceptions may apply.
It is important to note that without the above information your application for financing may be rejected. For more information, call 782-8748 or toll free 1-877-296-5888.
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(1,700
KB)The Approval Process:
When all of the aforementioned documents have been received, the loans account administrator will review them and do the necessary credit investigation. If more documentation is required you will be contacted for an appointment.
A written analysis and recommendation is produced. The file is then submitted to the General Manager for concurrence or authorization and then submitted to the loans committee. Submissions to the loans committee are done on a monthly basis only.
The loans committee will then return it to the CFPL with their recommendation.
Post Submission Procedures:
If declined, the client is advised by phone, and a letter of explanation is sent on behalf of the committee. If approved, the client is advised by phone, and an appointment with staff is set to review the offer of credit. The client must sign the offer of credit prior to the following action being taken: Staff prepare the required security documentation prior to issuance to the client for signing. If the stipulated security is a mortgage, then a letter of instruction is prepared all security documentation for the file.
When all security documentation and proof of registration is in place, and all documents are signed by all parties, an authorization for the funds to be disbursed to the client will be issued.
Staff from CFPL will call the client, and advise them of the amount of monies due for legal costs, loans application/disbursement fees, and make arrangements for the client to attend the office for receipt of the loan funds. AT THIS TIME THE LEGAL AND ADMINISTRATIVE COSTS ARE COLLECTED FROM THE CLIENT.
March 3, 2008
