Business Loans
Loans are available for start-up, expansion or stabilization.
Interest rates vary and are based on each applicant's circumstances
(character, capacity, collateral, credit background). All loans are fully open.
BDC loans are subject to a non-refundable application fee of
one-half percent of the amount requested with a minimum of $100.00.
Extensive time and energy is spent assisting with the credit application process.
If you own an existing business, you will be required to provide current
financial statements. New businesses will be required to do a cash flow projection.
Be prepared to work closely with the staff who will present your request to a board of
directors for consideration.
Many clients ask what is required to get an approval. Our board must
be confident that you have a viable business idea and possess the necessary skills
to carry it out. You must be prepared to pledge adequate security, even if it means
you have to include personal assets. Don't wait until your business is on the rocks to
apply for a loan. It may be too late.
Once the loan is approved, we require that you provide financials statements
and evidence of payment of government remittances. In this way we can track your progress and
work with you if problems arise. This involvement can prove to be the added resource your business
needs. Experience has proven that a business that does not know its financial picture at all times
is the first to experience difficulties.
To date the BDC has advanced 188 loans totalling $7,104,000
to business in the Greater Fort Erie Area or Niagara Falls.
To find out more about BDC loans, please contact:
Helen McCreadie, Office Manager
Telephone: (905) 871-7331
Fax: (905) 871-5284
E-mail:
fterebdc@niagara.com
