The fund aims to support business planning needs with limited funding and is specifically designed for microenterprises (fewer than 10 employees) which have limited access to traditional financing.
The Microcredit Loan from the SADC de la région de Coaticook enables projects such as:
- Starting a business,
- Acquiring an existing business,
- Purchasing equipment,
- The renewal of promotional tools,
- The revitalization of the facade or premises,
- Increase in inventory,
- Increased working capital,
- Amount: from $5 000 to $20 000. Cumulative maximum of $30 000 per business.
- Type of financing: conventional loan (a collateral may be required).
- Loan period: maximum 5 years.
- Rate of interest based on the level of risk.
- Opening file cost: $75.
- Monitoring fee payable on disbursement: 0.95% of the amount of the loan.
- No fees for advance payment.
- Maximum investment of 10% in the project or adequate capitalization of the
- Obtaining financing from a financial institution or proof that the business has no access to traditional financing.
- Creating or maintaining full‐time employment or demonstration of the prospect of creating such a job.
- To submit a condensed business plan.