The Community Futures Program provides existing small businesses and start-ups with up to $150,000 in financing to support growth, job creation, and regional economic diversification. This Ontario government funding program is administered by the 61 Community Futures Development Corporations (CFDCs) across Ontario. FedDev Ontario serves Southern and Eastern Ontario through 37 regional CFDC offices, and FedNor serves Northern Ontario through 24 regional CFDC offices.
CFDC Canadian Government Loans for Small Business: Eligibility Criteria
Any existing small or medium enterprise (SME) or start-up may be eligible for funding through this program. Businesses applying for funding will be evaluated based on criteria established by their local CFDC. In general businesses need to demonstrate their impact on the local economy in the following ways:
- Impact on job creation
- Impact on job retention
- Impact on regional economic diversification
- Impact on long-term growth for the community
- Impact on innovation in the local economy
Additionally, eligibility for the loan will be determined by the strength of a business plan, ability to repay, and available security.
CFDC Government Loans for Canadian Small Businesses: Funding Details
The Community Futures Program provides up to $150,000 loans for existing small businesses and start-ups. The funding is dispersed as a loan with an interest rate averaging around 2-3% above prime. Most loans average between $40,000 and $150,000 depending on the business size, need, and potential impacts on the local economy.
CFDC Loans for Small Businesses in Canada: Eligible Expenses
As this program is suitable for existing SMEs and start-ups, the funding can be used for a wide range of business growth activities. This small business funding can be used for:
- Purchasing fixed assets
- Leasehold improvements
- Capital equipment
- Operating capital.
Find Out More about this Funding for Small Business Program
To further investigate funding and support for small businesses offered through CFDC’s please choose from one of the following:
Learn More about Small Business Grants and Loans Opportunities for Your Organization
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