Community Futures knows that obtaining financing has never been easy – the smaller the business, the bigger the challenge, especially when starting from scratch. We have over 30 years of experience finding financing solutions for small to medium sized businesses by focusing on character and capacity.
As of March 2023 Community Futures Central Island has lent $52,340,000 to 2995 local small businesses in our region leveraging $71,000,000 in our communities and creating/maintaining 6,874 jobs.
We understand these challenges and we have the flexibility to help you obtain a financing solution that meets your needs. In order to be eligible to apply for a loan with us, you are asked to first try to secure funding from a traditional bank or credit union. Your business also has to be located in the central Vancouver Island region. It’s time to apply! Let’s get started.
Start a business
“I’m thinking of starting a business. Am I crazy?” Crazy like a fox, maybe. You’d be amazed how many successful businesses were started with a great idea. If you plan carefully and work hard, this could be the perfect time to launch your dream.
if you’ve got what it takes to be an entrepreneur, we have funds to get you up and running. If you’ve got a dream,we have over 30 years of experience finding financing solutions for small to medium sized businesses by focusing on character and capacity. Our loan products are perfect for the entrepreneur with a great idea and the drive to make it a reality.
Working capital/Expand a business
Looking for access to capital so you can seize an opportunity that will grow your business? In business, there are times when you just need a bit of cash to be able to react quickly to a great opportunity. And the businesses that survive are often the ones that continue to pursue new prospects to keep moving forward.
Think of it like driving a car. Not only do we look in the rear view mirror but out the front window as well. We take into consideration the historical statements but we will also look at your projections to determine the viability of adding new debt and the improvements proposed.
If you see an opportunity that could help your established business, come see us at Community Futures Central Island; our loan products are for the quick-thinking entrepreneurs ready to seize the day.
Buy a business
You’ve been working at a business for 15 years and the owner is ready to retire and sell. Being a key employee you know everything there is to know about the business from operations to financials, and key customers and suppliers. But the banks declined your loan application because they won’t finance goodwill.
Not to worry. The good news is that banks are supportive of entrepreneurial activity and will refer you to Community Futures Central Island. We understand sellers want some of the ‘sweat equity’ returned and we understand buyers are prepared to recognize the goodwill.
We can work with the banks to close the sale by having the bank finance the tangible assets and Community Futures finance the goodwill because we consider the strength of debt service and personal assets. As well, if the purchase is for $150,000 or less we can look at financing the whole amount.
We base our lending decisions on a careful and prudent assessment of a borrower’s financial position and capacity to repay a loan. Our responsible approach to lending is based on (but not limited to) two key aspects of assessment to ensure credit is being provided responsibly. These are:
- assessing the suitability of a credit product for an individual and
- assessing a person’s capacity to repay the proposed credit debt.
- explaining the interest options that are available;
- explaining how to repay the debt in full;
- explaining all fees and charges that apply to the loan;
- adhering to the Personal Information Protection Act.
If you prefer to apply with a paper submission, to ensure a timely response to your financing request, please complete items 1 through 4 below. We require these completed forms prior to the submission of your application to our office.