Frequently Asked Questions

Do you have grants or non-repayable funding?

No, we offer financial assistance in the form of repayable loans for new or expanding businesses or for the purchase of an existing business in our region.

What can loans be used for? i.e. Can I get a loan to purchase a vehicle for personal use or debt consolidation?

Eligible activities for loan funds include:

  • Starting or expanding a business
  • Purchasing and applying new technology
  • Upgrading facilities and equipment
  • Developing marketing and promotions materials
  • Establishing working capital for anticipated sales increases
What is your interest rate?

Interest rates can be as low as RBC prime plus 2%, depending on the level of risk involved with the loan.

What is the minimum/ maximum loan amount?

The approved amount will vary depending on the needs of the business. We can meet the needs of most businesses.

Do I have to submit a full business plan with my loan application?
  • New business: applicants with new businesses/startup will need to submit a complete business plan that includes financial projections and market research.
  • Existing business: applicants with existing businesses will need to provide an outline of what they propose to do with the loan proceeds and the benefit it will have on the business, supported by financial statements and financial projections.
What does Community Futures do?

At CF Central Island, we are in the business of funding dreams by empowering entrepreneurs to start, grow or scale their business to higher levels of success and contribution. We provide flexible and affordable small business loans, business coaching/training services and business management tools for people wanting to start, expand, franchise or sell a rural business. 

What other services does Community Futures provide?

At CF Central Island we lend more than just money. We lend our ear, advice and support.  We are more than just a financial institution; we invest in people and success.                                                                                    

We are committed to exploring and assessing the 4 C’s of success with our clients to empower them to reach maximum potential with our Growth Catalyst Formula:
(Conditions + Cash flow + Capacity) x Communication = maximum potential.
When conditions, cash flow and capacity are fueled by effective communication: It’s Possible.

Who can apply?

Applicants who are looking to start, purchase or already own a business in the Central Vancouver Island area. This would include Individuals, businesses or organizations who require funding for start-up costs, working capital purposes, capital acquisitions, expansion or purchase of an existing business.

Residents, businesses or organizations of the Central Vancouver Island area who are unable to access funding from traditional sources (i.e. Chartered Banks, Business Development Bank of Canada, Credit Unions, etc.). Community Futures works in partnership with traditional lenders in order to meet the borrowers full lending requirements.

All applications must be completed and accompanied by a well thought out and realistic business plan.


What do I need to do to apply for a loan?

For Start Ups and to ensure a timely response to your financing request, please compile all of the following information and materials prior to submission of your application to our office for review and consideration:

  • Completed loan application(s) and personal net worth statement(s) signed by each borrower and guarantor, including spouses.
  • Copy of your most recent business plan, including marketing plan.
  • Detailed listing of all capital assets, including make and model year, year of purchase and purchase price.
  • Financial Projections supported by market research


For Existing Businesses, the following additional information must also be included:

  • Externally prepared financial statements for the past 2 years of operations
  • Current Aged Receivables and Payables Listings


What is Community Futures?

Community Futures is a non-profit organization with independently run offices throughout rural BC with a mandate for small business and community economic development. Community Futures provides financing alternatives to small and medium enterprises when access to credit is a challenge to starting or growing their business. Different than a bank, Community Futures uses different lending criteria, focusing on rural development and providing business financing to small local businesses. We also work in partnership with other business lenders, educational institutions, not-for-profits and community governments to grow and diversify the local economy.

Where are you located?

#14-327 Prideaux Street, Nanaimo, BC, V9R 2N4

How do I start a business?

Community Futures is a great place to get started. We can identify the necessary steps to starting a new business and provide you with resources to help you take that first step.  The following are the basic steps most new small businesses need to take before they can begin operating in B.C. (further information and guidance can be found here)


  1. Make Sure Running a Small Business is Right for You
  2. Decide on a Business Structure
  3. Develop a Business Plan
  4. Choose a Business Name and Have it Approved
  5. Register Your Business
  6. Secure Your Online Presence
  7. Register for Provincial Sales Tax (PST)
  8. Register for Goods and Services Tax (GST)
How do I register a business?

If your business is a sole proprietorship or general partnership, you can register it quickly and easily with the Province of British Columbia online using the OneStop Business Registration Service.

If you decide you want to incorporate, you must file an Incorporation Application with BC Registry Services. See the registry’s website for detailed information on the application process.

Do I have to be on Employment Insurance (EI) to apply for a business loan?

No, you do not have to be on EI to apply for a loan.