Impact Loan
$50,000
Loan
Description:
Ignite operates the Impact Loan program for entrepreneurs in the Greater Fredericton Region. The personal loan is between $5,000 and $50,000 in working capital for startups and expansion projects.
Comments on Funding:
LOAN DETAILS:
APPLY NOW
Fixed interest rate of Prime + 2%
Interest-free for 1 year from date of 1st
disbursement
First 6 months – monthly $100
payment toward principle is required
6+ months regular payments start
all payments made in the first 12
months go directly towards the
principle
12+ months you will start paying
interest
Continuous Intake
Eligibility:
Applicants must:
1. starting or expanding your business inside the Fredericton City limits
2. plan to use the funds for anything except vehicles or wages
3. the business plan demonstrates:
a. why the loan is needed
b. what it will be used for
c. that the business can support the payments of the loan
Application Steps:
Applicants must:
1. complete the initial form.
2. The Business Startup Specialist will contact you with next steps and to book a mandatory discovery call/ meeting where you will require documentation
3. Once your application is deemed suitable and can be brought forward, it is sent to an independent committee to approve or decline. The committee will have access to your business plan and cash flow projections.
4. If approved, you will be invited to a committee m
Documentation Needed:
Applicants must submit:
BUSINESS DOCUMENTS
1. Business plan
2. Cashflow projections for 2 years
3. Use of funds outline document & Plan of Action (template provided)
4. Incorporation Registration or Business Registration (if applicable)
a. if Incorporated, Shareholder Registry
PERSONAL DOCUMENTS
5. Last 2 years Tax Return (T1 General)
6. Most recent Notice of Assessment
7. Personal Statement (stating personal assets and liabilities)
About the author
Maurice