Do you have a business idea that you think will enhance the community you live in? Will it Create full time or part time jobs in the Parkland area? Do you think you have what it takes to become a successfull entrepreneur?
The question's above are some of the requirements for accessing a loan from Community Futures Parkland if you are wanting to start, purchase or expand and existing business within the Parkland area. Our office speacializes in helping entrepreneurs aquire funding or loans when traditional financing from a bank or a credit union is unsuccessfull.
Traditionally community futures parkland offers three different types of loans;
GENERAL SMALL TO MEDIUM SIZE BUSINESS LOAN
loans from 2,000 to a maximum of 150,000
lending rates can range from 5% to 10% depending on amount borrowed and risk.
in most circumstances we require an equity contribution from the borrower.
Terms average 48 to 60 months.
A completed acceptable business plan must be completed before a loan will be considered for financing.
Notes to the above:
Business planning assistance will be provided upon request.
The average turn around time from application to approval can be two to three weeks after application.
A board comprised of community volunteers will review a loan/business analysis summary that will be the basis of the decision to finance.
If financing is approved an offer to finance with the terms of the loan will be provided to the borrower outlining the term, interest rate and security we will want in place before any loan funds will be provided. Example of offer to finance
An application fee of 100.00 (non refundible) will be paid at time of application. These fees will cover costs of security searches and credit rating fees.
If approved for financing a loan commitment fee of 100.00 again will be required to cover costs of registering security and loan set up.
Any legal fees required for security will be the responsibility of the borrower.