Our Loan Application process is a relatively straightforward process. Apply for your business loan today!
- Contact our office for an initial discussion regarding your intent, and state of application readiness
- Develop a Business Plan, including financial projections. Should you need help with your Business Plan and financial projections, register for our next Business Planning Development Workshop Series.
- Schedule an initial discovery meeting, with a Community Futures Loans Analyst to review your business idea and plan.
- Complete the required loan application form that will be forwarded to you prior to the meeting.
- Submit both the completed application package and your business plan to our Community Futures office. Ensure that the application package is signed by yourself (the applicant(s) and your spouse(s), married or common law partner(s).
- A credit check will be conducted on all applicant(s) and their spouse(s).
- Attend a second "action meeting" with a Community Futures Loans Analyst to discuss what additional information may be required and review initial loan terms and conditions.
- Supply any additional information that may be required.
- After completing all requirements outlined in your action meeting, your Community Futures Loans Analyst will inform you as to the status of your application.
- Loan requests under $25,000 are assessed by Community Futures' staff.
- Loan requests greater than $25,000 are presented to the Community Futures Loans Committee (comprised of volunteer directors) for approval. Accordingly you will be advised of the date of our monthly loan meeting and by when we need to receive your application and support information.
- Upon approval or rejection of your application, you will be contacted with information concerning the decision. You will also receive notification in writing.
- If your application is successful, you will be presented with a 'Letter of Offer' outlining the terms and conditions for the loan.
- Upon your acceptance of the terms and conditions, set out in the offer, all legal, security and other lending documents will be prepared.
- Once this documentation is reviewed and executed by you, Community Futures Okanagan Similkameen will be in a position to disburse the funds.
- Loan applications are reviewed by the Community Futures Loans Committee. A client has the right to appeal a decision by the Committee to the Board as a whole.
Community Futures Okanagan Similkameen's lending process is secure and all applications and information you share during the process remains confidential.