Loan Application

Community Futures Highwood (CFH) provides small businesses with access to capital that might not otherwise be available from other financial institutions.

Community Futures Highwood's lending practices are directed through Western Economic Diversification for business ventures that:

• Can demonstrate viability
• Will generate and/or maintain local employment
• Will have a positive benefit to the community

Loan applicants must be legally entitled to work in Canada.

 

General Guidelines

• Loan applicants must have been turned down by a traditional lender (i.e. bank), or the traditional lender is agreeable to CFH lending money in a second place position (where the traditional lender will loan some of the required funds, but not all).
• Your business must be registered within our service region
• Business and owners must be current with all CRA payments, including, but not limited to Income Tax, GST, Source Deductions, WCB.
• Normally loan applicants must demonstrate that they have at least 10% of their own capital invested in their business venture
• Interest rate offered by CFH is Bank of Canada Prime Rate + 4.5%; certain specialty loans may have a lower interest rate.
• Maximum 15 year repayment period (amortization)
• No penalties for lump sum payments or early payouts
• A non-refundable application fee is required based on our current fee schedule.

NOTE: As CFH is financially supported by the Government of Canada through Western Economic Diversification (WED), representatives of WED are permitted
access to all client files for monitoring and evaluation purposes and you may be contacted by representatives of WED as part of the monitoring/evaluation process.

The statements made herein are for the express purpose of obtaining financing from Community Futures Highwood (CFH) and are to the best of my knowledge and belief true and correct.

I understand that additional information, if required in support of this application, must be supplied to CFH before consideration can be given to this application.

I understand that this application will not be processed until the non-refundable loan application fee has been paid.

I certify that the information reported in this document is true, accurate and complete, and acknowledge that CFH will be relying on the information in considering this and future applications for financing. If untrue, inaccurate or incomplete information is provided, CFH may, at its sole discretion, decline a loan application or, if a loan has already been granted, may cease disbursement of funds and demand the full repayment of loan proceeds already disbursed.

The applicant agrees to reimburse CFH legal costs incurred in the registration of documents for loan security. Should the applicant withdraw his request for funds after legal documents have been registered and cost incurred, the applicant shall be responsible for these costs.

Your signature on this form provides us with the consent to conduct any credit investigations we deem appropriate and authorizes us to release any information, financial, personal or otherwise, as required for the purposes of a credit investigation, to any organizations. Your signature on this form grants any such organization we contact, permission to provide all information requested to us with respect to our credit investigation.

We will continue to collect, use and disclose your personal information until such time as your loan has been repaid. This may include doing further credit checks during the term of your loan and using and disclosing your personal information in order to collect any debts you owe to us.

Consent to Inquiry:

The Applicant/Guarantor consents to Community Futures Highwood (CFH) making any inquiries, including obtaining personal, corporate and business information about them (and their directors and officers, if incorporated, with the corporation declaring it has the authority to provide such consent on their behalf) from such persons, firms, corporations, government authorities, institutions or agencies as it deems necessary in order to reach a decision on any application and to administer an eventual loan, if such is the case.

The undersigned consents to CFH exchanging information with other financial institutions or financial partners regarding any project under consideration. While the Applicant/Guarantor is not required by law to consent to such inquiries and to such information being obtained, their refusal to consent may prevent CFH from considering an application for financing.

Pursuant to the provisions of the Privacy Act, subject to certain exceptions, the Applicant and if applicable, the guarantor(s) (and their directors and officers, if incorporated), have the right of access to, and protection of, personal information that may be obtained by CFH. 

The foregoing information is submitted for the purpose of establishing or maintaining credit with Community Futures Highwood and is a true, full and correct statement of my financial condition on the date shown.

I, the undersigned, declare that the statements made herein are for the purpose of obtaining business financing and are to the best of my knowledge complete and correct.

I also understand that any fees charged for the purposes of applying for credit with CFH are non-refundable and payment of such fees in no way guarantees the granting of the credit applied for.