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Micro Loans for Small Businesses

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Assiniboine Credit Union Micro Loan Program

Western Canadian small businesses compete with the best the world has to offer. But quite often the main obstacle hampering these businesses and their growth is an inability to access financing.

Whether you are thinking about starting, or already own and operate, a small business you may be able to take advantage of flexible financing solutions and other business services designed for entrepreneurs in the Winnipeg area.

Western Economic Diversification Canada (WD), in cooperation with Assiniboine Credit Union (ACU) offers this Micro Loan Program designed to improve access to financing for small businesses starting or expanding in the City of Winnipeg.

Who is eligible?

The Assiniboine Credit Union Micro Loan Program is specifically designed to benefit people meeting the following criteria:

• Assiniboine Credit Union member in good standing for at least six months; or
• referred to Assiniboine Credit Union by Western Economic Diversification Canada; or
• enrolled in or a graduate of the Self-Employment Benefits Program or similar entrepreneurial program; or
• referred by SEED Winnipeg Inc. ; and
• operating, or about to operate, in the Winnipeg area.

To be eligible, interested applicants must clearly show a commitment to starting or expanding a small business. This may involve demonstrating a significant time commitment to the start-up or management of the business and some financial stake in the potential or existing business.

What can the loans be used for?

The Assiniboine Credit Union Micro Loan Program provides access to loans for small business start-up and expansion in the Winnipeg area. This could include activities such as:

• getting your existing product or service ready for sale
• developing or enhancing your existing product or service
• marketing
• purchasing equipment or other assets
• working capital

What are the terms of the loans?

The loan terms are designed to be flexible to help you maintain adequate cash flow throughout the year. Individual loans are subject to the following terms:

• up to five years for repayment
• loans can range to a maximum of $25,000
• flexible repayment terms at ACU’s discretion
• Assiniboine Credit Union makes the final decision on all loan approvals
• interest rates are set at Assiniboine Credit Union’s Prime rate* plus a risk premium

*The Assiniboine Credit Union Prime rate fluctuates with market interest rates

How can my company apply?

If you would like more information about this or other programs and services we offer, please call WD at (204) 983-4472 where a business development officer will discuss your business idea and review your financing options; or contact us through our e-mail address at info.Manitoba@wd.gc.ca; or visit our Web site at http://www.wd.gc.ca.

For more information on program and services available through Assiniboine Credit Union, visit their Web site at http://www.assiniboine.mb.ca .

What other services may I be eligible for through Western Economic Diversification Canada?

Small and medium-sized businesses in most rural and urban centres can easily access WD's and a range of other business services through WD’s Business Service Network.

With over 100 points of service in urban and rural communities across the West, the Business Service Network is made up of several integrated organizations that provide entrepreneurs with what they need to establish a business or make it grow.

Our Western Canada business service network partners work in their local communities to ensure western Canadians have direct access to information and advice on a wide range of financing alternatives. They will help you determine your eligibility for those that best suit your needs. Services they offer range from marketing information and funding options, to counseling and support. For information on the services our network provides and the network member nearest you, visit http://www.wd.gc.ca/pos/default_e.asp.