Business Financing for Western Canada
ABLED Loan Program (Advice and Business Loans for Entrepreneurs with Disabilities)
An initiative supported by WD’s Entrepreneurs with Disabilities Program
The ABLED Loan Program is offered in cooperation with Van City Credit Union and Coast Capital Savings Credit Union. The Entrepreneurs with Disabilities Program (EDP) is funded by Western Economic Diversification Canada (WD). This program is specifically designed to improve access to business services and other support mechanisms to entrepreneurs with disabilities who are thinking of starting or expanding a small business in British Columbia's Lower Mainland/Fraser Valley and Greater Victoria areas.
Who is eligible?
The EDP supports the federal government's on-going commitment to help reduce barriers and increase self-employment opportunities for Canadians with disabilities. The ABLED Loan Program was developed with the involvement of community and stakeholder groups and makes it easier for entrepreneurs with disabilities to pursue their business goals and contribute to the community. The program offers business services and financial assistance in the Lower Mainland/Fraser Valley and Greater Victoria areas. To be eligible for the program, applicants must:
- be a VanCity or Coast Capital Savings Credit Union member , and;
- have a self-declared long-term disability with evidence acceptable to VanCity, Coast Capital Savings Credit Union, and WD;
- operate or intend to operate a business in B.C.'s Lower Mainland, Fraser Valley or Greater Victoria area;
- have or be developing a viable business plan.
To be eligible, interested applicants must clearly show a commitment to start or expand 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 loan component of the ABLED Loan Program is designed to provide entrepreneurs with disabilities access to funding not normally financed by traditional lenders. This assistance will support:
- Starting or expanding a business;
- Purchasing and application of new technology;
- Upgrading facilities and equipment;
- Developing marketing and promotional materials;
- Establishing working capital for anticipated sales increases.
What are the terms of the loans?
The loan terms are designed to be flexible. Through the ABLED Loan Program, VanCity Savings Credit Union and Coast Capital Savings Credit Union offer:
- Access to capital.
- Loans can range to a maximum of $35,000 per borrower;
- One-on-one assistance;
- Help to develop customized business plans;
- Mentoring and counseling services;
- Pathfinding to identify other business resources or training;
How can my company apply?
For more information on the ABLED Loan Program, or other programs and services available through VanCity Savings Credit Union or Coast Capital Savings Credit Union contact their offices at:
- VanCity Savings Credit Union
Telephone (604) 709-6934 | Web site www.vancity.com
- Coast Capital Savings Credit Union
Telephone: Vancouver Island (250) 483-7000
Telephone: Lower Mainland (604) 517-7000
Web site www.coastcapitalsavings.com
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 a range of business services through WD's Western Canada 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.
Network partners work at the local level to ensure western Canadians have direct access to information and advice on a wide range of financing alternatives and 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.