Business Financing for Western Canada
Micro Loans For Small Businesses
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Saskatoon Credit Union Micro Loan Program
This Micro Loan Program is offered in cooperation with Saskatoon Credit Union and is designed to improve access to financing for small businesses starting or expanding in the City of Saskatoon.
The Saskatoon Credit Union Micro Loan Program is specifically designed to benefit people meeting the following criteria:
- Saskatoon Credit Union member in good standing for at least six months; or
- enrolled in or a graduate of the Self-Employment
Benefits Program
or
similar entrepreneurial program such as that provided by Quint Development
Corporation;
or - referred to Saskatoon Credit Union by Western Economic Diversification; and
- operating or about to operate in the City of Saskatoon.
To be eligible for a business micro loan, 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 Saskatoon Credit Union Micro Loan Program provides access to loans for small business start-up or expansion in the City of Saskatoon. This could include activities such as:
- getting your product or service ready for sale
- developing or enhancing your product or service
- marketing
- purchasing equipment or other assets
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 $35,000
- flexible repayment terms at Saskatoon Credit Union’s discretion
- Saskatoon Credit Union makes the final decision on all loan approvals
- interest rates are set at Saskatoon Credit Union’s Prime rate* plus a risk premium
* The Saskatoon 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, contact Western Economic Diversification Canada at 1-888-338-WEST (9378) or visit our Web site at www.wd.gc.ca.
For more information on programs and services available through the Saskatoon
Credit Union Ltd., contact Martin Chicilo at (306) 934-4052, or visit the Web
site at www.saskatooncreditunion.com .
Saskatoon Credit Union Ltd.
201-309 22nd Street East
Saskatoon, SK S7K 0G7
Telephone: (306) 934-4013
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.