Social Enterprise, or the Social Economy, consists of business activities, typically offered in a for profit setting, being offered by a not for profit organization with the surpluses generated from this activity being used to fund the not-for-profit’s broader community mandate.  With the renewal of the Community Futures program in October 2005 financing of social economy activities was added the eligible uses of the CFDC's Investment Fund.

 
Applications are processed and approved in a manner similar to those for business financing.  We are, however, allowed more flexibility with the interest rate than we are with our business loans.  This is done in an effort to accommodate the not for profit borrowers and encourage social economy activity.
 
To Apply
Organizations applying for Social Economy loans should provide a business plan with cash flow for the enterprise as well as copies of their recent financial statements, documents showing them to be incorporated as a not-for-profit without share capital and a list of the current Board of directors.
 
Other information on our lending services can be found in the Financial Services Fact Sheet. 

Standard Business Loans

South Lake CFDC can provide business loans and other business financing for both new start-ups and existing businesses.  Funds can be used for businesss maintenance or expansion.  Our role is to consider the loans that the chartered banks have declined and interested applicants should first discuss their options with their bank prior to applying to us. 
 

SLCFDC typically lends funds to assist with business expansion or the purchase of new assets, provide working capital, purchase an existing business or start-up a new business. All lending decisions are made by our volunteer Board of Directors at their monthly meeting.  This meeting typically occurs the last Wednesday of the month.  We assess loans based upon the quality of the business plan, the client’s character, collateral and job creation. 
 

To Apply
Clients wishing to have an application on the Board’s agenda should complete and submit a completed South Lake CFDC Statement of Personal Assets and Liabilities form with a Business Plan and 12 month Cash Flow projection no later than eight business days prior to any month’s meeting.
    
The South Lake CFDC Statement of Personal Assets and Liabilities form, as well as Business Plan and Cash Flow templates can be downloaded below.  If you have a problem downloading this pdf application file contact our office and we will be able to provide you with either an MS Word version or a hard copy.  We also have links on our Links and Resources page to on-line business planning facilitation tools. 
 
All information provided by clients is subject to the PIPEDA (The Personal Information Protection and Electronic Documents Act).  A copy of our Privacy Statement Brochure can also be downloaded below.
 

Larger Loans

SLCFDC also works in partnership Georgina Asssociation for Business to deliver larger pooled loans.  These loans are typically up to $400,000. Decisions on these loans are made by the two local Board of Directors.  These loans are admiinistered by SLCFDC.  These loans require the same applications as our regular loans.  Prospective clients for these larger loans are advised to speak with the General Manager or Loans Officer prior to proceeding with an application.
 
Beyond this we also operate under a Memorandum of Understanding with the Business Development Bank of Canada to partner on larger loans. 


Other Loans

We also offer specialized Micro Loans, Streetscaping Loans and serve as a community partner for the Canadian Youth Business Foundation loans to entrepreneurs under 35 years of age.

Other information on our lending services can be found in the Financial Services Fact Sheet.