South Lake CFDC provides small business start-up loans up to $10,000 to clients who meet specific criteria.  Applicants for these loans should be unemployed, but possess a marketable skill which could be the basis for successful self-employment.  Applicants who have a minimum credit rating (Beacon Score) of 575, attend our standard 2.5 hour small business start-up workshop and then work with our staff to complete a business plan to their satisfaction are pre-approved for up to $10,000.  Successful applicants must also agree to report monthly on their progress for the first 6 months of operation.  Loans are secured by a Promissory Note and General Security Agreement but do not require specific tangible security.  Funds are provided at a rate of prime + 3%.  Repayment is on an interest only basis for the first six months at which point repayment becomes blended monthly payments of principal and interest for five years.
 
To Apply
Candidates should complete our Statement of Personal Assets and Liabilities form, which can be downloaded below, and book an appointment with our General Manager or Loans Officer.  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.

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

 

 APPLICATION FORM DOWNLOADS - Please note: To be able to edit the PDF you must save and open the file in Adobe Acrobat Reader.

South Lake CFDC Statement of Personal Assets & Liabilities (pdf)

Cash Flow Spreadsheet (excel)

South Lake CFDC Financial Fact Sheet (pdf)