Financing and Support for Small Businesses in Ottawa
Providing microloans and educational services for local entrepreneurs in Ottawa, our Not-for-Profit organization offers assistance with business plans, cash flow, and liaison with lending partners. We help prepare businesses for funding, work with lending partners to provide capital, establish terms, and set interest rates. Eligibility criteria for borrowers include age, residency status, credit score, and payment history. For young entrepreneurs aged 18-39, we partner with Futurpreneur and Business Development Bank of Canada to offer mentoring, resources, and up to $45,000 in financing.
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Financing and Support for Small Businesses Jane Duchscher Executive Director - OCLF
Who we are: A local Not-for-Profit organization established in 2000 Provide microloans Offer educational empowerment microloans for business and professional development educational services services in entrepreneurship and financial Funders include: IRCC, City of Ottawa and Ontario Trillium Foundation
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First point of contact We help prepare you: Assess your readiness Support with the Business Plan & Cash-Flow Liase with lending partners 4
Work with our lending partners who: Provide the capital Establish the terms and conditions Set the interest rate 5
Borrower: Business: Criteria Criteria Criteria Criteria Description Description Description Description Age Age Age Age 18+ Less than 5 years Residency Status Residency Status Permanent Resident or Canadian Citizen Acceptable Credit Score Payments in Good Standing Bankruptcy Discharge 2 years+ Start up <5 years 1st financing source Exceptions: o R&D o Sexual, Drug Related o Religious Purpose o Insurance/Real- estate Brokers Everything else Phase Phase Credit Standing Credit Standing Sectors Sectors 6
In partnership with Futurpreneur Program for young entrepreneurs aged 18 39 Start-up resources for perfecting the business plan Offer mentoring with a matched community mentor Financing of up to $45,000 In partnership with Business Development Bank of Canada Expertise and Resources to help entrepreneurs get connected to grow a successful business 7
Entrepreneur: Business: Criteria Age Status Criteria Age Status Description 18 39 years Permanent Resident or Canadian Citizen Must be in Graduating Year Payments in Good Standing Have Not Declared Bankruptcy in The Past 5 Years Description Criteria Age Phase Partnersh ips Criteria Age Phase Partnersh ips Description Less than 12 months Start-up Majority partner must be between 18-39 and own 51%+ shares Exceptions: o R&D o Sexual, Drug Related o Religious Purpose o Insurance Brokers Everything else Description Students Students Sectors Sectors Credit Standing Credit Standing 8
Training course tuitions, licensing fees Travel and accommodation costs while attending a licensing exam out of Ottawa Living expenses while in a job placement Up to $5,000 At Prime plus 2 % to 6% (currently max 9.75%) 10
1. 1. Be Proactive long before you actually need to borrow money 2. Open under-communicating 3. and other requirements 4. making Be Proactive - - Build a banking relationship 2. Keep the Lines of Communication Open - - Over-communicating, rather than Keep the Lines of Communication 3. Be Prepared Be Prepared Copy of your credit report 4. Understand Understand the commitment you are 12
Visit our website for more information: www.oclf.org Connect with us by phone: 613-366-2159 Two (2) pieces of identification Two (2) references Business Plan & Cash-flow for two (2) years 13
Jane Duchscher Executive Director jane@oclf.org Jane Duchscher Ali Alsaadi Loans Officer ali@oclf.org Ali Alsaadi Cam lia Barrit Loans Officer camelia@oclf.org (returning December 2018) Cam lia Barrit
Business Loans Business Loans Amounts Up to $ 15,000 (Alterna) Up to $ 45,000 (Futurpreneur -18 to 39 years old) Interest Prime + 2 to 6 % Amounts: : Interest Rates: Rates: Terms 3-5 years Repayment Alterna starts 1 month after having received the loan. Futurpreneur 12 months interest only payments Terms: : Repayment: : 16
Program Program Requirements Requirements Length of Program Up to 2 years Living and travel expenses for out of city exams Books, examination and licensing fees Exam Schedule or Letter of Acceptance Receipts required Receipts required Required 17
1 3 years repayment period During the program, pay interest only Repayment starts 3 m after completion of the program 18
