Economic Stimulus Loans available to L&A County businesses

A great new small business loan program is being offered by the Prince Edward/Lennox & Addington Community Futures Development Corporation (PELA CFDC). Economic Stimulus Loans are available to all new or existing small businesses within Prince Edward & Lennox & Addington County.The goal of the program is to help new and existing small businesses finance start-up, expansion or stabilization plans that help maintain or create employment.

Loans of up to $25,000 are being offered for the purchase of capital equipment, inventory, or hiring of new staff. In total, PELA CFDC will receive $750,000 through Canada's Community Adjustment Fund. (CAF) to assist new or existing small businesses who require access to capital.  Interest rates and loan terms have been adjusted to provide maximum flexibility for borrowers. 

The timing of this loan program couldn’t have come at a better time, as many small businesses continue to have trouble accessing capital and managing cash flows in the wake of the global credit market collapse and resulting recession.  This program will make it easier for businesses to receive the dollars needed to get them over the financial hump and back onto the path to success.

The application process is relatively simple, with only a few stipulations that need to be covered in order to be eligible.  In addition to being located in L&A or Prince Edward County, businesses need to have a satisfactory credit history  and have a business plan.  The loan must also help maintain or create jobs in the community.

We encourage you to check out this great opportunity.  For Economic Stimulus loan applications and more information, please visit Prince Edward CFDC.