Community
Futures Triple R Corporation provides in addition to Community
Development services, Business Development services
and administers a small business investment fund to assist establishment
or 
expansion of small businesses in the Triple R region. The fund is
intended as a lender of last resort only and provides repayable small
business loans, loan guarantees and in certain cases will consider
equity participation.
The following are answers to some typical
questions regarding the fund:
Am I eligible?
The Business Investment
Fund is open to any individual, partnership or corporation located in,
or intending to locate in the Triple R region. All business sectors
(retail, tourism, manufacturing, etc.) are potentially eligible and will
be considered, although certain sectors may be given higher priority as
a result of opportunities and objectives identified by Community Futures
Triple R Corporation. Eligibility will also be affected by the ability
to obtain financing from conventional lenders and programs as well as
the number of new and permanent jobs created by the proposed venture,
applicant equity, security and the viability of an individual’s
business plan.
Is this a grant?
No. Triple R will only
consider loans, loan guarantees or equity participation. All funding is
repayable with interest rates equivalent to prime plus 2%. Individuals
are encouraged to obtain financing elsewhere and staff can assist
individuals in identifying other relevant government programs or in
helping with applications and business plans for bank and/or credit
union financing.
What is the maximum that can be borrowed?
The maximum amount that
can be loaned to any individual or business is $150,000. However, it
should be noted that the majority of proposals considered would be for
smaller amounts. Once again, the level of funding considered will be
related to the number of jobs created, security available, etc.
How much equity is required?
A minimum of 10% equity
is required, although business and personal collateral may be requested
to secure the financing provided.
How can I apply?
The staff of Community
Futures Triple R Corporation will assist a potential client in
determining eligibility, completing application forms and preparing a
business plan. The Board of Directors then reviews the application.
How long does it take?
The Board meets once a
month, and upon receiving an individual’s completed application and
detailed business plan, a decision can generally be given within 30
days.
Where can I get more information?
Contact Community Futures
Triple R at 1-204-746-6180 or 1-800-275-6611 or see our contact
page for detailed contact information.
