In addition to the regular Business Investment Fund, Community Futures Triple R Corporation administers a small business investment fund to assist young entrepreneurs in the
establishment or expansion of small
businesses in the Triple R region. Funding is provided through Western Economic Diversification’s, Western Youth Entrepreneur Program.
Am I eligible?
The Youth Investment Fund is open to individuals, partnerships or corporations, of which the applicants are 29 years of age and under and which are located in, or intending to locate in the Triple R region. Most business ideas are potentially eligible. It is intended for those individuals who are unable to obtain financing from conventional lenders.
What type of financial assistance can I receive?
Triple R will consider applications for financial assistance in the forms of loans, loan guarantees or equity participation. All funding is repayable with interest rates equivalent to prime plus
2%. The maximum amount of financial assistance available under this program will normally not exceed $25,000.
How much equity is required?
A minimum of 10% equity is required; however assets to be used in the business may be considered as equity.
How can I apply?
The staff of Triple R will assist you in determining if you are eligible, assisting you to complete a business plan, and then completing a loan application. The Board of Directors then reviews the loan proposal.
How long will it take to make a decision?
The Board meets once a month (usually on the 1st Monday of the month) to review loan proposals. 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.
See our contact
page for more detailed contact information.
