How to Apply for CFSF Financing
If you wish to apply for CFSF financing, please begin your application process by competing a Business Loan Applicant Profile, (click here for PDF) which will provide us with a snapshot of who you are, some details about your business idea, and how we can help. Please e-mail this completed form to info@southfraser.com and we will contact you to arrange an appointment with a Business Analyst to conduct a preliminary evaluation of your loan eligibility.
It is important to note that the Business Loan process involves completing a proper assessment of your business needs. This process will involve meeting with a Business Analyst and completing a detailed Business Loan Application and supporting information.Once you have met with the business advisor, this will be followed by a systematic review of the Loan Application Package (see below).
Criteria
To obtain a loan, specific financing criteria must be met, including completing a detailed Business Loan Application and supporting information.
To consider your application, we look at a number of benefit and risk factors, including:
- Employment created or maintained predominantly in the region;
- Business located in the South Fraser region;
- Reasonable personal financial investment by the owner(s);
- Ability to repay;
- Future economic viability of the business;
- Competent management and relevant operational skills;
- Adequate security for the venture; and,
- Credit history of the owner(s).
A complete Loan Application Package consists of:
- A Business Plan (recommended but not required in all situations — need will be determined by your Business Analyst)
- A Cash Flow Forecast for the next 12 months (detailed month-by-month)
- Financial statements for previous years (if this is an existing business)
- A resume from each principal / owner of the company
- A CFSF Loan Application (requires detailed personal and financial history, etc.)
Download CFSF Loan Application: Word version | PDF version
Costs
There are no costs for having your Business Plan and Business Loan Application reviewed. If you require specialized business planning and development services or training, fees may apply. However, you will be informed of this in advance.
How long does it take?
Lending money takes time. How long depends on a number of
factors, including the business plan development process,
verifying
assets, the amount and source of the funds, the time to complete legal work, and the time that it takes you to provide the
necessary information and sign the documentation.
