The Express loan program is for all businesses located in the MRC Côte-de-Gaspé  that are looking to take advantage of fast-tracked funding for needs that are immediate and often difficult to finance. This program offers a $5,000 fixed principle business loan repayable over a three-year (3) term.


Eligibility criteria

​

• Having completed one fiscal year (accounting and taxes);

• Supply financial statements for the last year;

• Be in good financial condition;

• Show equity of at least 15% of assets as of the last financial statements;

• Annual minimum $10,000 salary for each promoter;

• Supporting documents corresponding to the financing applied for;

• The project must comply with our conflict of interest regulations;

• No existing debt financing.

 

Terms and conditions

​

• $5000 business loan (fixed amount);

• Monthly reimbursement payments;

• Term : 36 months;

• Interest rate: Prime business rate of the Bank of Canada plus 4%;

• Compulsory: $5000 personal guarantee (100%);

• Life insurance is required.

 

Admissible activities

Any business.