Loan Application Process

It is strongly recommended that all applicants have an introductory meeting with an ACCFutures Business Advisor prior to completing their application so that it can be determined if in fact the application is well evolved and viable.

All requests for Financial Assistance must be made by filling out the application form.

The maximum financial assistance for loans and equity financing is $250,000. On an exceptional basis, additional financing up to $500,000 may be available.

All applications must conform with the following conditions:

• The new or existing business “MUST” be located within Akwesasne, Cornwall or the United Counties of S.D.&G.;
• The business “MUST” create or sustain employment in this region;
• The applicant(s) MUST have a stable credit record.

All loan applications are presented and reviewed by the ACCFutures staff. Loans under $20,000 are approved in-house. Loans between $20,000 and $150,000 are approved by the Investment Committee (IC), loans above $150,000 are approved by the Board of Directors. In-house loans can be approved in as little as 5 business days. For loans over $20,000, a decision will typically be made within 2-6 weeks. Applicants will be notified as to whether their request is approved, declined, or deferred for more information.

The following criteria is taken into consideration when the application is reviewed:

• Worthwhile purpose,
• Ability to repay the loan,
• Proven history for an established business,
• Ability to attain financial projections submitted,
• Qualifications of the owners, managers, and experience in business,
• Personal investment or financial commitment in the project or business,
• Well thought out Business Plan.

We may ask for the following supporting documents:

• Completed Application Form;
• Incorporation Documents or Master Business License;
• Completed Business Plan which includes at a minimum: A Business Profile, summary of related experience of ownership and key staff, 2 Years Pro-forma Cash Flow Projections, Balance Sheet & Income Statement, if applicable, Current Accounts Receivable & Payable Listing;
• Detailed Project Budget;
• Most recent T1 General (Personal Tax Return) and supporting Notice of Assessment;
• Copy of Incorporation Documents and/or Trade Name Registration;
• Copy of Photo Identification (Drivers License, Passport);
• $250.00 Application Fee ($50 discount for Chamber of Commerce Members);
• Other transaction-related documentation (Purchase & Sale Agreement, Appraisal, Phase I Environmental Assessment. etc.)
• Note: a 1% Processing Fee (less Application Fee) is taken at Disbursement.