You live in the City of Ottawa and have permanent legal status in Canada
Own no less than 51% of the business in the case of the corporation and have the signature of all the shareholders; in the case of a partnership all partners must be willing to co-sign for the loan; in the case of a non-profit, the President and two officers with signing authority will make an application to OCLF and in the case of a co-operative, all members will make application to OCLF.
Demonstrate an ability and commitment to repay the loan as confirmed by credit checks and references.
If applicable, have been discharged from bankruptcy for at least one year, as confirmed by a credit check.
Agree that OCLF will be the first secured party for existing equipment and vehicles that may be pledged as security for the loan.
You have no outstanding debts on which there are payment defaults
You can submit a business plan including start-up costs and a monthly cash-flow projection for the next two years. In the case of an expansion of an existing business, financial statements will be required.
Your Business Must
Be located in or around Ottawa
Be, or will be, a legally registered sole proprietorship, partnership, corporation or co-operative.
Use the funds to start or expand business operations