In Lennox & Addington county, small business owners have access to a number of government grants and loan programs. Below are some details on just a few. For more information about any of the items listed below, please contact us – we’re happy to help.

Prince Edward-Lennox & Addington Community Futures Development Corporation

Prince Edward/Lennox & Addington Community Futures Development Corporation (PELA CFDC) is a community based non-profit corporation aimed at encouraging local entrepreneurship and economic development. Through the Community Futures Lending Program, PELA CFDC disburses loans of up to $250,000 to new and existing businesses in Prince Edward/Lennox & Addington Counties that directly support the creation and/or maintenance of jobs.

PELA CFDC specializes in providing term financing to businesses unable to access capital through traditional markets. Financing is considered for a variety of applications, including:

• Start-up financing of a new business
• Assistance to facilitate expansion plans of an existing business
• Inventory
• Working Capital
• Equipment/Capital purchase or upgrades (including technology/telecommunications)

Loan requests are considered by an Investment Committee on the basis of:

• Technical & Management skills of the client
• Client character including credit history
• Jobs to be created or maintained
• Owner equity of normally not less than 25% of the requested loan value
• Adequate security
• Detailed and viable business plan
• Legal and/or regulatory considerations as they may impact the business
• Business Risk Assessment
• Environmental factors

PELA CFDC sets the interest rate, retaining flexibility to increase or decrease it based on the merits and risks of each loan application.

Clients are encouraged to explore traditional financing services first. Should bank financing be unavailable, or not fully meet client needs, PELA CFDC may offer a viable financing option.

For more information about what services we offer visit www.PELACFDC.ca.

Business Development Bank of Canada

The Business Development Bank of Canada (BDC) helps create and develop Canadian businesses through financing, venture capital and consulting services, with a focus on small and medium-sized enterprises (SMEs).

BDC specializes in commercial financing with highly flexible solutions designed to put the needs of entrepreneurs first.

Financing is structured to protect cash flow through:

• Longer term payment
• Repayment schedules to suit your business cycle
• Possibility to defer capital payments

BDC offers turnkey financing for:

• Commercial real estate – Purchase of land and buildings, construction of new premises, expansion or improvement of existing or rented premises
• Equipment and machinery purchase – New and used
• Working capital for growth projects – Implement marketing strategies, develop new products and markets or boost inventory to support increased sales
• Start-up financing – Marketing and other start-up costs, franchise purchases
• Business succession – Buyouts by family, management or outside parties
• Market expansion – Foreign or domestic market expansion activities
• Projects without tangible assets – Subordinate financing for acquisitions, shareholder buyouts, working capital and intangible assets
• Aboriginal banking – Aboriginal staff helps you access capital and make the most of economic opportunities

For more information please visit www.bdc.ca.

Eastern Ontario Development Program

The Eastern Ontario Development Program promotes economic development in rural Eastern Ontario. The program - administered by the Federal Economic Development Agency for Southern Ontario and distributed through the local CFDC - contributes to the successful development of business and job opportunities, as well as sustainable self-reliant communities, by supporting community-based initiatives that attract and retain youth, support skills development, provide access to capital for new and existing businesses, and support technological enhancements. For more information please visit www.pelacfdc.ca.