The Small Business Working Capital Loans provide working capital and operating funds for Basin-based small businesses and social enterprises to assist with the challenges of COVID-19. Funds can be used for expenses such as rent, wages, inventory, renovations, equipment purchase or personal protective equipment; however, cannot be used for debt repayment.
This is a one-time loan of up to $40,000 (minimum request $5,000). The interest rate on this loan is 2% per annum. No interest will be charged for the first three months. Interest only payments will continue for the following nine months at which point payments will begin in an amount to sufficiently repay the loan over a maximum period of five years.
SMALL BUSINESS WORKING CAPITAL LOANS HAVE BEEN UPDATED TO REFLECT THE CURRENT NEEDS OF BUSINESSES AS THEY RE-OPEN AND MODIFY BUSINESS OPERATIONS DURING COVID-19. KEY CHANGES:
- Loan funds may now be used for capital expenses such as equipment purchases necessary for business re-opening or modifications.
- Maximum loan value has increased to $40,000.
- Applicants may apply if they have received funding from other programs.
Who Can Apply
Small businesses, both Indigenous and non-Indigenous, and social enterprises that are headquartered and operating in the Columbia Basin Trust region.
Is My Business Eligible?
To be eligible for the Small Business Working Capital Loans the business must demonstrate:
- Revenue between $150,000 – $1,500,000
- Business operations for a minimum of two years
- Adequate insurance coverage
Businesses must also be able to provide:
- its most recent accountant prepared financial statements; and
- its current profit and loss statement.
All applications will be subject to further due diligence as required by the Trust.
How to Apply
USING THE ONLINE APPLICATION FORM
The Trust’s online application system allows you to apply to various programs offered by the Trust. Here are some tips for using the system:
- Only one application will be considered per business.
- DO NOT CLICK YOUR BROWSER’S BACK BUTTON: your application form will not auto-save and you will lose your work. However, the application form will auto-save when you click the Next and Previous buttons to navigate between pages.
- Keep your entries precise and clear. It is important to note that space in some sections is limited. Space allotment is identified in each section.
- Once you Submit the application form, you will no longer be able to make edits. Do not submit until you have completed the application form in full.
Online applications are accepted on a first-come, first-served basis and are assessed as received. The Trust aims to respond to applications within five business days. Applications are accepted until all funding has been committed.