Who knew having a small business could have so many benefits. By having an annual gross revenue below $10,000,000 you can have acess to $1,000,000 from the Federal Government.
How? By getting to understand CSBF, a loan designed just for you.
What it Provides?
CSBF loan's main purpose is to provide financing for the following purposes:
Check Your Eligibility
Prepare the Documents Required
How it Operates?
The loan is provided to you by the lender, who shares the risk of any default of payment with the Government. The lenders, any local bank or a credit union, makes the credit decisions, registers loans, deposit any administration fee and realize all securities in case of default in repayment of the CSBF loan. The lender according to his own loan eligibility approves a loan. Thus there are chances of not meeting any internal credit criteria leading the bank to reject the loan. Whereas, the government's role is to design the program and spread awareness.
In case of any default, The government reviews and pays the lender's claims and ensures compliance. The lender has the right to sell all the collateral assets. The government shall bear 85% of any outstanding amount left after the sale of assets and other properties, and the lender would claim a loss of the 15%.
Eligible purchases which have been within six months before the application can also be financed. Brace yourselves for the following costs that would apply.
Registration Fee: 2% of the loan amount
Interest Rate: 3% above the prime lending rate
Lender Fee: An amount that is charged for any conventional loan
Meghan Van Houten - Mortgage Agent
416-709-9062 | 1-877-366-3487
Independently owned and operated
202-120 Traders Blvd. E., Mississauga ON L4Z 2H7