Grand Erie Business Centre provides loans for new and existing businesses up to $300,000 for start-up, expansion, leasehold improvements, equipment purchases or upgrades, inventory and working capital. GEBC’s key objective is to invest in strong businesses that create and maintain sustainable employment in the community.
In order to qualify for a loan with GEBC you must already be exploring traditional financing. Should traditional financing be insufficient or unavailable, please connect with us about lending solutions.
Flexible repayment schedules, advisory services and loan monitoring are part of the loan agreement for the benefit of both the client and GEBC.
Eligibility Criteria
Loan applications are considered on the basis of:
- Business viability/ability to repay the loan
- Client character and ability to operate and manage the business
- Adequate security (which could include both business and personal assets)
- Owner’s investment
- Credit Worthiness
Loan Interest Rates and Requirements
Our loan interest rates, terms, security, and reporting requirements are reflective of the level of risk involved and are assessed at the discretion of our volunteer Board of Directors. Repayment terms can be customized to meet your business needs and are reviewed annually. Our loans are repayable in full at any time without penalty.
In all cases we seek to obtain adequate security to ensure repayment in the event of default. Types of security frequently taken include, but are not limited to, the following:
- Promissory Notes
- Real Property Mortgage/Assignment of Insurance
- General Security Agreement
- Business Assets
- Personal Guarantee
- Assignment of Life Insurance
*Please note that you can fill this application out online, but you must download and save it in order to include your signature.