The Small Business Loan is offered according to the following terms:
The loan may be approved up to $100,000.00. The amount granted will be confirmed once an analysis is performed and the loan approved.
The Small Business Loan is offered at BDC’s Floating Base Rate* of 4.55% (effective March 31, 2020) plus a variance ranging between 1% and 12%, which is confirmed once the loan is approved. The interest rate is subject to change without notice.
The loans are repaid over 60 months. A capital postponement is offered for the first 6 months, and the initial six payments are interest only. Commencing on the 7th month, the loan is repaid in 60 monthly payments, and all payments are due on the 10th day of the month.
No application fee apply in relation to the loan application. Annual Loan management fees in the amount of $150, transaction fees in the amount of $150 per amendment required in regards to the Loan and standard BDC administration fees apply.
All other terms and conditions of the loans are defined in a loan agreement which is sent to the Business when the loan is approved.