Vancity Credit Union Micro Loan Program

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Western Economic Diversification Canada (WD) and Vancouver City Savings (Vancity) jointly offer the Vancity Credit Union Micro Loan Program.

Who is eligible?

The Vancity Credit Union Micro Loan Program has been specifically designed to benefit small business people (including those applicants that have a self-declared long-term disability) meeting the following criteria:

• Are a Vancity Savings Credit Union member in good-standing for at least six months; or
• Enrolled in or a graduate of the Self-Employment Benefits Program, or similar entrepreneurial program; and
• Are operating, or about to operate a business in the Greater Vancouver Regional District, the Fraser Valley Regional District, or the Greater Victoria area.
• Have less than 50 employees and average annual total sales not exceeding $1 million.

To be eligible, interested applicants must clearly show a commitment to starting or expanding a small business. This may involve demonstrating a significant time commitment to the start-up or management of the business and some financial stake in the potential or existing business.

What can the loans be used for?

The Vancity Credit Union Micro Loan Program is designed to provide access to credit for projects not normally financed by traditional lenders, such as:

• Research and development of projects leading to commercialization;
• Pre-commercial and commercial product or service development;
• Market development;
• New production and service capacity enhancements;
• Acquisition and application of new technology;
• Lines of credit for business operations.

What are the terms of the loans?

The loan terms are designed to be flexible to help you maintain adequate cash flow throughout the year. Individual loans are subject to the following terms:

• Up to 5 years for repayment.
• Loans can range to a maximum of $35,000 per borrower.
• Principal payments may be postponed up to two times a year, including an option to delay the first two principal payments.
• Interest rates are set at Vancity Credit Union’s Prime Rate* plus a risk premium
• Vancity Credit Union to make final decisions on all loan approvals.

* The Vancity Credit Union Prime rate fluctuates with market interest rates.

How can I apply?

For more information on the Vancity Credit Union Micro Loan Program or other programs and services available through VanCity Credit Union, visit their website.

What other services may I be eligible for through Western Economic Diversification Canada?

With over 100 points of service in urban and rural communities across the West, the Business Service Network is made up of several integrated organizations that provide entrepreneurs with what they need to establish a business or make it grow.

Network partners work at the local level to ensure western Canadians have direct access to information on a wide range of financing alternatives, which will help determine your eligibility for services that best suit your needs. They offer various services from marketing and funding options to counseling and support.  For more information on the services our network provides and the network member nearest you, please visit WD’s Business Service Network.