Affinity Credit Union Micro Loan Agreement

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Western Economic Diversification Canada (WD) offers this Micro Loan Agreement in cooperation with Affinity Credit Union. It is designed to improve access financing for small businesses starting or expanding the province of Saskatchewan.

Who is eligible?

The Affinity Credit Union Micro Loan Agreement is specifically designed to benefit people meeting the following criteria:

• Affinity Credit Union member in good standing; or
• Enrolled in or a graduate of the Self-Employment Benefits Program or similar entrepreneurial program;
• Employs less than 50 employees and average annual total sales not exceeding $1 million; and
• Operating or about to operate a business in Saskatchewan.

To be eligible for a business micro loan, 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 Affinity Credit Union Micro Loan Agreement provides access to loans for small business start-up or expansion in Saskatchewan. This could include activities such as:

• Getting your product or service ready for sale
• Developing or enhancing your product or service
• Marketing
• Purchasing equipment or other assets

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 five years for repayment
• Loans can range to a maximum of $35,000
• Flexible repayment terms at Affinity Credit Union's discretion
• Affinity Credit Union makes the final decision on all loan approvals
• Interest rates are set at Affinity Credit Union's Prime rate* plus a risk premium

* The Affinity Credit Union Prime rate fluctuates with market interest rates

How can I apply?

For more information on programs and services available through Affinity Credit Union, contact Rich Harries at (306) 934-4034, or visit Affinity Credit Union's 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 counselling and support.  For more information on the services our network provides and the network member nearest you, please visit WD’s Business Service Network.