Coast Capital Savings Micro Loan

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Western Economic Diversification Canada (WD) and Coast Capital Savings Credit Union jointly offer the Coast Capital Savings Micro Loan Program.

Who is eligible?

The Coast Capital Savings Micro Loan Program is specifically designed to benefit people meeting the following criteria (including those applicants that have a self-declared long term disability):

• member/client of Coast Capital Savings Credit Union; or
• enrolled in, or graduate of, a Self Employment Benefits Program (SEBP) or similar entrepreneurial program; and
• less than 50 employees and average annual sales not exceeding $1 million;
• have proof of community/personal network support (2 letters of reference, documentation outlining support);
• have a financially viable business plan;
• demonstrated proof of their own contribution to business (financial or in-kind).

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 Coast Capital Savings Micro Loan Program provides access to loans for small business start-ups and expansion in the Greater Vancouver Regional District, the Fraser Valley Regional District or the Greater Victoria area. This could include activities such as:

• research and development leading to commercialization;
• pre-commercial and commercial product development;
• marketing development;
• new production and services capacity;
• working capital through the use of lines of credit.

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 Coast Capital’s discretion.
• Coast Capital Credit Union makes the final decision on all loan approvals.
• interest rates are set at Coast Capital’s Prime rate* plus a risk premium.

*  The Coast Capital Savings Credit Union Prime rate fluctuates with market interest rates.

How can I apply?

For information on the Coast Capital Savings Micro Loan Program, or other programs and services available through Coast Capital Savings Credit Union visit the Coast Capital Savings Credit Union website or contact their offices at:

Victoria, British Columbia
Telephone: (250) 483-7000,

Lower Mainland, British Columbia
Telephone: (888) 517-7000

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.