CFDC-SC provides term loans that are typically designed for repayment over a span of three to five years.

In 2016, in honor of our esteemed long-time volunteer and dedicated Community Futures Champion, Barrie Wilbee, we established the Barrie Wilbee Endowment with the Sunshine Coast Community Foundation. This endowment is specifically crafted to provide financial backing for educational and learning endeavors geared towards local entrepreneurs. It represents our singular non-lending financial assistance initiative for entrepreneurs and small businesses within the Sunshine Coast Community. Furthermore, we engage in collaborative partnerships with non-profits and community organizations, occasionally pooling resources to drive community development projects that align with our mission and vision. We also encourage entrepreneurs and small business owners to browse the Government of Canada's Business Benefits Finder which is a very valuable resources in navigating funding and grant options.

The interest rate for a loan is influenced by a range of factors carefully evaluated by CFDC-SC. Our variable interest loans are structured with a pricing based on the Bank of Canada prime rate plus 2-5 points. These factors take into account the 5Cs of Credit, community and economic impact, as well as alignment with the UN's Sustainable Development Goals (SDGs). Additionally, we are committed to fostering diversity and inclusivity by actively seeking to support groups such as women, entrepreneurs with disabilities, and minority entrepreneurs through our lending initiatives.

CFDC-SC applies a nominal 2% service fee to each loan transaction, contributing to the essential operational capital of our organization. We also charge a credit check fee, security registration fee, and may other charge other administration fees when and if required.

To schedule a meeting to discuss your business and/or financial needs, please kindly complete the form on our Contact page. Provide a brief description of your inquiry, and a member of our team will promptly reach out to you. We look forward to connecting with you.

From Earl's Cove to Port Mellon, CFDC-SC proudly serves the Sunshine Coast Regional District.

We are located at 5500 Wharf Ave, Sechelt, BC V0N 3A0 in suite 301 which is on the third floor above The Bakery.

Small Business BC, a partner to CFDC-SC offers a wealth of resources on their website along with free business advisory services.

Check out our blog for the top 10 things lender look for when evaluating a loan.

CFDC-SC extends its lending services to individuals facing challenges in securing conventional financing, such as from banks or credit unions. We are mandated to verify that our loan applicants indeed encounter difficulties in obtaining traditional financing. Our lending focus primarily centers on entrepreneurs, small business proprietors, and community organizations within the areas of CFDC-SC's operation. We cater to those aspiring to start, acquire, or expand a business, while also extending support to non-profit and community organizations.

Please visit our Loans page to view our application process.

While most of our loans are completed in the range of 20-60 days, the timing varies on a case-by-case basis along with the size of the financial request and complexity of the business. Submitting requested information promptly greatly enhances the process. Delays may arise if an application is incomplete or necessitates further information from the applicant.

Yes. A business plan offers lenders valuable insights into your enterprise. When combined with a financial plan, it serves to demonstrate the sustainability and profitability of your business. Your distinct Business Plan transforms into a navigational guide, providing direction and serving as a metric for gauging forthcoming achievements.

On top of requiring a business plan and financial projections, we also require a Use of Funds Statement, and a Personal Financial Statement. Visit our Loans page to view a full list of CFDC-SC lending criteria.

Credit Checks As an integral component of our diligent assessment and a crucial stage within the loan application procedure, we conduct a credit check via Equifax. This step is essential for verifying personal information and is undertaken solely after deeming the business to be viable. Previous Bankruptcies Applicants with a history that includes a personal or business bankruptcy will be evaluated on a case-by-case basis and will require additional information to assess its relevance to a loan application with CFDC-SC.

Although you have the flexibility to initiate payments at any point without incurring any penalties, as of September. 14th, 2023, the Federal Government has extended the "interest-free" period of the Regional Relief and Recovery Fund (RRRF) to January 18, 2024, for all eligible borrowers in good standing. If your loan is not fully settled by January 18, 2024, your repayment plan will commence in January 19, 2024. You can read more about the RRRF loans here | Read more about the Government's latest extension here

The Federal Government has prolonged the "interest-free" duration of the Regional Relief and Recovery Fund (RRRF) until January 18, 2024, encompassing all eligible borrowers who maintain good standing. You can read more about the RRRF loans here | Read more about the Government's latest extension here

Should the borrower repay the entire forgivable portion of the loan amount on or before January 18, 2024, and no default event has transpired, the outstanding twenty-five percent (25%) of the loan amount will be forgiven. You can read more about the RRRF loans here | Read more about the Government's latest extension here

Smaller amounts can be repaid via e-transfer to accounting @ communityfutures.org. Larger amounts can be repaid by mailing a cheque or dropping it off at our office. If you prefer, you can contact us to discuss your payment arrangements. You can read more about the RRRF loans here | Read more about the Government's latest extension here

If repayment of the full non-forgivable portion is not possible by January. 18, 2024, the loan will be automatically extended through a loan, commencing on January 19, 2024, and concluding on December 31, 2026. Throughout the extended term, the borrower will remit combined monthly payments encompassing both principal and interest. The interest will be set at a fixed rate of five percent (5%) per annum, calculated daily and compounded, with monthly payments in arrears. The first payment of principal and interest is slated for January 31, 2024, and the subsequent payments will be due on the last day of each ensuing month, concluding on December 31, 2026. You can read more about the RRRF loans here | Read more about the Government's latest extension here

You can find the Government of Canada's Regional Relief and Recovery Fund – Community Futures Stream page here.