LAMBAC has several loan programs that may meet your business needs. There are no application fees. If you are unhappy with the terms offered by your current lender, come in and compare, perhaps we can assist you with one of the following programs.
Micro loans to a maximum of $10,000 repayable over 36 months are available to any business, large or small.
These loans are reviewed within the office and approved by the Manager. The application is short and the funds can be disbursed quickly.
Our business loan limit is $300,000. Business loans are available to qualifying new or existing businesses in the LaCloche Manitoulin area. Amortization will be tailored to your cash flow and seasonal payments are also possible i.e. large payments in your busy season and smaller payments in the off- season. Currently our business interest rate is 7% including life insurance. All LAMBAC business loans are open and can be re-paid without penalty at any time.
Special business loans are available to larger businesses to a maximum of $600,000 through the North Eastern Ontario Investment Pool Network. LAMBAC as a member of this network can process your business loan application. It will be reviewed by an independent business analyst so the process will take longer than our standard business loan. All other terms are similar to the Standard Business Loan Program.