Community Small Business Loans & Resources
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OUR SERVICES
- Providing information regarding a full range of government self-help programs, services and agencies;
- Offering small business counselling services;
- Providing information regarding business plan preparation and
business startup requirements; - Liaising with other lending institutions;
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-loan Program
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.
Standard Business Loan Program
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.
Larger Business Loans
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.
With the support of the Government of Canada through FEDNOR.
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LAMBAC
LAMBAC or the LaCloche Manitoulin Business Assistance Corporation is a Community Futures Development Corporation, funded by Innovation, Science and Economic Development/ FEDNOR with a mandate to provide business resources to support business development, distribute small business loans, and support community economic development in our region. LAMBAC serves businesses in the area from Walford through to Nairn on Highway 17, from Espanola down Highway 6 through and including all of Manitoulin Island, and the municipality of Killarney.
Contact Us:
Phone : 705-282-3215
Email : info@lambac.org
Address:
30 Meredith Street P.O.Box 130 Gore Bay, Ontario P0P 1H0