Financing is an integral part of any business. Launching a business venture can require more money then first anticipated, even existing businesses can require additional funds.
PELA CFDC administers local investment funds to help new and existing small businesses finance start-up, expansion or stabilization plans that help maintains or creates employment. Financing of up to $150,000 on commercial terms through loans and equity investments is available when financing from other sources is insufficient or unavailable. Lending criteria and applications can be found on the Loans page found at the top of this page.
PELA CFDC also administers the Eastern Ontario Development Program ( EODP). Through this program PELA CFDC administers grants once a year to new and existing businesses. Application deadlines, and guidelines can be found in the Grants section at the top of the page.
There are several sources to consider when looking for financing. It is important to consider all options before making a decision.
Personal Savings: The primary source of capital for most new businesses comes from savings and other forms of personal resources. While credit cards are often used to finance business needs there may be better options available, even for very small loans.
Friends and Relatives: Many entrepreneurs look to private sources such as friends and family when starting out in a business venture. Often, money is loaned interest-free or at a low interest rate, which can be beneficial when getting started.
Banks and Credit Unions: The most common source of funding, banks and credit unions may provide a loan if you can show that your business proposal is sound.
Venture Capital Firms and Angel Investors: These firms help expanding companies grow in exchange for equity or partial ownership. Committing your own funds is often the first financing step. It is certainly the best indicator of how serious you are about your business. Risking your own money gives confidence for others to invest in your business.
If you are interested in our grants please click here.
If you are interested in our loans please click here.