How to Apply for CFSF Financing
Community Futures organizations provide small businesses with access to capital that might not otherwise be available from other financial institutions. Community Futures lending practices are directed by the Community Futures Program through Western Economic Diversification Canada.
Please note, we can only provide financing for businesses within our region ( Abbotsford, Bridal Falls, Chilliwack - District of, Chilliwack Lake, Columbia Valley, Greendale, Popkum, Rosedale, Sardis, Yarrow) who have not been successful in obtaining financing through conventional banking channels.
If you wish to apply for CFSF financing, please download a Business Loan Application Form and e-mail a signed copy to Sharon.Unger@southfraser.com or drop off a signed application at our Chilliwack office. If you have any questions, please call Teresa at 604-392-5133. Once we have received a completed application, we will contact you to provide further information regarding the application process.
A business analyst will review your application to ensure it meets the following criteria:
- Employment created or maintained predominantly in the region.
- Business located in the South Fraser region.
- 10% personal financial investment by the owner(s).
- Ability to repay.
- Future economic viability of the business.
- Competent management and relevant operational skills.
- Adequate security for the venture.
- Credit history of the owner(s).
A complete Loan Application Package consists of:
- A Business Plan Template (Including Marketing Plan, Operating Plan, and Human Resources).
- A Cash Flow Forecast for the next two years (detailed month-by-month).
- Financial statements for previous years (if this is an existing business).
- A resume from each principal / owner of the company.
- A CFSF Loan Application (requires detailed personal and financial history, etc.)
- Download What Community Futures Looks for in a Loan Application: PDF version
- Download Loan Application Checklist: PDF version
- Download CFSF Loan Application: Word version or PDF version
- Addtional information as required.
If you require specialized business planning and development services or training, fees may apply. We will pre-screen a loan application at no charge, however, a 1% application fee with a minimum fee of $75 will be administered should you wish us to proceed with a full evaluation. Additional administration fees may also apply, however, you will be informed of this in advance.
How long does it take?
Lending money takes time. How long depends on a number of factors, including the business plan development process, verifying assets, the amount and source of the funds, the time to complete legal work, and the time that it takes you to provide the necessary information and sign the documentation. Loans may take between 3 to 7 weeks once all the information has been collected.
Community Futures has a clearly established appeals process clients can follow to raise concerns on loan request decisions.
In order for CFSF to remain transparent to the client they have the right to appeal loan decisions to the next level of our organization that is as follows:
- For loans within the General Manager’s limit that the appeal be made to the Lending Committee
- For loans within the Lending Committee’s limit that the appeal be made to the Board
- For loans approved by the Board that the appeal be made to the CFBC Independent Service Review Panel