Funding is critical for any entrepreneur, whether to take a creative idea and start a new business or help a pre-established business flourish.
ProMontreal Entrepreneurs offers:
- A loan of up to $50,000 with a fixed interest rate (at prime) and with attractive conditions, such as a moratorium on loan payments for the first year.
- Canadian Youth Business Foundation (CYBF)
- We do not take equity
In order to be eligible for financing, you must be between the ages of 18-40, live in the greater Montreal area, be a member of the Jewish community, and your business must be in operation for less than two years.
To consult the PME Fund Application Instructions and Eligibility Requirements or to access the application form, please click here.
There are two PME funding rounds each year.
Next Funding Deadline is April 28th 2014 at 4pm
Please contact us for more information.
Canadian Youth Business Foundation
The Canadian Youth Business Foundation (CYBF) and our partner, the Business Development Bank of Canada (BDC) are proud to support Canada’s young entrepreneurs with financing to launch their businesses.
CYBF Financing and Repayment Terms
- Up to $15,000 with a term over five years.
- Interest is charged at CIBC’s prime rate * plus 3%.
- Interest-only payments for the first year.
- Principal repayments are made in equal monthly instalments together with interest, over the remaining four years.
- No penalty for early re-payment.
Triple Up! Once you are approved for funding from CYBF, you may also be eligible to receive additional financing – up to twice the initial CYBF loan offer. This opportunity is made possible through CYBF’s partnership with the Business Development Bank of Canada (BDC), and is only available through CYBF.
BDC Loan Terms
- Up to double the CYBF approved loan, to a maximum of $30,000, with a term over five years matching the CYBF amortization period.
- Applicant(s) must show a minimum investment of 10% of total value of the project.
- Monthly principal and interest repayment schedule with a five-year term, with interest-only payments for the first year.
- The client may prepay all or any part of the outstanding principal, however, the BDC must receive the interest owing to the time of re-payment, together with an indemnity equal to three months’ interest on the principal prepaid.
- Once a year (non-cumulative) on the anniversary date of the loan authorization date, the client may repay 15% of the principal outstanding without indemnity.
- Once approved, the BDC will issue an offer letter outlining additional terms and conditions.
- The interest charged is the BDC Floating Base Rate* + 5%.
- The BDC charges a $50 processing fee, payable at the time of the initial loan disbursement.