About
our Loans
Our loans can help you create income,
build assets and overall help improve your economic security. Loans can be
used for almost anything if it gets you back
to work, helps you start a business, or helps you secure better
and more affordable housing.
The maximum size of the loan varies, for business it is $7,500,
for getting back to work, it is $2,500, and for securing housing,
it is $1,000.
In the Loan application process you must show that you
cannot get a loan elsewhere due to income, assets, security or credit
history. You also must have three references that can speak on your
behalf, not friends or family. In all cases, you need to show that
you can make monthly payments.
Each loan carries a 10% fee and an interest rate of
the current prime
rate plus 3%. Loan decisions
are made by a committee and can take up to one month to process
depending on the applicant's ability to provide all necessary information.
Back to work and affordable housing loan take, on average, two to
four weeks to process and approve.
Business Loans can take up to three months or longer to approve.
Call Joe Godin at 652-5626 or send an
email to Joe at loans@loanfund.ca
to inquire, for assistance or to set-up a
meeting.
*New* Non Profit / Social Enterprise Loans
Well
established non-profits with a business case, financials and some
information regarding it's Board of Directors can now apply for a loan
for a project or expansion. We're also looking for emerging Social
Enterprises in the Greater Saint John area needing start-up or
expansion capital. The maximum loan in this category is $50,000 - call
us for more information.
Business
Loans
So, you have
a good idea but you don't have the money to get started. What you
need is a business plan that tells us what your product or service
is, why people want to buy it, how you'll sell it, where you'll
sell it and how long it will take to make money.
Our Business Plan Guide can help get you started.
Back
to Work Loans
If you have an opportunity to get
back to work then you need to confirm the employment using our
Employment Confirmation form. On the form, the company will confirm
your job position, your hours, rate of pay and start date. We offer Money Matter$, a basic course in
money management to all back to work loan borrowers.
Affordable Housing Loans
Housing loans will help you move to
more affordable housing and better quality housing. They are not
urgent loans. Each loan will require an inspection of current
housing and future housing options. Applicants will be required to
track their spending for a period of two weeks prior to a loan
approval. We offer Money Matter$, a basic course in money management
to all back to Housing borrowers.
Call!
506.652.loan (5626)
Saint John Community
Loan Fund
133 Prince Edward St., Saint John, NB E2L 3S3
Email:
loans@loanfund.ca
Fax: 506.652.5603
* Charitable# 85491 3241 RR0001
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