Interest Free Loan Program

June 13, 2016   INTEREST FREE LOAN PROGRAM

Brooks- Community Futures Chinook, in partnership with the City of Brooks and the County of Newell, is proud to announce an “interest-free” loan program that will provide funding assistance for new start-ups or expansion of existing businesses. The purpose of this program is to stimulate business and the creation of employment throughout the Newell region. The communities included in the region are: The County of Newell, the City of Brooks, the Town of Bassano, and the Villages of Duchess and Rosemary. Eligible businesses will have the opportunity to take advantage of interest-free financing on loans outlined in the program. The terms and conditions of the program will be discussed in a one-on-one meeting with a Business Analyst.

This program is being made available through funding from the City of Brooks and the County of Newell, which is being used to cover interest payments on behalf of applicants. Similar programs have been available in the region in the past and received success and high participation rates.

New start-ups will be required to provide a comprehensive business plan which will be submitted to Community Futures Chinook for review to determine the its viability for economic development and job creation within the region. The business plan must also meet Community Futures normal lending criteria, including adequate collateral and cash-flow, management abilities and owner investment. As part of the due diligence process, further personal confidential details may be required.

Eligible expenses for the program include: construction costs, land purchases, leasehold improvements, equipment purchases, inventory, and defined working capital expenses.

For more information, please contact:

Sean Prummel
Business Analyst
Chinook Community Futures
403-388-2923
sprummel@albertacf.com
Tony Diep
Communications Officer
City of Brooks
403-362-3333
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