HOW-TO APPLY FOR A MICROLOAN PROGRAM

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ELIGIBILITY

1. Have a passionate business idea; own more than 51%

2. Your business must be located in the Greater Toronto Area

3. Your business must be registered and offer a product or service

4. Must be a Canadian Citizen or a Permanent Resident over 18 years of age

SUBMISSION

1. Develop a Business Plan with a one year projected cash flow

2. Fill out the application form – Click Here

3. Ask for the amount of money you need, not the maximum – loan maximum is $5000

PERSONAL CREDIT

1. Submit a personal credit report, which you can request for free from HERE

2. If you credit history is not perfect, provide full disclosure, explain your story and how much you owe

3. Credit is not a huge factor for the loan, but it is still a factor

4. You may be required to access credit counselling depending on your credit history

BUSINESS PLAN TIPS

1. Provide a SWOT analysis

2. Cash flow projections must be realistic and achievable

3. Personal equity/Sweat equity

4. Market research

5. Has the product or service been sold? Will it contribute to the community?

6. Do you have a web/online following? Mention it

7. Milestones and Goals

8. Mentorship – Endorsement

5C’S IN EVALUATING YOUR APPLICATION

1. Capability

2. Commitment

3. Character

4. Credit Worthiness

5. Contingency Plan

 ***Artists, you can also apply for this loan. Contact me, I will tell you how.

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  1. BIZ: Micro-loan Program | The PuRRR - November 22, 2013

    […] UPDATE: How-To Apply for a Microloan Program […]

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