Business Loans
“The advantage of going to EDP for a business loan is that they don’t have a line-up of people who say you can’t have it – going to Community Futures, they are eager to see how you can have it. They work with you and you are not deflated before you leave. The next thing you know, you got it!”
-Dan Bauer, owner of Sunrise Eagle Cleaning, Osoyoos, BC.
Criteria for EDP Loans: A three step process
Self-disclosure is step one
Why self disclose a disability or chronic health condition ?
The EDP loan was developed to give more opportunity for persons with disabilities to get to approval.
If the business plan is viable and you are capable of managing the venture, we are willing to tolerate more lending risk and be more flexible with your collateral and security requirements. EDP loans are repayable and we take security to guarantee loan repayment.
Self -disclosure is confidential.
EDP loans are available to qualified applicants whose disability or ongoing health condition restricts their abilility to perform at least one task of running a small business. Some examples: Arthritis, chronic pain, Diabetes, physical, visual, auditory impairments, nervous disorders (MS), mental health disabilities, learning disabilities.
We need to know that you have a plan to adapt for your disabiity and keep your health in balance while running the business.
Step two: business concept and viability
Your proposed business must not be in direct competition with other businesses we have financed in the community. The business must be able to pay for itself and pay back the loan. Preference for financing will go to businesses that will diverify the local economy and create jobs. The business plan must prove on paper that your venture can succeed, given current market conditions and the owner’s management capability.
Step three: due diligence
EDP Loans are designed to tolerate more risk than regular business loans. EDP loan approvals are determined by the individual, their investment and ability to repay, their business concept and plan and the viability of the operation. We will thoroughly check your financial history, assets and assign security to gurantee loan repayment. Your loan application with all supporting documents will then be submitted to the Community Futures Lending Committee for decision.
Features and benefits of EDP Loans
EDP loans are flexible in approval and in repayment. If you have a cyclical health condition, such as MS, and are unable to work at the business for a period of time, we will adjust loan repayments to give you time to adjust and return to the business. We understand that you are managing the business and your health, and will work with you.
When you are ready, please visit your local Community Futures for your business financing needs.