What is the interest rate for a EDC loan?
The interest is minimum 6%.
Is there an application fee?
There is a $100.00 application fee to apply for an EDC loan. The fee is due at time of application.
Does my business need to be in Montmorency County?
Yes. Your business must be based in Montmorency County. We can refer you to other EDC programs as a convenience if there is a question on how your business based.
Is my personal and business information confidential during the application process?
Yes. All information is confidential. We give each applicant an applicant number and we maintain secured files at the EDC office.
Do I need collateral and a business plan to obtain a loan?
Yes. Both of these items are equally important. It is important to have collateral to obtain a loan with the EDC. The collateral helps reinforce the commitment of you as the applicant. Having a business plan is extremely important, so we may understand your business goals and experience. Therefore, we can better service you as a loan provider.