Loan Application Checklist

  • Completed Loan Application.  Signed by all principals and witnessed.
  • Completed Business Plan
  • Completed minimum 2 years of Business Plan Financials Worksheet broken down monthly
  • Statement of Personal Assets and Liabilities of each principal (see pages 7 and 8 of Loan Application). Ensure all sections are completed, signed and witnessed.
  • Recent Municipal property tax statement(s) from Municipality for properties owned.
  • Current mortgage statements for properties included in Personal Financial Statement.
  • Latest Personal Income Tax Return Notice of Assessment  (i.e. In 2014 we require the 2013 Notice of Assessment)
  • If you are an existing business, 2 years of historical financial statements (Balance Sheet and Income Statement) and corresponding Income Tax returns and Notices of Assessment
  • If you are an existing business, Current Year Balance Sheet, Income Statement, and corresponding Accounts Payable and Accounts Receivable listings.
  • If you are an existing business, latest Notice of Assessment for GST/HST, PST, Source Deductions and WSIB. (see page 3 of loan application)
  • If the business is incorporated, a copy of the Articles of Incorporation and details of the share structure and officers of the corporation
  • If the business is not incorporated, a copy of the Master Business License
  • If the business is a partnership, a copy of the partnership agreement.
  • A complete list of all the business assets (equipment, furniture, fixtures, inventory, computers, vehicles, land, buildings, etc.) with an estimation of the fair market value.
  • If you are purchasing an existing business, 2 years of historical financial statements (Balance Sheet and Income Statement) and the income tax notices of assessment.
  • Lease of premises (if this application is for a proposed new business, and the lease is dependent on the results of the application, a copy can be obtained later)
  • Resumes of all business principals
  • A copy of a birth certificate and driver’s license for each business principal (front & back)
  • Loan Application Fee of $200.00 payable as follows:
    1. $100.00 Non Refundable fee to be paid when the application is submitted. (Cheque payable to: Centre For Business and Economic Development)
    2. $100.00 Balance is payable if the loan is approved.