Business Development Centre
CFMW offers business services for people that want to start, buy or expand a small to medium-sized business in the North Island region. Over the past 17 years CFMW has issued over $12 million in loans to people who need assistance to grow their business. Other services that we offer include planning assistance, negotiable interest rates and flexible repayment schedules.We provide funding to businesses for working capital, equipment purchase or lease, and business purchase or expansion. We assist with loan proposal development, which includes an application form, business plan, budget, projected cash flow and job creation potential.
Our services include:
- Business Counseling
- Entrepreneurial Workshops
- Business Plan assistance
- Financing
- Loan Program
- Ongoing support
Please contact us for more information on our business services.
Loan Program
CFMW offers a loan program that enables the start-up, expansion and maintenance of small to medium sized businesses in the North Island region. We offer the following loan services:
- Loans available for start up, acquisition and expansion
- Flexible repayment schedule
- In-house life insurance
- Maximum loan size normally $150,000
- Work with partners for larger loans
- Micro-lending program ($1000-$10,000)
- Seasonal business lending
- Working capital for business growth
Application Process
CFMW decides whether to help finance your new business on the basis of a written description of you and your business idea. Our aim is to provide assistance to individuals that are most likely to succeed in creating a business and to whom our financial assistance is critical. It is expected that the business will provide sustainable full-time employment for yourself and others. If you have a viable business plan and agree to work with a mentor for the life of your loan, CFMW will consider your application. The steps to apply for a loan from CFMW are:
- Contact CFMW to discuss your needs
- Submit completed application form
- Produce business plan including financial projections
- A Loan proposal is prepared by the Business Analyst and presented to the Loan Review Committee, a committee of business community volunteers, for consideration
- Approved loan proposals are presented with a Letter of Offer
- Dispense of funds occurs once documentation and security are completed
Criteria
In order to qualify for a loan, a potential client must be able to provide CFMW with the details of their business idea that meet the following criteria:
- Eligible to work in Canada
- Viability of business proposal
- Management capability
- Reasonable personal investment
- Provision of adequate security
- Job creation or sustainability
- Located in CFMW service area
Download the Loan Application Form
For more information about CFMW Loans, please call Lawrie Garrett at 250 956-2220 Ext: 225
Success Stories
Island Gem Water
When Arend Munroe began researching the bottled water industry, he discovered that drinking bottled water actually conserves water: “I found places like Williams Lake, where people were actually using less water since bottled water companies have been in business.” Munroe approached Community Futures in December 2006, and after writing a business plan, which he describes as “the hardest part of the process,” he opened Island Gem Water in February 2007. However, before he could begin manufacturing bottled water, he had to renovate his rented warehouse space into a functional production zone: “When I took over, this place was piled high with stuff; I had to redo the floors and completely clean the place so that it met the Health Department's standards.”
It takes Munroe approximately four hours to polish, sanitize, rinse and fill 100 18.9 L bottles. Munroe's filtration process includes reverse osmosis, which removes 99.9% of any particulates. He has an ozonator, which uses gas instead of harsh chemicals to clean, and helps further reduce any pathogens that may be in the water. “[My product] is as clean as you can make any water,” commented Munroe. After each bottle is filled, Munroe applies a sticker with the production date so that consumers know “that it wasn’t sitting around for two weeks before they received it.” When asked whether working with Community Futures had been difficult, Munroe commented that “[They have] been very supportive and helpful. The water [in Port McNeill] is really good; I’m just making it a little bit better.”
