Waubetek provides loans to Aboriginal businesses to "bridge" costs
associated with the establishment or expansion of a business as a temporary
advance of money until other sources of confirmed funds are received. In
other words, a bridge financing loan is used to cover costs that are being
financed by other sources where the funds will not be immediately received
or where the client must cover the cost first and then be reimbursed. This
financing allows the project to proceed immediately.
Eligibility
- Applicants must meet the same eligibility requirements as for Waubetek's
commercial loan fund or the Enhanced Access to Capital Fund.
- The approved financing that is to be provided from other sources to which
the bridge financing loan is being applied, must be confirmed.
Maximum Loan
- The maximum loan amount is $150,000 per business (inclusive of both the
commercial loan and bridge financing loan.)
- Daily interest will be calculated at the annualized rate of Prime rate plus
2%.
Repayability
Repayment is based on receipt of financing.
Payment from the other funder or source(s) shall be jointly payable to both the
applicant and Waubetek.