Small Business Loans Association Program (Saskatchewan, Canada)
Last modified on February 17, 2013.
|Applies to States or Provinces||Saskatchewan|
|Name||Small Business Loans Association Program (Saskatchewan, Canada)|
|Policy Category||Financial Incentive|
|Policy Type||Loan Program|
|Affected Technologies||Biomass/Biogas, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Solar Photovoltaics, Wind energy|
|Implementing Sector|| State/Province
|Start Date|| 1989
|Maximum Incentive|| $20,000 (Canadian)
|Terms||Loans are granted at competitive interest rates, which vary with each association, up to a maximum of 10 percent per year. Businesses have between two and five years to repay their loans.|
|Program Administrator||Enterprise Saskatchewan|
|Primary Website|| http://www.enterprisesaskatchewan.ca/SBLA
The SBLA program makes funds available to entrepreneurs through local, community-run associations. Financing is available up to $20,000 for new and existing businesses that may have difficulty obtaining traditional financing.
An individual business is eligible for the maximum $20,000 loan under the program, including any entrepreneur who has experienced difficulty in obtaining financing through traditional means (bank or credit union). SBLA loans are available for entrepreneurs with a new business idea, the development of a new business or the expansion of an existing business. An SBLA generally judges businesses on their ability to create jobs and to add services to communities. The intent of the program is to provide help to entrepreneurs who otherwise might not get started.
Types of businesses not eligible for assistance are those engaged in direct farming, exploration (e.g. mining and oil extraction), residential real estate and multi-level marketing. Charitable organizations do not qualify for assistance.
Businesses can use SBLA loans to purchase assets, such as equipment, renovations or start-up inventory. The loan cannot be used for operating expenses or for repayment of existing debt.
Loans are granted at competitive interest rates, which vary with each association, up to a maximum of 10 percent per year. Businesses have between two and five years to repay their loans.
|Division||Small Business Loans Association Program|
|Address||200 - 3085 Albert Street|
|Zip/Postal Code||SK S4S 0B1|