The Nipawin Economic Development Committee has established a Nipawin Small Business Loans Association to access a program provided by Saskatchewan Regional Economic & Co-operative Development. This company has been registered with the Province of Saskatchewan and operates as an independent entity, it is not a part of the Town of Nipawin or an arm of the Economic Development Committee.
The program itself enables the new corporation to loan funds to small businesses, either new or existing, in and around the Town of Nipawin. The maximum amount to be loaned to an individual company is $15,000.00 at an interest rate of 8%. The applicant may apply for funds in any amount. Loans for inventory are a maximum of $10,000.00.
One important part of the program is that Saskatchewan Regional Economic & Co-operative Development will take second mortgage position on the collateral that is placed for the loan. With permission of financial institution, the borrower may use the new funds as leverage to borrow additional money for the purchase of a new piece of equipment or inventory for the business that they operate. Each loan will be awarded on the merit of its application, the business plan, the need for funds and the ability to repay, and other considerations. Saskatchewan Regional Economic & Co-operative Development will not allow access to this program if you have other Saskatchewan Regional Economic & Co-operative Development loans at this time or are participating in any other Saskatchewan Regional Economic & Co-operative Development programs.
The Nipawin Corporation is operated on the following basis: Applications are available at the Town Office. Karen Grayson is the Administrator of the company and will prepare the application, along with relevant documentation, for submission to the Loans Review Board who will sit periodically to make decisions on applications submitted. If the loan application is approved by the local board, it is forwarded to Regina and the funds are then sent out within approximately 2 weeks to the Loan Committee who will in turn disperse the funds to the applicant.
Each corporation has a total of $200,000.00 to administer this program. Nipawin and area has four small business loan corporations, or $800,000.00 available to local entrepreneurs.
An application fee of $60.00 is to accompany each application. Cheques should be made payable to the Minister of Finance.
For further information, please contact:
Box 116
NIPAWIN, SK S0E 1E0
306-862-3380 (Phone/Fax)
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