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Business Loans
and Financing

  • Up to $300,000 allotted to small business loans
  • New or existing businesses
  • Rates range from Prime + 2-5%
  • Open for partial or full repayment at any time – NO penalty!

**Business Financing Applications are due no later than the 5th of each month to be considered for approval by the Board of Directors at the monthly meeting.

Approval/Appeals: The loan applicant may make an appeal of a decision made by the General Manager or Business Development Officer. All loan requests that meet the SLBDC loan criteria will go forward to the Board of Directors. Loan applications that have been declined by the Board of Directors are not subject to appeal.
Clients who substantially address the reasons for the declined loan may re-apply. This might include providing more information, addressing deficiencies in the business plan, making available more assets for collateral or any other actions which mitigate the deficiencies, which caused the loan application to be declined.

APPLY NOW by completing a Business Loan Application, Business Plan, Cash Flow Statement and a Personal Financial Statement:

Loan Clients

It is very difficult to define the “typical loan client.” Based on previous experience, loan clients typically fit into two very general categories:

New Entrepreneurs: New entrepreneurs typically seek loans from the SLBDC because they are not “bankable”. Non-bankable clients are unable to obtain any or all the funding they require from chartered banks because they:

  • Lack security
  • Lack a proven track record
  • Are borrowing a relatively small amount of money ($15,000.00 or less) which costs financial institutions more to administer than they can earn in interest
  • Lack a Business Plan

The best way to explain how the SLBDC meets the needs of new entrepreneurs is to explore the process the client goes through in an effort to obtain financing. Typically, this type of client approaches the SLBDC looking for business start-up information. They learn at that time that loans are available from the SLBDC. The SLBDC staff then works with the client and explains the requirements in terms of completing a Business Plan.

Subsequently, SLBDC staff aids the client by providing feedback for improving and finalizing the business plan. During this process, the client receives advice in terms of the viability of the business idea documented in the Business Plan as well as the adequacy of security being offered for a proposed loan.

If the loan is approved, the SLBDC staff works with the client on a continuous basis by collecting and analyzing monthly financial statements and providing relevant feedback to the borrower. A relationship develops between the SLBDC staff and loan clients, and this relationship is typically stronger when new entrepreneurs are involved.

Existing Businesses: The “typical” existing business owner who approaches the SLBDC is looking to take the “next step”  in the development of his or her business. This client has usually overcome the hurdles of business start-up and has established a viable business that employs an average of 10 people. These entrepreneurs are typically hard working and dedicate a large number of hours to their business each week. However, these businesses are still not “bankable”. They may have a lack of proven profitability and a lack of adequate security.

Once again, the SLBDC staff works with the client to help them come up with a viable Business Plan with plans for Business Developments. Existing business owners tend to be quite a bit different from prospective entrepreneurs as they are seeking information that would help them obtain financing to grow an existing operation and aid in economic development. These business owners tend to be more frustrated with the chartered banks as they feel that their past business accomplishments should be valued and aid them in obtaining required financing. This, however, is not usually the case. The SLBDC staff meets the needs of this type of client by working quickly and efficiency in order to determine whether or not there is anything the SLBDC can do in terms of providing a loan support. If a viable Business Plan is received and there is adequate security for the amount requested, approval is obtained as quickly as possible in order to ensure that the Loan Application is not further delayed. Subsequent to the advance of funds, the SLBDC staff works with the existing business owner by collecting and analyzing monthly Financial Statements.

The amount of time between requesting and advancing a loan to existing business owners is much less than that for new business owners as the pace of communication between the SLBDC and these entrepreneurs is much quicker and the recommended action is implemented immediately. The experience of these entrepreneurs is obvious.

Contact Us

For More Information regarding SLBDC Loans Contact:

Nicole Crosby
Business Development Officer, Commercial Lending
Sarnia-Lambton Business Development Corporation
109 Durand Street Sarnia, ON N7T 5A1

Phone: (519) 383-1371
Fax: (519) 383-8115
Email: [email protected]