The services of Community Futures North Red (CF North Red) are available to members of the West St. Paul business community.Community Futures North Red is one of Manitoba’s 16 Community Futures Development Corporations (CFDC). Each is a non-profit that works independently to strengthen the economies of rural communities through the provision of business financing and community development services.
CF North Red serves clients in Selkirk, St. Andrews, St. Clements and West St. Paul. Their office is located at 18 Main St., Selkirk. They can be reached by phone at 204-482-2020.
CF North Red is currently looking for volunteers from West St. Paul to sit on its board of directors. Manager Peter Mandryk says community and business-minded West St. Paul residents are invited to apply for what will be at least two volunteer positions on the board.
To visit the CF North Red website, click here.
About Community Futures North Red
CF North Red has been operating as an independent non-profit organization successfully since 1985. North Red is one of 16 Manitoba CFDC's who work to strengthen the economies of rural communities through the provision of business financing and community development services.
Business Services
CF North Red has various loan programs that may help you in your business venture. These programs are for individuals starting or expanding their business. You must be running your business operations in the North Red region to qualify. North Red is a lender of last resort; you must provide evidence of being unsuccessful in acquiring funds from a traditional lender, such as a bank or credit union.
CF North Red Business Loans
A loan can be provided from Community Futures North Red up to $150,000, but before the Corporation becomes involved in providing any financial assistance, certain criteria and guidelines must be adhered to:
* Available to new or expanding business
* Current Interest rate is 7%
* Flexible terms and conditions
* The applicant must be willing and able to invest a minimum of 10% equity investment in the enterprise, considering the total funding required, ensuring that the applicant will be committed to making the enterprise viable.
* The venture must appear to have reasonable expectation of economic viability
* The majority of jobs to be created must be filled by persons residing within the area of influence of the Corporation
* No grants or forgivable loans are permitted to be made by the Corporation
* Every approach to the Corporation must be analyzed for the number of jobs it will be generating
* The Corporation's participation is desirable in ventures that would not proceed without the financial and/or technical assistance of the Corporation
* The loan is approved by a Board of Directors. Upon approval of loan a business plan and two years of projected financial statements need to be provided
Youth Loan Financial Assistance
A loan up to $25,000 can be provided to youth applicants under the following criteria:
* Applicants will be required to have 10% equity in their business, which would provide applicants with a sense of ownership and participation in the venture and that they would have something to lose if the venture were to fail. This discretion can be waived at the discretion of Community Futures North Red.
* Applicants are between the ages of 16 to 29. Applicants under the age of 18 will require a co-signer as dictated by provincial standards
* A business plan and two years of projected financial statements will be required
* Existing businesses can qualify for the Youth Loan Program
* Season business can qualify for the Youth Loan Program
Entrepreneurs with Disabilities Financial Assistance
A loan can be provided up to $150,000 for applicants with disabilities based upon the following criteria:
* Eligible applicants must be living in a rural community in the CF North Red region and have a disability that impairs their ability to perform at least one of the basic activities of self-employment or entrepreneurship
* Applicants will be required to have 5% equity in their business, which would provide applicants with a sense of ownership and participation in the venture and that they would have something to lose if the venture were to fail. This discretion can be waived at the discretion of Community Futures North Red
* Normal security arrangements will be followed in the Lending Agreement
* A business plan and two years of projected financial statements will be required
If you are interested in applying for a loan or have any other questions, please contact Peter Mandryk, Manager, at (204) 482-2020 extension 1 or by email at peter@northredcfdc.com
CF North Red is a member of the Community Futures Network of Canada, which is comprised of five regions – Atlantic, Quebec, Ontario, Western and Territories. There are 268 member offices across the country.