Micro-loans are variable rate term loans made to assist small businesses or community organizations, to help start, grow, or expand their business. It is a loan that would not otherwise be made available or would be available only under less favourable terms.
Eligibility for this program is to be based on community and social impact as well as the viability of the business organization.
How much loan can I apply for?
You can apply for up to a maximum amount of $10,000 at a term loan
What a Microloan can be used for:
Small scale production
Tools and equipment
Retail or office space
Other related expenses
How will my application be assessed?
Viability of business idea-legal and within credit union’s policy
Expertise, knowledge business owner
Character & Credit History (understanding your story)
Quality of documents submitted
Eligibility Criteria for Microloans
18+ years of age
Legal resident in Canada
Required to work and live in areas serviced by Pathwise Credit Union
Operate a legal, seasonal, full time or part time small business. (does not incl. franchises & commissioned based businesses)
Personal net worth statement (PNW)
Business plan & projections (as appropriate)
Completion of Business FundamentalsTraining provided by the BACD
Bank account established with Pathwise
Microloan Application Form
Submissions will be accepted between May 1 –May 31, 2022
In 2015 the United Nations Member States and their Governments agreed that these 17 goals are key strategies to improve global health and education, reduce inequality and spur economic growth, all while tackling climate change and working to preserve our oceans and forests!
At Pathwise Credit Union we have agreed to focus on 5 of these goals, to engrain the value and responsibility of them in everything we do!