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Entrepreneur Assessment Quiz

Business Loans

Loans Up to $150,000

Fixed interest rate and amortization established at time of application

No repayment penalties

Application and administration fees will apply

Micro Loans Up to $25,000

Get access to up to $25,000 and grow your business.

Decisions are made by a local committee.

Please contact us if you would like to see Local Micro Loans offered in your area.   

REGIONAL RELIEF & RECOVERY FUND (RRRF) Up to $40,000*
This program now CLOSED effective June 30, 2021

No Interest & No Payments through Dec 31, 2022

If 75% of loan is repaid by Dec 31, 2022 remainder forgivable

Payments begin January, 2023 @ 4% interest, must be repaid by Dec 31, 2025

No pre-payment penalties

REGIONAL RELIEF & RECOVER FUND (RRRF) $20,000.00
This program is now CLOSED effective June 30, 2021

Must have been a recipient of the first round of funding ($40,000)

No interest & no payments due until December 31, 2022

If 50% of loan is repaid by Dec. 31, 2022, remainder ($10,000) is forgivable

If 50% payment cannot be met, payments for the full $20,000 begin Jan. 31, 2023 @ 4% interest and must be repaid by Dec 31, 2025

No pre-payment penalties

Are you ready to kick-start your business? Get financing specifically tailored to your start-up, expansion, or business buyout in a rural community.

*If you do not qualify for the RRRF Loan and/or require additional loan support your business (Apply under Micro Loans & Loans up to $150,000)  contact our office for assistance @ 1.888.919.3800

HOW IT WORKS

1

Fill out our online application. Not sure what to apply for specifically? No problem, give us a call at 1.888.919.3800 or email reception@meridianregion.ca to help get you started.

2

You’ll share your draft business plan and cash flow with us. (Don’t have one? No problem, we’ll help you get started)

3

We’ll look at your credit history and business plan to ensure you’ve met our eligibility requirements.

4

We may ask for additional supporting documents such as resume, references, etc.

5

We’ll help you polish up all the documents required (or ensure you get the appropriate help).

6

Once we’ve received the application and all supporting documentation, we will then present your application on your behalf to our board of directors for approval.

7

Within 10 days (from receipt of all documents) we’ll inform you of the board’s decision.

8

You’ll receive your $$

Have a question? Email reception@meridianregion.ca or call 1.888.919.3800

View All Loan Programs

FlexLine
Flexible line of credit loans from $10,000 to $50,000 – money that’s there when you need it

TrailBlazer
Loans for value-adding, innovation, enhancing productivity and developing new products and markets

BizBuyout
Loans to assist with the purchase of an existing and successful rural business

BusinessAble
Loans for persons with a disability seeking to start or expand a business. Conditions for BusinessAble Funding:

  • The Entrepreneur must have a viable business plan and be restricted in the ability to perform at least on of the basic activities of entrepreneurship or self employment
  • Loans up to $150,000 may be considered under this program
  • Business plan development and business training are key components of the program
  • One on one assistance, counselling and mentoring as well as access to other business resources provided
  • A disability may include physical, soft tissue injury, intellectual and emotional
  • Disability must be self proclaimed

NextGen
Loans for young entrepreneurs ages 18 to 29 with a great business idea Conditions for NextGen Loan:

  • Loans up to $150,000 may be considered
  • If the business is a partnership all partners involved must be eligible for the loan and are jointly and severally liable for the loan repayment
  • NextGen is a repayable loan based on interest rates comparable to local industry standards
  • Business planning assistance is provided

NewBiz
Loans for entrepreneurs who want to start a business in a community served by Community Futures

ReadyCash
Quick turnaround short-term loans of up to $10,000 – so you can react to a great opportunity

Loan Rates + Fees

Interest Rates:

  • Term Loans (Up to $150,000): Royal Bank Prime + 2% (Please contact the office for confirmation)
  • FlexLine - Royal Bank Prime + 3%

Business Development Fee:

  • $150 Business Development Fee for preparation for a Financial Institution or for preparation for Investment Meeting. This includes business plan, projections, etc.

Administration/Application Fees:

  • Up to $25,000 - $250
  • $25,000 - $50,000 - $500
  • $50,000 - $100,000 - $750
  • $100,000 - $150,000 - $1,000

FlexLine: Same administration/Application fees apply as above as well as an Annual Renewal fee of $500 or a monthly fee of $50 as long as they have access to the line of credit.

NSF Fee: $50 per item

Security Amendments, early release, etc. - $50

Eligibility

You are eligible if:

  • Your financing needs do not exceed $150,000 (exceptions may apply)
  • You have good credit history
  • Your business is based within East Central Alberta and/or West Central Saskatchewan
  • You have reached the age of majority in the province in which you live
  • You acknowledge that you have exhausted all lending options

The following projects are NOT eligible:

  • Primary Ag
  • Non-active income (ie. Real estate development, rental income properties)
  • Down hole production
  • Live animals
Entrepreneur Assessment Quiz!