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Mon to Fri: 8:00 am - 4:30 pm
Sat-Sun Closed
1 (888) 919-3800
Phone
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
