HOW TO APPLY

  • apply-nickel-basin

    Application Process

    The loan application and review process takes 3 to 7 weeks, depending on your timing and expediency in providing required information. Applicants must, at a minimum, submit a completed application for financing and a personal financial statement for each borrower and/or guarantor. These forms are available in the Download Forms section of our website. In most instances, we also require that you submit a completed business plan and supporting financial projections, such as a cash flow budget. Business plan and financial projection templates are accessible in the Business Planning Tools section of our website. Our experienced staff will review your application, personal financial statements and business plan. Interviews are conducted as part of our due diligence process, and additional information to complete our credit assessment may be required. Staff is then responsible for writing up the assessment on your credit application to provide recommendations to the Board of Director’s Investment Committee. The Board’s Investment Committee meets once per month to review all loan applications. If an application is authorized by the investment committee, an Offer to Finance is provided for the applicant for review of terms, conditions and signature. Once you have accepted our Offer to Finance, a Nickel Basin-approved solicitor prepares security documentation, promissory note and guarantees etc. Once all legal documentation and other per-disbursement conditions have been satisfied, monies are released for the agreed-upon purposes of your project.

  • services-page

  • Program Criteria

    To qualify for potential assistance from Nickel Basin, you must meet the following criteria

    • Employment creation and/or maintenance of existing jobs
    • The business must be located within our geographical jurisdiction. If you choose to move your business outside our jurisdiction after financing has been extended, you may be required to pay out your loan
    • Reasonable personal financial investment (the minimum investment required is 10%, and may be higher, based on the amount of intangible costs related to your project)
    • Acceptable credit records for the business and principals
    • Real or perceived future economic viability of the business, with the ability to repay the Nickel Basin loan, loans from other financial institutions, and maintain its operational commitments current
    • Sufficiently competent management and/or management team to successfully manage the business
    • Adequate security for the venture (i.e. property, assets, personal guarantee(s), third party guarantee(s), etc.
  • View Our Coverage Area

    Our operational coverage area centres on the City of Greater Sudbury and extends west, to and including Beaver Lake, north to Cartier, east to Wahnapitae and south to Estaire. Please refer to the map below to view our territory. If your existing or proposed operation is located outside our jurisdiction, please visit Community Futures Development Corporations in Ontario’s website at www.oacfdc.com to locate the CFDC office nearest you.

    Greater Sudbury Map