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The Co-operative Loans and Loans Guarantee Board provides financial
help to co-op organizations. The Board provides loan guarantees to viable co-ops
that are unable to get financing on reasonable terms in order to support the
growth and development of the sector.
Eligibility
Criteria
To be eligible for a loan guarantee co-ops must demonstrate the following:
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The
required financing is not available on reasonable terms from lenders or
other sources, even after an effort has been made, but would be available
with assistance from Government.
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The
funds will not be used for refinancing or for payment of an existing debt.
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The
loan is for productive purposes and is necessary to the success of the project.
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There
is reasonable evidence that the co-op will be viable and able to repay the
loan.
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Reasonable
security is available.
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Members
have sufficient equity so that their risk is at least equal to the amount
of the guarantee being requested.
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Normal
co-op principles and business practices are and will continue to be followed.
Terms
and Conditions
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Each
co-op applying for financial help is treated as unique.
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Repayment
terms will vary, depending on the circumstances of the co-op.
Making
An Application
The Board meets regularly to review applications. Contact Cooperative
Development Services for an initial consultation.
Staff can also assist you with:
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General
assistance in preparing your application.
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General
information about co-ops.
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Additional
information about assistance programs for starting or expanding co-ops.
For more information, contact:
The
Co-operative Loans and Loan Guarantee Board
Attention:
Jamila Bachiri
Email:
co-ops@gov.mb.ca
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