Town of Kipling

We offer a competitive rate of 6%. This is a blended rate over a maximum of five years. When we talk about a blended rate we mean that you will pay interest only on the amount owing per month. For example if you start out with a loan that is $5000.00 the first month you will be charged interest on $5000. The next month you will be charged interest only on the amount owing which would be $4802.00, and so on until your loan is paid off.

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How Much Would My Payments Be?

This would depend on the amount of money that you are borrowing. We try to make the payments as affordable as possible for you.

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Who Is Eligible For A SBLA?

Each individual business is eligible for a SBLA under the program including any entrepreneur who has experienced some problems in getting finances through banks or Credit Unions. SBLA loans are usually judged on the business's ability to create jobs and add services to the communities. The ability of the businesses to access regular banks or credit union financing is also considered, as the program is designed to give help to entrepreneurs who otherwise might not get their business off the ground. Loans can only be used for purchase of assets, such as equipment. Money CANNOT be used for operating expenses or for repayment of existing debts.

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Who Benefits From The Interest That I Pay?

The principal of the loan is repaid to the Regional Economic and Co-operative Development department; however the interest that is collected stays in the association to help cover administrative costs and do special projects within Kipling.

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How Do I Apply?

You need to contact our office for an appointment 736-8399. We will help you every step of the way including making a business plan and answering any questions that you may have. We will provide you with a check list of things that you need to have in order to process your loan quickly so you can proceed with your business.

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How Much Does It Cost To Apply?

There is an application fee of $60.00 which is payable to the Small Business Loans Association Program Department of Regional Economic and Co-operative Development. This application fee is valid for 90 days. If all required information is not given to us in 90 days then your application will be considered a "stale" application and you will have to reapply and pay the $60.00 application fee again.

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What Documentation Do I Need To Provide?

You will be required to provide a completed application, business plan and application fee. We may also ask for a signed demand promissory note and general security agreement. There may be more documentation to complete depending on your loan request.

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What Is Your Privacy Policy?

Your information is kept confidential within the Kipling SBLA loans advisory. We do not disclose any information to any outside parties even if you are only inquiring about a new business that you want to start. We believe that your ideas are YOUR ideas and not to be shared with anyone else. We encourage you to follow through on your business ideas and will help you in any way that we can to make your "dream" become a reality. If it is information that you need, available funding etc., we will help as much as we can.

When you succeed, we succeed!!

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