Faqs

Borrowers
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Borrowers

  • Why do you have this program?
    The microcredit program gives an opportunity to people who would usually not qualify for a bank loan, to start up a business.
    The program is an investment in the community and builds on economic strengths of members of the community.
  • What kinds of business do you support?
    The program supports any business with a viable/practical business plan.
  • How do I apply?
    If you are interested in applying you can download the application form from this link: Black Creek Microcredit Application form
  • How long is the Process?
    After an application has been submitted, the applicant will receive a confirmation e-mail within a week. We will continue to keep in touch with you through out the process which includes an interview to get more information about your business idea.
  • What if my business fails?
    We are aware that new businesses are likely to fail within the first and second year of establishment. As a result we offer various supports depending on the needs of the individual.
    Please note that if a business should fail, the borrower is still responsible for making payments on his or her loan.
  • Why is the maximum loan $5000.00?
    The objective of microcredit is to offer small loans. Based on resources available, the maximum money that can be issued out to a borrower is $5000.
    Borrowers who need more money after successful payment of the loan can apply for another loan with the BC Microcredit Program or may be eligible to apply for a larger loan at a commercial bank.
  • How old do I have to be?
    All applicants applying to the microcredit program must be 18 years and over.
  • What if I live just outside the catchment area of Black Creek?
    Get in touch with microlending@blackcreekcc.ca to see if you can still qualify or should be referred to Access Capital which provides loans to the GTA area
  • What is the interest rate?
    A 5% administration fee on top of the loan plus the Alterna prime bank rate plus 1.25%
  • Do I need to have good credit?
    No, you do not need to have good credit. The program is primarily for people with a poor credit history or no credit history but with a sound business idea.
  • Why is there a need for a credit check in the process?
    Any credit check that we do will be confidential. Your credit score is based on how much debt you currently owe, how much available credit you have and what kind of payment record you’ve compiled over the years. Lenders consider these factors before deciding to lend you money. It is helpful to know your credit history and to find out your credit score so that you can have a better understanding of how to repair it.
  • Who is the contact person?
    You can contact us via e-mail at microlending@blackcreekcc.ca

Investors

  • What returns do I get on my investment?
    Depending on the size and length of investment an annual percentage around 1% will be offered (this figure will fluctuate based on prime). In addition, investing in the microcredit program will be a great investment in the Black Creek community as well as in society at large. Investors can choose to donate their investment income if they wish. Funds invested or donated to the program will be used to help a range of business ventures managed by entrepreneurs from the community.
    Investor funds are held in low risk, liquid financial assets.
    Tax receipts are issued out to donors.
  • Who do I contact if I want to invest in or donate to the microcredit program?
    If you are interested in making an investment or donating to the microcredit program, please contact us via e-mail at microlending@blackcreekcc.ca

Volunteers

  • In what ways can I volunteer in the microcredit program? You can volunteer
    • As a loan review committee member
    • As part of the outreach committee team.
    • As a mentor to a new micro-entrepreneur.

    To volunteer in any of these areas, please contact us at microlending@blackcreekcc.ca