ELNOS' General Loan Fund provides eligible clients with up to $250,000 in term-debt financing or equity investment.

The fund is designed to assist existing businesses to stabilize and expand their operations, or to allow for the development of a solid new business venture or start-up.  

Applications for the General Loan Fund will normally be supported by a well-thought-out and comprehensive business plan, which clearly demonstrates the viability of the business venture.

Individuals interested in this fund are strongly encouraged to have an initial meeting with ELNOS staff to help ensure that they are fully informed of the documentation required to support their application.

ELNOS' Micro-Loan Fund is targeted at the small businessperson or entrepreneur who needs access to quick and simple financing.

The fund can provide simple term-debt loans up to $10,000 for viable business ideas.  A typical micro-loan will be repayable over a two-year term.

Applicants for micro-loans will not normally be required to have a current business plan, but will be required to support the business case for their request.  The documentation package accompanying the application should focus on the immediate needs of the business or the opportunity available.

Individuals interested in this fund should plan to have the majority of their supporting documentation in hand prior to contacting ELNOS, as the process is designed to move quickly after the initial meeting. 

The Business Development Assistance Program provides existing and potential business with access to forgivable loans of up to $10,000 to allow them to explore new business opportunities.  This could include: feasibility studies, business plan development, operational reviews, and consultant services.

Recipients of Business Development Assistance will need to be able to clearly demonstrate how the proposed activity will benefit their existing business, or what key element of their new business idea is to be addressed.  ELNOS staff may be able to help identify the specific activities or resources required to achieve the desired result, but the applicant must identify the desired outcome.

Individuals interested in this fund should have a clear vision of what business goal they hope to accomplish through the funded activity, with supporting documentation where appropriate, prior to their initial meeting with ELNOS staff.

What is the process to access the General Loan Fund once a proposal is submitted?

Once contact is established, ELNOS will review the proposal to assess the chances of successfully establishing the new business venture in the ELNOS Region.  Past and projected financial performance, market assessment, management expertise, previous experience and references will be considered.

Upon completion of the initial assessment, ELNOS will identify any points of concern and discuss them with you.  A decision to proceed or not will be made based on the results of this discussion.

Staff will begin a comprehensive review of the proposed business venture.  In some cases, objective technical and/or professional opinions will be required to confirm the information that will provide the foundation for future business development decisions.  In general, more time will be required to assess larger or more intricate proposals.  The assessment of incomplete proposals will also take more time. The evaluation process can take anywhere from two weeks to six months or more.

A partnership agreement will start to take shape during this phase.  ELNOS will draft a letter to outline the terms and conditions of any agreement reached between the Corporation and the client.  This will be in the form of a "Terms Letter" for debt investment and a "Shareholder's Agreement" for equity investments, which will be shaped and revised to suit the needs of both parties.  The final draft is then presented to the ELNOS Board of Directors for approval.

Once the terms and conditions of the agreement are in place and signed by both parties, ELNOS will participate in the progress of the new venture with various levels of assistance and guidance to identify and address business issues.

This approach is designed to reduce the level of risk for ELNOS and for you.