MicroCredit - Borrowers

Information For Borrowers

Borrowing funds to help build local business development and to expand career opportunities of Black Creek residents

  • Successful applicants will be provided access to funding and business support.
  • Successful applicants will:
    • Be residents of the Black Creek community (the larger Jane Finch Community is bound by Highway 401, Steeles Ave., Keele Street and Highway 400),
    • Possess a viable business plan,
    • Have previously experienced obstacles in obtaining funds from a bank,
    • Report business progress to a volunteer loan officer of the Micro-credit Program, and
    • Be approved for the loan by Alterna Savings with the support of the Black Creek Micro-credit Program.
  • If you meet these requirements, the Black Creek Micro-credit Program strongly encourages you to apply. We particularly encourage loan applications to support small business start up and expansion.

Upon successful repayment of the initial loan, borrowers are eligible to apply for larger loans to support an expansion of their business operations.

Working with Participants

A knowledgeable business support network and partnership with an established financial institution plays a significant role in the loan management.
Features of the loan include:

  • The opportunity for community members to receive up to $5000 for self employment activities, repayable in 12-18 months.
  • Loans administered by Alterna Savings, an established financial institution.
  • Loan officers who meet with program participants regularly to monitor business progress and ensure loan conditions are met.

If you are interested in applying you can download the application form from this link: Black Creek Microcredit Application form
 
Below are helpful tools in preparing your business plan.

Links About Business Plan/Financial Information

Helpful Tools:

Helpful Websites:

  • Enterprise Toronto ET offers free seminars which you can register for online. See "1st Time User" on the website to become a member (free) and register for "Upcoming Seminars & Events". If you have written a business plan, you can book a free consultation with one of ET's business advisors to review and evaluate your business idea.
  • Toronto Business Development Centre TBDC is a non-profit organization whose mandate is to nurture the growth of new and emerging businesses. As a business incubator, TBDC assists entrepreneurs in starting and developing a new business. It offers entrepreneurial training programs, business seminars and business networking opportunities.
  • Social and Enterprise Development Innovations (SEDI) This website is geared towards helping you start your own business. Follow the links to discover lots of information that can help you grow your business.
  • Canada Business Services for Entrepreneurs Click on your language preference. On the left side of the next page, click on Starting a Business under the Topics heading. Here you will find lots of useful information from making a business plan, registering your business name, to financing.
  • Youth Employment Services (YES) This website provides information about the programs at YES that can help you start your business. Click on the various links or get in touch with them to find out more.
  • Service Canada Under the heading Services by Subject on the left hand side of this webpage, click on Starting a Business. On this page, click on For Youth and Students where you will be provided with more information.
  • Service Ontario ServiceOntario provides fast, friendly and easy access to Ontario government information and services - online, in person, at kiosks and by phone. Check out the web site for resources that will help you when starting a new business, including general start-up information, online tools and "How to" guides about starting a specific type of business.
  • Human Resources and Skills Development Canada Creating a business and working can be stressful. Visit this link to learn strategies you can introduce to your workplace that can help balance your work and life.
  • YEI & Business Incubation KitThe Youth Entrepreneurial sub-committee has prepared a Youth Entrepreneurial Initiative and Business Incubation Resource Kit that includes information on business incubation and successful business practices. The committee is looking to partner with local Malls and businesses in order to engage the corporate sector in dedicating time and resources for community action. We hope to provide discounted space and business supports to local youth 18 to 24 years that will help to improve their economic opportunities.
  • SmallbizXpress Toronto Public Library's SmallbizXpress provides access to a wide variety of materials and resources essential to starting a new business. Easily locate information about what to do, where, how and when in order to start your new venture.
  • LP EARN LP EARN is a not-for-profit corporation formed to provide legal education and assistance to low-resource immigrants engaged in launching and growing independent businesses. LP EARN provides educational services to hard working immigrant entrepreneurs by way of seminars and the dissemination of legal knowledge. LP EARN also matches low-resource immigrant entrepreneurs with volunteer commercial lawyers who provide pro bono (free) commercial law services. (LP EARN does not provide assistance with non-commercial, litigation or insolvency matters.)
  • Toronto Employment and Social Services - Self-employment and entrepreneurship If you are receiving Ontario Works and are interested in starting a business, the Self-Employment Development program available through Employment and Social Services may be right for you. The program is run by community agencies that can help you learn how to set up and operate your own business.