Frequently Asked Questions
Click on the Questions below
Q: What are your loan terms?
All Community Futures Heartland loans are set at the TD Bank Prime plus 3% at the time of signing and locked in at this rate for the term of the loan. Our repayment terms are set at a maximum of 5 years.
Q: Does Community Futures Heartland provide any grants/non-repayable funding?
No, we offer financial assistance in the form of repayable loans to new or expanding businesses in our region. However, if you are 29 years of age or less and are interested in starting a business, you may be eligible for a Young Entrepreneur Program (Grant), sponsored by Manitoba Education and Youth. Application forms can be obtained by calling 1-800-282-8069 ext. 4284, or, if you live in the Portage la Prairie area, you can pick one up at the Community Futures Heartland Office.
Q: Where are you located?
Community Futures Heartland
11-2nd Street N.E. Portage la Prairie, MB. R1N 1R8
Phone: (204) 239-0135
Fax: (204) 239-0176
Toll Free: (877) 872-7122
Email: heartland@cfheartland.ca
Website: www.heartlandcfdc.com
Office Hours: Monday to Friday 8:00 a.m. to 4:30 p.m.
Q: What can loans be used for? Ie. Can I get a loan to purchase a vehicle for personal use?
Community Futures Heartland provides small business sector financing only. Eligible activities include:
- Starting or expanding a business
- Purchasing and applying new technology
- Upgrading facilities and equipment
- Developing marketing and promotions materials
- Establishing working capital for anticipated sales increases Community Futures Heartland does not make personal or agricultural loans.
Q: How long does it usually take to get funding?
A committee of our volunteer board of directors assesses funding applications on a monthly basis. As a result, the loan process usually takes between 2 to 3 weeks from the submission of your application until a decision is finalized, but can take up to four weeks.
Q: Do you require collateral for your loans?
Yes. We take business and/or personal assets as secured collateral on our loans similar to other lenders. However, unlike most other lenders, we are able to take second secured positions behind other financial institutions.
Q: Where do you have to live to borrow money?
Community Futures Heartland can provide business loans to individuals operating or opening businesses in our member rural municipalities and towns.
Q: How much can I borrow?
Loan amounts are based on an assessment of the potential job creation of your business, following our mandated guideline of $10,000 to $15,000 per full-time job created.
Q: What other services does Community Futures Heartland provide?
In addition to financial assistance, Community Futures Heartland can provide technical assistance in the following areas:
- Business planning assistance
- Assistance to access available government programs
- Bookkeeping training
- Budget and cash flow projections
- Access to resource material
- Preparing government applications for funding
- Research information centre
Q: Is there any charge for your services?
No. Community Futures Heartland is a non-profit organization operating under the umbrella of Western Economic Diversification, a department of the federal government. All of our services are provided free of charge
