ELNOS

Phone: 705.848.0229

Fax: 705.848.1539

Toll Free: 1.800.256.7299

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.

ELNOS' Low Interest Loan program is designed to compliment facade improvement programs such as the City of Elliot Lake's Community Improvement Program (CIP).

Businesses will be eligible to apply for funding using the following basic criteria:

  1. The project must be an approved facade improvement initiative, such as the City of Elliot Lake's CIP Program.
  2. Loans will be made up to a maximum of $20,000 or 40% of the project cost.
  3. The interest rate is 2.5%
  4. The proponent must show a minimum 10% equity contribution to the project.
  5. Loans will normally be repayable over 30 months.

The simplified loan application will consist of the submission of the confirmation of the project approval documentation and the project budget showing sources of funding.

ELNOS instituted the new program as an acknowledgement of the importance that facade improvements have on the overall look and economic well being of a community's business area, and to encourage business owners to reinvest in their properties.

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.

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