Phone: 705.848.0229

Fax: 705.848.1539

Toll Free: 1.800.256.7299

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

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

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