Nipawin Saskatchewan
Business - Small Business Loans
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SMALL BUSINESS LOANS ASSOCIATIONS

The Nipawin Economic Development, Business and Tourism Department now oversees three Nipawin Small Business Loans Corporations which access funding capital provided by the Saskatchewan Ministry of the Economy.   This Nipawin small business loans program has been registered with the Province of Saskatchewan for over twenty years and operates as an independent entity.


MAXIMUM LOAN AMOUNTS: $20,000.00

The Nipawin loan program itself enables the three local SBLA corporations to loan funds to small businesses, either new or existing, in and around the Town of Nipawin.   The maximum amount to be loaned to an individual company is $20,000 at an interest rate of 8% over 5 years.   The applicant may apply for funds in any amount, and may re-apply for a “top-up” to the $20,000 after loan repayment has commenced regularly for over 1 year.

COLLATERAL BASED FINANCING

One important part of the program is that Saskatchewan Ministry of the Economy will take second mortgage position on the collateral that is placed for the loan.   With permission of the financial institution, the borrower may use the new funds as leverage to borrow additional money for the purchase of a new piece of equipment or inventory for the business that they operate.

QUALIFYING

Each loan will be awarded on the merit of its application, the business plan, the need for funds and the ability to repay, and other considerations.   Saskatchewan Ministry of the Economy will not allow access to this program if you have other existing Saskatchewan Ministry of the Economy loans at this time or are participating in any other Saskatchewan Ministry of the Economy programs.

 

 
LOAN APPLICATIONS

The three Nipawin Corporations are operated on the following basis:  Applications are available at the Town Offices.   The Administrator of the corporations will prepare the application, along with relevant documentation, for submission to the local Loans Review Board which sits periodically to make decisions on applications submitted.

APPROVAL, WHAT NEXT?

If the loan application is approved by the local board, it is forwarded to Regina for final review & approval.   The funds are then sent out within approximately 2 weeks to the local Loan Corporation which will in turn disperse the funds directly to the applicant.

$600,000 FUND

Each corporation has a total of $200,000 to administer this program.   Nipawin has three Small Business Loan Corporations, or $600,000 available to local area entrepreneurs.   The Village of White Fox administers an additional loan corporation fund of $200,000 to its surrounding area.

For further information, please contact:
Town of Nipawin (306) 862-9866
Twin Lakes Enterprise Centre / The Idea Incubator (306) 862-0010

Business Loan Program & Application
Commercial Development Incentive

ADDITIONAL FINANCING SOURCES
— Newsask Community Ventures
— Canada - Saskatchewan Business Centre
— Women Entrepreneurs of Saskatchewan Inc.
— Enterprise Saskatchewan
 
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