Getting Started in Norfolk   (GSIN)

The first year of small business startup offers significant challenges in adjusting to the uncertainty of the business cycle. As you consider starting a new small business in Norfolk County in 2016, the Getting Started in Norfolk loan, available through Venture Norfolk, will help you prepare for those challenges.

 

What You Get

  • Loan up to $10,000
  • Interest rate of Royal Bank Prime + 2.0% (4.70% as of May 2016)
  • Interest-only payments monthly in first year
  • Up to five year amortization
  • Get free professional guidance from community partners on key small business topics
  • Monthly meetings to help monitor your progress
  • $500 grant available at first anniversary of loan

 

How to Apply (at www.venturenorfolk.ca):

  1. Register for Starting a Small Business seminar at Venture Norfolk.
  2. Prepare a business plan – your blueprint to your business proposal
  3. Prepare one year cash flow projection
  4. Meet with Venture Norfolk staff: call 519-428-2323 or fill out the contact form to request an appointment
  5. Present your business plan to Venture Norfolk committee

 

Eligibility:

  • full-time business activity
  • business located in Norfolk County
  • business started recently (preferably in 2016)
  • legal business entity suitable for public support

 

Process:

  1. Business plan / cashflow
  2. Application/PFS
  3. Presentation to Venture Norfolk committee: for feedback/participation
  4. Offer to Finance contains Appendix on GSIN $500 grant requirements:
  • monthly monitor meeting (includes financial reporting)
  • evidence of business registration/liability insurance
  • consultation with biz skill
  • two networking meetings
  • grad recognition (newspaper/AGM/website)