Getting Started in Norfolk   (GSIN)

Starting a Small Business in Norfolk?

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, the Getting Started in Norfolk loan, available through Venture Norfolk, will help you prepare for those challenges.

What You Get

  • A loan of up to $10,000
  • An interest rate of Royal Bank Prime + 2.0%
  • Monthly interest only payments in first year
  • An amortization period up to 5 years
  • Free professional guidance from community partners on key small business topics
  • Monthly meetings to help monitor your progress
  • A $500 grant is available on the first anniversary of the loan for qualified applicants

 

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

  1. Register for the Starting a Small Business seminar at Venture Norfolk
  2. Prepare a business plan – your blueprint to your business proposal
  3. Prepare a 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 the Venture Norfolk committee

 

Eligibility:

  • you must be engaged in a full time business activity
  • the business must be located in Norfolk County
  • the business must have been started recently (preferably in 2016)
  • the business must be a legal entity suitable for public support

 

Process:

  1. Business plan/cash flow
  2. Application/Personal Financial Statement
  3. Presentation to the Venture Norfolk committee for feedback/participation
  4. $500 grant requirements:
  • monthly monitoring meeting (includes financial reporting)
  • evidence of business registration/liability insurance
  • consultation with biz skill
  • two networking meetings
  • grad recognition (newspaper/AGM/website)