Program Eligibility

The Alterna Savings Community Micro-Finance Program provides qualified borrowers with loans ranging from $1,000 to $25,000.

For more information please contact microfinance@alterna.ca

Income Builder Loans

Loans of $1,000 to $5,000 for individuals looking to supplement or bridge their income gap through self-employment.

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Eligibility

  • Individuals looking to supplement or bridge income gap through self-employment

Loan Amounts

  • $1,000 - $5,000

To Qualify Non-Profit Enterprises

  • 18+; Legal resident in Canada
  • Work and live in Alterna Service Area
  • Personal Income and assets under $30k
  • Operate a legal, seasonal, full time or part time business

What We Need

  • Business Plan or Business Summary
  • 12 month projected cash flow
  • Most recent Notice of Assessment from CRA
  • Proof of income
  • Minimum of two business and personal reference
  • 6 months bank statements
  • Photo identification

Success Accelerator Professional Development Loans

Loans of $1,000 to $5,000 for individuals who require financial assistance to pay for courses, training, exams, licensing, registration fees or tools of the trade as they transition into the work force.

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Eligibility

  • Individuals looking to transition into the work force
  • Education and training loans
  • Tools of the trade equipment purchase

Loan Amounts

  • $1,000 - $5,000

To Qualify Non-Profit Enterprises

  • 18+; Legal resident in Canada
  • Work and live in Alterna Service Area
  • Personal Income under $30k
  • Do not qualify for OSAP or other Student loans
  • Short term education programs 2 years or less or accreditation fees such as exams and licensing (fees can include text books )
  • Purchase of tools of the trade equipment

What We Need

  • Proof of acceptance in the program or training course
  • Certification in your chosen field (for tools of the trade equipment purchase)
  • Job Search Plan or Proof of Job Search (for tools of the trade equipment purchase)
  • Most recent Notice of Assessment from CRA
  • Proof of income
  • 6 months bank statements
  • Minimum of two business and personal reference
  • Photo identification

Skilled Professionals and Trades Loans

Loans of $1,000 to $15,000 to support self-employed individuals and graduates of professional skills and trades programs with building their business.

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Eligibility

  • Individuals, graduate of professional skills and trades program (college or apprenticeship) (e.g. plumber, construction, chef, bookkeeper, paralegal, welder)

Loan Amounts

  • $1,000 - $15,000

To Qualify Non-Profit Enterprises

  • 18+; Legal resident in Canada
  • Work and live in Alterna Service Area
  • Credit Score 650+ for loans over $5k
  • Personal Income under $50k
  • Operate a legal, seasonal, full time or part time business

What We Need

  • Detailed Business Plan
  • 24 month projected cash flow
  • Most recent Notice of Assessment from CRA
  • Minimum of two business and personal reference
  • Photo identification

Working Women Business Loans

Loans of $1,000 to $25,000 for women who are looking to self-employment as a means to secure financial independence of job flexibility.

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Eligibility

  • Women

Loan Amounts

  • $1,000 - $25,000

To Qualify Non-Profit Enterprises

  • 18+; Legal resident in Canada
  • Work and live in Alterna Service Area
  • Credit Score 650+
  • 51% ownership as a women-owned business
  • Personal Income under $50k
  • Operate a legal, seasonal, full time or part time business
  • Be revenue generating

What We Need

  • Detailed Business Plan
  • 24 month projected cash flow
  • Revenue to date
  • Most recent Notice of Assessment from CRA
  • Minimum of two business and personal reference
  • Photo identification

Social Impact Entrepreneurship Loans

Loans of $1,000 to $25,000 for entrepreneurs and enterprising non-profit and co-operative organizations engaging in businesses that see having a social impact as being equally important as generating profits.  

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Eligibility

  • Sole proprietor, Partnerships, Corporation, Non-profit, Coop operating a social purpose business in Ontario

Loan Amounts

  • $1,000 - $25,000

To Qualify Non-Profit Enterprises

  • 18+; Legal resident in Canada
  • Work and live in Alterna Service Area
  • Credit Score 650+
  • Personal Income under $50k
  • Operate a legal, seasonal, full time or part time business
  • Be revenue generating
  • Letter stating motion from Board of Directors (non-profit organizations)

What We Need

  • Detailed Business Plan
  • 24 month projected cash flow
  • Revenue to date
  • Most recent Notice of Assessment from CRA(excluding non-profits organizations)
  • Minimum of two business and personal reference
  • Photo identification