Holiday Hours
Please note that our branches will be closed on Friday, April 7, 2023 for Good Friday.
Our Contact Centre will be open from 9:30 am to 4:00 pm EST. Online banking and ATMs are available for your convenience.
Our Toronto City Hall branch will also be closed on Monday, April 10.
Community
Programs & Resources
Alterna is guided by our commitment to support the well-being of our members, employees and communities.
We promote community economic development through programs that serve both individuals, such as our Microfinance program, and our work that supports the financial resilience of the non-profit sector.
Here are some programs your organization may be eligible for:
Microfinance Program
Our Microfinance program works to address socio-economic inequity by creating opportunities for financial independence and reducing barriers to banking for those often excluded from financing.
Program Details
- Up to $25,000 for entrepreneurs
- A built-in micro-savings component to bolster resilience
- Focus segments include:
- Low-income earners
- Professional development
- Skilled professionals and trades
- Social entrepreneurs and enterprise
- Women entrepreneurs
- Black entrepreneurs
Additional Support
- One-on-one consultation
- Financial education
- Credit Building
- Workshops and tools
- Wrap around support
Our Focus Segments Include:
Qualified low-income individuals can access loans of up to $5,000 to support the startup or growth of their full or part-time business.
To qualify, you must:
- Be a legal resident of Canada
- Be at least 18 years old
- Work and live in Alterna’s service area
- Operate a legal, seasonal, full time or part-time business
- Entering self-employment with income or assets under $30,000
You will need:
- To meet with a representative from our Microfinance Team for an interview
- To provide a business summary or business plan
- 12 months projected cash flow
- Proof of personal income
- Six months of bank statements
- Photo identification
This program is ideal for new Canadians and individuals transitioning to the workforce who don’t qualify for traditional financing. Through the program qualified borrowers can access loans from $500 to $5,000 to help them in the pursuit of professional development education or credentials.
To qualify as For-Profit Social Entrepreneur, you must:
• Be a legal resident of Canada
• Be at least 18 years old
• Work and live in Alterna’s service area
• Operate a legal, seasonal, full time or part-time business
• Be generating revenue
For Non-Profit and Co-operative Organizations:
• Operate in Alterna’s service area
• Provide sponsor support from an organization when the parent organization or social enterprise is not incorporated. The sponsoring organization will be required to make the loan on their behalf
• A letter stating motion from Board of Directors endorsing application for funding
You will need:
• To meet with staff from our Microfinance Team for an interview
• A well-documented business plan with 24 months of projected cash flow
• Business registration documents
• Minimum of two business and personal references
• Photo identification
Once approved, you will:
• Pay a competitive interest rate ranging from Prime + 2% to Prime + 6%*
• Conduct your business’s financial activities with Alterna Savings
• Be required to pay a nominal administration fee
Through the program qualified borrowers can access loans from $1,000 to $15,000 to help them start on the right foot in their profession or trade.
To qualify, you must:
• Be a legal resident of Canada
• Be at least 18 years old
• Work and live in Alterna’s service area
• Operate a legal, seasonal, full time or part-time business
• Entering self-employment with an income of $50,000 or under
You will need:
• To meet with staff from our Microfinance Team for an interview
• To provide a business summary or business plan
• 12-24 months projected cash flow
• Photo identification
Once approved, you will:
• Pay a competitive interest rate ranging from Prime + 2% to Prime + 6%*
• Conduct your business’s financial activities with Alterna Savings
• Be required to pay a nominal administration fee
Through the program qualified for- profit and non-profit enterprises can access loans from $1,000 to $25,000 to support the startup or growth of their social enterprise.
To qualify as For-Profit Social Entrepreneur, you must:
• Be a legal resident of Canada
• Be at least 18 years old
• Work and live in Alterna’s service area
• Operate a legal, seasonal, full time or part-time business
• Be generating revenue
For Non-Profit and Co-operative Organizations:
• Operate in Alterna’s service area
• Provide sponsor support from an organization when the parent organization or social enterprise is not incorporated. The sponsoring organization will be required to make the loan on their behalf
• A letter stating motion from Board of Directors endorsing application for funding
You will need:
• To meet with staff from our Microfinance Team for an interview
• A well-documented business plan with 24 months of projected cash flow
• Business registration documents
• Minimum of two business and personal references
• Photo identification
Once approved, you will:
• Pay a competitive interest rate ranging from Prime + 2% to Prime + 6%*
• Conduct your business’s financial activities with Alterna Savings
• Be required to pay a nominal administration fee
Through the program qualified borrowers can access loans from $1,000 to $25,000 to support the startup or growth of their full or part-time business.
To qualify, you must:
• Be a legal resident of Canada
• Be at least 18 years old
• Work and live in Alterna’s service area
• Operate a legal, seasonal, full time or part-time business
• Be self-employed with minimal income
• Have 51% ownership as a women-owned business
• Be generating revenue
• Income under $50,000
You will need:
• To meet with staff from our Microfinance Team for an interview
• A well-documented business plan with 24 months of projected cash flow
• Business registration documents
• Minimum of two business and personal references
• Photo identification
Once approved, you will:
• Pay a competitive interest rate ranging from Prime + 2% to Prime + 6%*
• Conduct your business’s financial activities with Alterna Savings
• Be required to pay a nominal administration fee
Joint Loan Program with BDC
Black entrepreneurs, social entrepreneurs, and women entrepreneurs who have received up to $25,000 in funding through Alterna's Community Microfinance program will have the opportunity to do double this amount through this new program with BDC, for a potential total of $50,000.
Resources to help get you started
Contact us to request a copy of our Cash Flow Statements and Business Planning Steps.
Black Entrepreneur Loan Fund (BELF)
The Black Entrepreneurship Loan Fund, a component of the Black Entrepreneurship Program, is a partnership between the Government of Canada, Black-led business organizations, and several financial institutions.
Programs & Grants
Community Financial Resiliency Program
Our Community Financial Resiliency Program helps improve the capacity and resilience of the not-for-profit and charitable sector to build equity, and strengthen their financial sustainability.
We do this by offering
- Free banking for not-for profits and charities
- High-interest earnings on banking for eligible Affordable Housing Providers
- Financial education for not-for profits & charities & their communities
- Access to funding
- Governance and capacity building tools
- Support to amplify causes & develop social purpose real estate
Additional advocacy and support around:
- Connecting community organizations
- Research and knowledge sharing
- Sector building
- Policy development
- Pilot projects
- Collaboration and shared platforms
Community Financial Education Programs & Resources
At Alterna, we believe strongly in supporting the financial health and well-being of communities. One of the ways we do that is by developing and delivering financial education programs and resources tailored to the specific needs of the individuals, organizations, and communities we serve. Our programs include customized curriculums for:
- individual members
- co-operatives, not-for-profits, and charitable sector organizations
- small business owners and entrepreneurs.
These financial education programs were designed to provide wrap-around support to underserved and underrepresented individuals and organizations. The curriculum encompasses a wide range of topics, from budgeting to more in-depth and specific workshops for social innovators and entrepreneurs or non-profit and charitable organizations.
For further information about Alterna’s financial education offerings through our Community Impact Department, please contact communityfinancialeducation@alterna.ca.
Community Grants Program
The program provides grants of up to $1,000 to initiatives where a small amount of money can have a significant impact in the communities we serve.
Eligibility
- Registered charities
- Incorporated non-profit organizations
- Co-operatives without share capital
- Unincorporated associations are eligible with the sponsorship of an eligible incorporated organization. Alterna will only issue cheques to incorporated groups
- While membership in Alterna is not a requirement for grant funding, preference will be given to member organizations. Click Here to find out more about how your organization can benefit from membership at Alterna.
Application Process
Completed applications can be submitted to communitygrants@alterna.ca A complete application will include:
- Completed application form
- Proof of charitable status, copy of Articles of Incorporation or Letters Patent
- Letters of recommendation (optional)
- For unincorporated associations, a letter of support from an incorporated non-profit organization is required. Cheques will not be issued to unincorporated groups.
- Initiatives that take place outside of Alterna Savings service areas (Greater Toronto Area, Ottawa, Kingston, Pembroke, North Bay, Dryden, Fort Frances, Ignace, Rainy River, Sioux Lookout, Thunder Bay, Dutton, Wardsville, Thamesville, Peterborough)
- Groups that discriminate or restrict access based on things like race, colour, religion or creed, sexual orientation, gender identity or disability among others
- Political or fraternal organizations, service clubs, or third-party organizations that raise funds for charity
- Private (fee-based) elementary or secondary schools
- Religious organizations, unless they are engaged in a significant project benefiting the entire community
- Endowment or memorial campaigns
- Conferences, events or golf tournaments
- Advertising or promotional campaigns
- Travel-related events, including student trips or tours
- The creation or repair of statues, monuments, art work or beautification projects
- The publication of books or movie productions
- Private foundations
- Sports teams (unless they are sponsored by a qualified donor)
Financial Inclusion Grants
Eligibility
Alterna’s Financial Inclusion Grant Program supports:
- Registered Charities
- Incorporated non-profit organizations
- Co-operatives without share capital
- Unincorporated associations are eligible with the sponsorship of an eligible incorporated organization. Alterna will only issue cheques to incorporated groups.
- While membership in Alterna is not a requirement for grant funding, preference will be given to member organizations.
Click here to find out more about how your organization can benefit from membership at Alterna.
Step 1. Letter of Inquiry
If you have an idea that you think would be a good fit for the Financial Inclusion Grant Program please submit a maximum 2-page Letter of Inquiry detailing your initiative.
Step 2. Request for Proposal
Alterna will review all letters of inquiry and invite a limited number of organizations to submit full proposals for funding.
Step 3. Proposal Submission
Alterna will only consider proposals from organizations that have been invited to submit a full proposal based on their letter of inquiry.
Step 4. Application Review
Received proposals will be reviewed by an internal committee of Alterna staff. Proposals will be evaluated on a number of criteria including potential for replication or scale of the initiative, impact, measurable results.
Step 5. Grant Approval
Alterna will inform all applications as to the status of their application. Successful applications will be announced on Alterna website and social media.
Key Dates
Letter of Inquiry Deadline: May 31, 2022
Proposal Deadline: September 10, 2022
Additional Resources
- Payment Solutions to Grow Your Small Business
- Business Solutions That Keep You on Track
- Industry Software To Ease Operations
- Support for businesses
- Operating safely
- Start or grow your business
Your financial well-being comes first
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