Holiday Hours
Please note our branches will be closed on Saturday, September 30 and Monday, October 2, in observance of National Truth & Reconciliation Day.
Our Contact Centre will be open to serve our members on Saturday September 30 and on Monday, October 2, from 9:30am to 4:00pm ET. Online banking and ATMs are available for your convenience.
Small Business
Microfinance
Alterna values entrepreneurs and small business owners and their contributions toward our economy and local communities. We promote community economic development through micro-lending initiatives, encouraging our members to be financially knowledgeable, giving back through many charitable activities and continually striving to be transparent at every level of our operation.
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 - Click here to learn more
- 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
Collaborative NFP Loan Fund
Alterna’s Collaborative NFP loan fund provides financial support to non-profit and charitable organizations that the COVID-19 pandemic has negatively impacted. Funding ranges from $1,000-$20,000 with a repayment term of up to 3 years. Learn more about eligibility criteria here or contact us to learn more.

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.
Success Stories

Jason Baerg
Indigenous artist Jason Baerg credits his work with Alterna’s Community Microfinancing Program with helping him to get where he is today.

Sergio Navarretta & Alessandra Piccione
Sergio Navarretta and Alessandra Piccione, co-founders of SNAP Films Inc. work together as a director and screenwriter to create meaningful stories for both the big and small screen.

Sipho Ibeakanma
Sipho Ibeakanma was inspired to open her business, The Niesh Hair Scarf Wig, after her daughter Cleopatrah and granddaughter Niesha tied a beautiful scarf around her wig in August 2018.
Articles

How to register a Business in Ontario
Starting your own business is exciting but takes careful planning. One of the first steps will be to register your business.

Expenses you can claim for your home-based business
If you own a business and use your home as your primary workplace, you may be able to deduct certain business expenses from your income tax.

How to get access to your money for your business
Whether you are a start-up, if your business is expanding, or you need credit to cover cash shortages, we have options to help.
How can we help?
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