Afro-Entrepreneurs | » OBTAINING A LOAN

What requirements must be met to obtain a loan?

If you wish to apply for a loan from the Afro-Entrepreneurs Fund, you must meet a number of important conditions and requirements:

Be 18 years of age or older

Be a member of one of Quebec’s black communities

Be the head of a growing business

Be an experienced manager

Demonstrate your company’s potential growth

Be the head of a business that is an incorporated or registered for-profit business or a social economy business (non-profit organization or cooperative), carrying on a lawful business activity

How to apply for a loan

All applications submitted to the Afro-Entrepreneurs Fund must be in writing and specify the key components of your request, including the desired amount and term of the loan.

You must provide a clear, detailed description of your project or your company. We recommend that you also include relevant information that will help us understand your project, for example:

Your résumé and that of the company’s key staff
A description of your company’s current or future activities
A description of your company’s growth prospects
A description of the specific needs which caused you to apply for funding (what will the loan be used for?)
Your financial statements
Your financial forecasts for the next 3 years
A description of current contracts (with customers, suppliers, associates, employees, etc.)
The amount you would like to borrow

Steps to obtain a loan from the Fund

1

If you have a business plan and all the documents the Fund requires, you can submit your application directly to the Afro-Entrepreneurs Fund. The address is under Contact on this website.

2

You will be contacted once the Fund has received all the information relating to your application.

3

The Fund may ask you to submit additional information it requires to analyse your application.

4

Once your application has been reviewed, if it is approved, the Fund will contact you with an offer of financing.