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The Alterna/BDC Joint Loan Program for Black Entrepreneurs, Social Entrepreneurs and Woman Entrepreneurs

Kyle Shantz

Kyle Shantz

Managing Director

Joint Loan Program Eligibility Criteria: Community Microfinance and BDC 

Eligible Groups 

  • Black entrepreneurs – Applicants must self-identify as being of African or Caribbean heritage and must have at least 51% ownership interest in the business 
  • Social (for profit) entrepreneurs – engaged in a business that uses a creative and innovative approach to solve economic, social and environmental issues. 
  • Women entrepreneurs – must have at least 51% ownership interest in the business

Alterna Community Microfinance Loan Terms and Rates 

  • Between $5,000-$25,000 
  • 5-year repayment period 
  • Open to Ontario residents 
  • Interest rate ranges from Prime +2% to Prime + 6% 
  • $100 application processing fee (payable upon loan disbursement) 
  • Business must be revenue generating for at least 12 months before application 
  • Personal income of $50,000 or less 
  • Sole proprietorship, partnership or incorporated business 
  • Applications are subject to credit approvals and eligibility criteria. Some restrictions may apply BDC Loan Terms and Rates
  • Applicants must be approved for a loan through the Alterna Community Microfinance program Between $5,000-$25,000 – the loan amount will be equal to the loan from Alterna 
  • 5-year repayment period (interest-only repayment in the first year) 
  • $50 application processing fee (deducted from the initial loan disbursement) 
  • Interest rate: BDC Floating Base Rate + 1.65% 
  • Loan applicants must not be BDC borrowers at the time of application 
  • Applications are subject to BDC approval and eligibility criteria. Some restrictions may apply

* Loans from Alterna Savings and BDC may be up to $25,000 each. This amount will be determined on a case by  case basis and is not guaranteed. 

For more information contact microfinance@alterna.ca

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