The Co-operative Loans and Loans Guarantee Board (MB)

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The Co-operative Loans and Loans Guarantee Board may provide loan guarantees on behalf of viable co-operatives to assist in their development and expansion.

Summary

The Co-operative Loans and Loans Guarantee Board (MB)

Manitoba Housing and Community Development

The Co-operative Loans and Loans Guarantee Board (the Board) may provide loan guarantees on behalf of viable co-operatives to assist in their development and expansion.

Eligibility

  • any viable developing or expanding co-operative
  • evidence that adequate financing is not available on reasonable terms without the guarantee
  • funds must be used for productive purposes including the purchase of buildings or equipment, renovation, expansion or operational expenses

Target Audience

Viable co-operatives in a development or expansion stage

Full Description

Applicant co-operatives must demonstrate that:

  • the funds will not be used for refinancing or for payment of an existing debt
  • an effort has been made to secure financing at reasonable terms
  • the development or expansion is for productive purposes
  • there is reasonable evidence of an ability to repay the loan
  • co-operative principles are being followed by the organization
  • reasonable security is available
  • there is sufficient equity available allowing their risk to be at least equal to the amount of the guarantee being requested

The Board may guarantee financing from banks, credit unions or any other financial institutions.

Contact

Administrative Assistant
Cooperative Development Services
Manitoba Housing and Community Development
400 – 352 Donald St.
Winnipeg, Manitoba R3B 2H8
Phone: 204-945-3379
Toll free: 1-866-479-6155
Fax: 204-948-1065
Email: co-ops@gov.mb.ca
Website: www.co-ops.mb.ca