Manitoba Agricultural Services Corporation

Eligibility

The program is available to businesses located in Manitoba, outside of Winnipeg. Small businesses with ${program_details::max_sales} million or less in annual income/sales are eligible. Applicants must contribute {program_details::applicant_contribution}% of the total costs as equity (in the form of cash, land, buildings, equipment, inventory and/or other assets that would be used in the business).

Businesses not eligible include (but not limited to): insurance, real estate, financial, restaurants, those engaged in primary harvesting of resources, primary agriculture or those intending only to renovate or make cosmetic changes to buildings.

Details

Loan Maximum

REA guarantees are available for individual business loans between $10,000 and $200,000.

Interest Rate

Loans are offered by participating lenders for up to {program_details::max_term}-year terms at an interest rate of the lender's prime plus {program_details::rate_add}%. If a fixed rate is preferred, the rate will be determined as negotiated between the borrower and lender.

Contact

Applicants should make an appointment with a participating lender, or contact MASC's REA Program Specialist. An application form is completed and submitted along with a business plan and application fee of ${program_details::application_fee} to the lender.

If the application is approved by the financial institution and MASC, the small business owner must attend a business education seminar (provided at no cost), and provide an annual update to the REA Program Specialist to advise if any significant changes have occurred relating to their business.