In order to help businesses accomplish these objectives, SOFII provides support to business owners by offering them a stable source of capital. These funds for business owners in Southwestern Ontario come from the Federal Economic Development Agency. This organization invested in SOFII as a result of the Prosperity Initiative.
Many businesses and business owners throughout the region struggle to obtain traditional forms of funding to further the growth of their business. However, the SOFII program makes financial aid possible when other forms of funding are unavailable. Business owners who are interested in obtaining a loan through the SOFII program should contact the WOCFDCA office.
Repayable financing at competitive interest rates determined through a risk assessment will be made available to qualified businesses. There are no fees to apply for financing from the SOFII. The only expenses are for the preparation of legal documentation of the loan and the registration and discharge of security where applicable.
- Risk Based Interest Rates
- Loans from $150K to $1M
- Loan Term up to 5 Years
- Amortization up to 10 Years
- No Application Fees
- No Prepayment Penalties