NECO’s Business Financing Objective

To support micro & small business development through financial investment services and advisory/consulting services.

A Volunteer Board of Directors made up of local business people administer the lending program. The board can approve business loans of up to $150,000 (loans up to $500,000 will be considered on an exceptional and limited basis) for business start-up or expansion.

Proposals must create and/or maintain permanent jobs in the region.


NECO – Application for Financing


Funding Available

  1. Up to $150,000 per business on a loan basis for start-up, expansion or stabilization.
  2. Loans up to $500,000 will be considered on an exceptional and limited basis.
  3. Interest rates are not less than rates from a traditional lender and are currently starting at prime + 2% for term loans.
  4. Loans in the form of term and/or demand participation may be approved by the Board of Directors.
  5. No Grants or Forgivable Loans.

Loan requests are assessed on the basis of:

  1. Business plan viability
  2. Management expertise (i.e: Qualifications – experience, ability, etc.)
  3. Job creation/maintenance and average cost per job created/maintained
  4. Owner equity (typically 10% of total project)
  5. Security (i.e: Property, assets, 3rd party guarantee, etc.)
  6. Program Criteria:
    • To apply for a loan, you must be ineligible for conventional bank financing and be planning to locate, start or expand business operations in the areas serviced by NECO.
    • Repayment terms are flexible and designed to bring maximum advantage to the client’s business.
    • Financial packaging with other lending institutions such as the Business Development Bank of Canada and local Banks and Trust Companies can also be arranged.

Please feel free to contact us or stop by the office and we will outline in more detail the information we require to be able to help you take your business or concept to the next level.