There are two mandatory requirements in applying for a loan from NBCC:
- Your business must maintain an office in Nunavut. It does not have to be the company’s head office, but you must have people working in Nunavut in your business as a fundamental requirement.
- You must be prepared to provide security on your loan.Security is a mandatory requirement for all financing. It consists of a combination of a mortgage on real property, a pledge on personal property, and a personal/general guarantee from the principals of your enterprise.
- You need to provide evidence that your business is, or would likely be, unable to obtain a loan from a financial institution on reasonable terms and conditions; or there is not a financial institution or branch of a financial institution in a community in which you carry on business.
There are many steps to take in order to successfully obtain a loan from NBCC, including the necessary legal paperwork, business plans etc. To learn what is involved in applying, and steps for approval, please see Process from A-Z.
NBCC staff will work one-on-one with you as we go through our due diligence process, giving careful consideration to your application. After conducting our rigorous analysis, we then provide financing for those projects that offer the best opportunities for success.