The Co-operative Loans and Loans Guarantee Board

May provide loan guarantees to cooperatives to assist in the development and expansion of viable cooperatives.

Eligibility Criteria

• Any cooperatives developing or expanding.
• Evidence that adequate financing is not available on reasonable terms without the guarantee.
• Funds must be used for productive purposes including the purchase of building or equipment, renovation, expansion or operational expenses.

Summary

Target Audience

Cooperatives in a development or expansion stage.

Full Description

Cooperatives applying for a loan guarantee 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.
• Cooperative principles are being followed by the organization.
• Reasonable security is available.

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

Manitoba Contact(s):
Jamila Bachiri
Business Development Specialist - Cooperative Enterprise
Housing and Community Development
B-18 25 Tupper St
Portage la prairie, Manitoba R1N 3K1
Telephone: 204-239-3883
Fax: 204-239-3690
E-mail: co-ops@gov.mb.ca  
Web site: http://www.gov.mb.ca/housing/coop/coop_loanboard.html