Impact Loan logoa boost for entrepreneurs

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About Impact Loan

IMPACT LOAN is a program delivered by Goodwill Industries with the help of our partners, the Small Business Centre and Libro Credit Union.  We provide loans and business supports to people who are starting their own business in order to create financial stability for themselves and their families.

We are here to help entrepreneurs who are unable to get a traditional business loan. In addition to a loan, our partnerships allow us to offer complementary supports such as coaching, planning, connecting and networking.

Do you have a feasible business idea and the passion to act on it?

Do you have business skills that can generate self-employment income?

Do you already run a small business and are looking to expand?

In addition to providing business loans, the Impact Loan team can connect you to our partners as well as volunteer business mentors and supportive networking services for entrepreneurs within the London region. We strive to give you and your business the best chance of success by providing coaching, planning, connecting, networking and other supports as needed.

We offer loans of up to $5,000 for business startups or the expansion of small businesses. With the help of the Small Business Centre, applicants will be guided through a process for developing a feasibility study and business plan. This is the first step in applying for a loan. The business plan will outline details such as a description of your target clients, your strategy for reaching clients, and financial details including startup costs, revenues and expenses. The business plan process will allow you to test your product or service idea, and determine whether consumers will purchase your product/service at the prices you have selected.

Approved borrowers will be eligible to apply for a second loan of up to $5,000, depending on the results of the initial loan and business launch.

Goodwill also works with approved partner agencies to provide a Small Loans Program, offering loans of $1,000 or less to approved partner clients.

 How to Apply

1. Assess your eligibility

– Can you demonstrate a financial need for the loan?

2. Complete the application form

The Impact Loan Application Form is available through:

– Completing our online Enquiry Form at impactloan.ca

– By emailing us at  impactloan@goodwillindustries.ca

– In-person at the Goodwill Career Centre, 2nd floor, 255 Horton Street

A member of our Impact Loan Team will be in contact with you to discuss next steps.

3. Submit your business plan

If you do not yet have a comprehensive business plan:

If you have not yet prepared a comprehensive business plan, you will be required to develop one before a loan can be considered. We encourage you to contact the Small Business Centre. They will help you with the business planning process and provide you with services that can really help get your business off to the best possible start. Let them know that you are applying to Impact Loan. To contact the Small Business Centre:

Call: (519) 659-2882            In-person: 316 Rectory Street, London

A General Information Session is offered each Thursday from 12:00 p.m. to 1:00 p.m. Advance registration is required by calling 519-659-2882 ext. 0

or email at info@sbcentre.ca

If you have completed your business plan:

If you have already successfully completed a Small Business Centre’s program and have completed your business plan OR you have completed a comprehensive business plan through a different method, you can send it to impactloan@goodwillindustries.ca with the Enquiry Form or at a later date. The Impact Loan Team will review your business plan and provide feedback to prepare you for an upcoming Loan Review Panel meeting with our Impact Business Advisors.

4. Present your business plan

Once your application/business plan has been reviewed, we will schedule a Loan Review meeting with a friendly panel of volunteer community business advisors. In this informal meeting, you will provide a brief presentation about your business and your request for the loan.

Eligibility

Are you eligible?
The following guidelines will help you to determine if you might be a candidate for the Impact Loan Program
No access to traditional financing
If a line of credit or a bank loan is available to you at a reasonable rate, this program is likely not for you
Demonstated need for the program (requires proof of income)
The Government of Canada provides a Low Income Cut Off (LICO) as a guide for similar programs to determine need.
You are likely eligible if:
You are single and your before-tax income is below $23,000
You have a 2-person household with family income under $30, 000
You have more than 2 in your household and family income is $40,000 or less.
These are guidelines only, as each case is assessed independently.
Business Plan
Applicants must be committed to preparing a business plan in order to support the viability and execution of their business. You may apply to Impact Loan prior to the completion of the plan. However, your loan application will not be presented for approval until your business plan is finalized.

Partners and Funders

Libro
small business centre
goodwill
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Enquiry Form

Do you need assistance?

The Impact Loan Team and the Goodwill Customer Service Team are here to help:

Contact Us

Contact Us

Goodwill Career Centre:

255 Horton Street, London ON

519.850.9000 (press 3 or 0)

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