Application Process

Applying for a Business Loan at Community Futures Highwood

Community Futures Highwood (CFH) staff is committed to working with you to ensure that your business plan and loan application are complete and ready for submission. When the loan application and business plan are submitted, CFH staff will review the material.

After the staff assesses the proposal and receives, from the client, answers to all pertinent questions, those applications that meet the assessment criteria are recommended to the Investment Review Committee (IRC), a sub-committee of the Board of Directors that is comprised of business owners in the region.  The IRC are provided with a summary of the business plan and financial projections and are responsible for making decisions on loan applications. 

Application Fee

A non-refundable application fee of $175 is required with the loan application.(excluding youth loan applications up to $10,000)  This covers the cost of credit checks and other administration.

Loan Approval Process

Applicants will normally receive an answer on their loan request within 10 working days of submitting their completed application. The process may be delayed due to the complexity of the loan and completeness of the business plan and loan application.

Timeline for Loan Disbursement

Once a loan is approved, CFH drafts a letter of offer that outlines the terms and conditions of the loan. After a signed acceptance of this offer has been received by CFH, we will proceed to prepare the legal documents required for the loan. 

The time required to disburse funds once the loan has been approved depends on the following:

  • The speed at which the borrower returns a signed letter of offer and other legal documents
  • The time it takes the borrower to provide all necessary information (e.g. confirmation of insurance)
  • The registration of security documents, which is typically done by a solicitor (e.g. registering a mortgage at Alberta Land Titles takes longer than registering a General Security Agreement).

All solicitors’ fees are the responsibility of the borrower.


2016 Schedule of Service Fees