• info@communitymicrolending.ca
  • 250-216-2605
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trena lend
"The sky is the limit for me and my business." - Trena

Click here now to find a borrower you can support!

  1. What is the minimum that someone can lend?
    The minimum amount that you canlend to an entrepreneur is $250. There is no maximum.
  2. How is someone approved to receive a loan?
    All borrowers are required to work with the Director of Training and Entrepreneur Support to complete the application, which includes a budget and business plan (for business loans). This process can take anywhere from 2-6 weeks. Once the application is complete the Director of Training and Entrepreneur Support will forward it our Loan Committee, which makes the final loan decision.
  3. Who is on the loan committee?
    The loan committee has three members of the board and a volunteer member of the community.
  4. What is the risk rating and how is the risk of each loan assessed?
    Community Micro Lending’s (CML) Risk Rating is designed to inform lenders of the quality of loan in which they are investing. A ‘4-Star’ risk rating is used, with a 4-Star loan considered to be of minimal risk, and a 1-Star loan considered to be high risk. The risk rating is assigned only after the Loan Committee has approved the loan. 
  5. What is the default rate?
    Since inception in 2009, Community Micro Lending has made over 50 loans with a 90% repayment rate.
  6. How are the loans made?
    You can make a loan online using your credit card. If you prefer to send a cheque, please call us at 250-216-2605 to confirm the mailing address. 
  7. Who assumes the risk of the loan?
    The lender assumes the risk of the loan. We repay to the lender their portion of the principle and interest that is repaid to CML. If CML does not receive payments, the lender will not be repaid.
  8. What is the interest agreement?
    The lender receives 2% annual interest on the outstanding principal. Borrowers who receive training loans are charged 5%, while borrowers who receive entrepreneur loans are charged 5%.
  9. How does repayment work?
    Repayments to lenders are made in one payment at the end of the loan term. At this point, the lender receives their portion of the principal and interest that has been repaid.
  10. Can I lend to multiple entrepreneurs?
    Yes, there is no limit to how many loans you would like to contribute to. In order to minimize risk, we encourage lenders to spread their investment across multiple entrepreneurs as opposed to contributing to just one loan.
  11. Will I receive updates on the loan progress?
    Yes. We will provide you with updates on an annual basis.

Click here now to see who you can support as they take this major step forward in their life!

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