First Capital Challenge Announces Winners
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First Capital Challenge Announces Business Loan Fund
In partnership with the Kingston Economic Development Corporation (KEDCO) and Unity Savings and Credit Union Limited (Unity Savings), First Capital Challenge (FCC) is evolving to better meet the needs of Kingston's entrepreneurs. Instead of a once-a-year competition, First Capital Challenge will become a loan fund to which Kingston businesses can apply any time starting in September 2008. Loans up to $10,000 will be provided to businesses that could not qualify for conventional loans, yet have good opportunities to contribute to the economic development of Kingston.
The main purpose of the First Capital Business Loan Fund (FCBLF) is to stimulate business growth and employment in the City of Kingston. Every other community in our region can support its entrepreneurs with this category of lending through Community Futures Development Corporations (CFDCs) funded by the federal government. While it is recognized that Kingston has a need for a CFDC, its population base exceeds that which qualifies it for one. First Capital Business Loan Fund (FCBLF) is designed to fill that gap. KEDCO has committed to a loan guarantee of $100,000 and Unity Savings has agreed to issue loans backed by KEDCO's guarantee to applicants approved through the First Capital Business Loan Fund program.
Applications will be accepted from both new and existing businesses throughout the year and vetted by a Loans Committee of financial industry volunteers. Loans will be managed by an FCC Loans Officer and will be issued at a small premium to the interest rate of a typical commercial loan from a conventional lender. Other terms of the loan will reflect standards in the industry. Program details including how to apply will be announced in September on the First Capital Challenge web site (www.FirstCapitalChallenge.com).
The First Capital Business Loan Fund is a community driven project. The organizing committee consists of: Barb Caldwell, Bob Pritchard, Alec Ross, Brad Ross, Peter Termeulen, Ron Turley and Christopher West. Representing KEDCO is Mark Hanley and representing Unity Savings are Mark Michener, Bev Stubbert, Terry Finn and Alison Nuttall.
The annual First Capital Challenge Luncheon in 2009 and subsequent years, will celebrate entrepreneurship in Kingston by honouring successful First Capital Business Loan Fund applicants, and feature updates on past FCC participants.
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