News

August 12th, 2008 - First Capital Business Loan Fund Launch

First Capital Business Loan Fund will be formally launched on Thursday, September 18 at the Brew Pub (Dragon's Lair upstairs) from 4:00 -6:00 p.m. Join us and learn more about this exciting new program.

August 11th, 2008 - First Capital Challenge Announces First Capital 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.

Applications will be accepted from both new and existing businesses throughout the year and vetted first by a Loans Manager and then by a Loans Committee of financial industry volunteers. Once approved, loans will be issued by Unity Savings, backed by a guarantee from KEDCO, at a small premium to the interest loan of a conventional lender. Other terms of the loan will reflect standards in the industry.