Rural Entrepreneur Assistance (REA)

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1 Rural Entrepreneur Assistance (REA) Eligibility Criteria A. APPLICANT 1. Must be aged 18 or over, eligible to work in Canada, and a Manitoba resident. 2. Must develop and submit a sound business plan which shows that the business has a reasonable chance of success. 3. Must complete a three-day Business Start Course before loan funds will be released. (Some exemptions may apply). 4. Must ensure that the business provides either: (a) a major source of employment for the applicant/owner, or (b) additional supplemental income to the applicant/owner. B. USES 1. Start-up of a new business. 2. Expansion of an existing business. 3. Modernization/expansion of an existing business. 4. Purchase of an existing business. C. BUSINESS 1. Must be operating in rural Manitoba, outside of Winnipeg. 2. Must be a business created for the purpose of making a profit. 3. Must meet the program s small business definition (ie: less than $2.0 million per year in gross sales or not expected to exceed that amount in the first year). Exceptions Open to all small businesses: 1. EXCEPT restaurants, insurance, real estate, or financial services. 2. EXCEPT primary production or harvesting of resources, including farming, mining, oil and gas, forestry, commercial fishing, and trapping. 3. EXCEPT businesses making only cosmetic physical changes or additions to buildings, land, signs, or promotional material. Terms and Conditions 1. Loans must be a minimum of $10,000, and will not exceed $200,000. More than one loan may be given to any business provided the total loans outstanding do not ever exceed the $200,000 maximum. 2. Applicant shall be required to contribute 20% of the total project costs as equity. This equity may be in the form of cash, inventory, land, buildings, or equipment, or a combination thereof, provided the lender can reasonably establish a value. 3. It is the sole responsibility of the lender (not the Province) to process, approve, disburse, and administer each REA loan. 4. The length of the repayment term shall be determined by the nature of the project, and shall not exceed 10 years. 5. The interest rate charged shall be a maximum of prime plus 2.5%. This will float with the lender s prime rate. If the borrower prefers to lock in at a fixed rate, this will be allowed at the rate and term negotiated between the borrower and lender. 6. REA loans shall not be used to pay existing debts. Loans are not transferable to other persons, companies, or businesses. Loans shall not be issued retroactively. 1

2 How to Apply Read this booklet. Complete the personal information, personal finance, and business plan sections. In the case of a partnership or corporation, each partner or major shareholder must complete a copy of the personal information and personal finance sections. Larger businesses may require professional assistance. Keep a copy of all material and correspondence including the application form and the business plan for your records. Applicant will then submit the original application to a participating lender (ie: bank, credit union, or caisse populaire) for review and assessment. If the application is approved by the lender, and a guarantee authorization number is subsequently issued by the REA Senior Credit Analyst, the small business operator(s) must attend a three-day Business Start Course, prior to loan proceeds being released. This course may be available to be taken in advance. Please contact the REA Senior Credit Analyst regarding course arrangements. If there are questions, please call the REA Senior Credit Analyst at , or at If your loan is approved, you will be required to 1. Obtain any licenses, permits, approvals, or insurance which apply to your business. 2. Sign a loan agreement and promissory note with the lender and any other security as may be required. 3. Open an account with the lending branch. The schedule for advancing REA loan funds will be negotiated between you and the lender. You must seriously assess your ability to repay all debt, both personal and business-related. 4. Start setting up your business within four weeks of receiving the first advance of the loan (if a new business), or begin expansions/improvements within four weeks (if an existing business). 5. Complete a year-end report (to be provided to you by the REA Senior Credit Analyst) annually until your loan is repaid. 6. Repay the full amount of the outstanding loan if the business is sold or transferred during the term of the loan. Note: Most types of businesses will require local zoning, building or other by-law approvals, and may also require environmental or health standard approvals. Check with your local municipal office and your regional provincial conservation office. Licenses, permits, or approvals may be required, depending on the nature and location of your business. It is your responsibility to obtain the necessary approvals prior to starting a new business or expanding an existing business. If space provided is insufficient, please attach extra sheet(s). Please type or print in black ink. Check appropriate boxes and fill out spaces as necessary. Incomplete applications will not be processed. 2

3 REA Application Form Personal Information Personal Data Mr. Mrs. Ms. Name Date of Birth (y/m/d) / / Social Insurance Number Street Address City/Town Province Postal Code Home Phone Number Work Phone Number Address Are you a resident of rural Manitoba (outside of Winnipeg)? Yes No If yes, please explain: Are you: a Canadian citizen lawfully admitted to Canada for permanent residency other (Please explain) What is the amount of the REA loan you are applying for? $ What will the REA loan funds be used for? ( ie. purchase of a business, purchase of equipment, land and/or buildings, working capital, training, inventory, etc.)? Have you or your small business applied for any other governmental business assistance (including previous REA loans or federal assistance)? Yes No If yes, please describe: 3

4 Purpose of loan: Start-up of a new business. Expansion of an existing business. Modernization/expansion of an existing business. Purchase of an existing business. If this is your existing business, how long have you been operating it? If you are purchasing an existing business, how long has it been operating? Do you intend to operate this business out of your house or farm? Yes No What will your role be in the business? How has your education and business experience helped prepare you for this role? Role: Education: Business experience: Please provide information on your current or most recent employment: Employer s name: Address: Title/position: Date(s): Major responsibilities: Are you presently: (check appropriate boxes) employed full-time employed part-time employed seasonally self-employed full-time (other than farming) self-employed seasonally self-employed part-time unemployed attending school full-time attending school part-time other (please explain) If the business cannot service the debt, how will you repay the loan? 4

5 Explain briefly the nature of your proposed business (ie: what service, product, etc. will you provide, to whom, etc.) Personal Finance Net Worth as of (y/m/d): / / Current Assets Current Liabilities Cash $ Operating Loan $ Accounts Receivable $ Credit Cards $ Other: Demand Notes $ $ Accounts Payable $ Other: Other: $ $ SUBTOTAL: $ SUBTOTAL: $ Intermediate Assets Intermediate Liabilities Equipment & Equipment Loans $ Machinery $ Vehicle Loans $ Vehicles $ Other Loans: Investments $ Other: $ $ SUBTOTAL: $ SUBTOTAL: $ Long-Term Assets Long-Term Liabilities Real Estate $ Mortgage $ Other: Other: $ $ SUBTOTAL: $ SUBTOTAL: $ TOTAL ASSETS: $ TOTAL LIABILITIES: $ NET WORTH: $ 5

6 Details of Liabilities Individual / Institution Holding Debt Amount of Original Loan Current Loan Balance Date of Original Loan Monthly Payments Amortization Period Purpose of Loan Do you have any guarantees or other liabilities outstanding? Yes No Please provide details including amounts: Are there any judgments or legal proceedings against you? Yes No Please provide details including amounts: Please list all sources and amounts of monthly income: The next two questions are to be answered only by those applying for a REA loan for an EXISTING BUSINESS. Name of business: What is your position with the business? (eg: owner, president, accountant, etc.) Explain briefly the nature of your business (ie: what service, product, etc. do you provide? to whom?) 6

7 You are required to fully disclose your business assets, liabilities, etc. as part of your business plan. Please attach extra sheets showing such information as necessary. PLEASE ATTACH A COPY OF YOUR BUSINESS CURRENT NET WORTH STATEMENT (CURRENT WITHIN 60 DAYS) AND COPIES OF YOUR MOST RECENT FINANCIAL STATEMENTS. APPLICANT DECLARATION: By submitting the application form and a business plan for the purposes of the Rural Entrepreneur Assistance Program (REA), I hereby: certify that I have read and do agree to the criteria, terms, conditions, and requirements as set out in the application form and business plan; certify that all representations, statements, and information contained in the application form and business plan submitted are true and correct; authorize MASC and the participating lender to exchange all information considered necessary for the purpose of administering my participation in REA; acknowledge that MASC has the right to audit the records of my business during the guarantee period; acknowledge that my personal information including my name, age, address, phone number, social insurance number, and information relating to my education or occupation, and financial circumstances or activities, is being collected by MASC under clause 36(1)(b) of The Freedom of Information and Protection of Privacy Act, and it will be used for the purposes of determining eligibility and to administer my participation in REA; acknowledge that my personal information is protected by the Protection of Privacy provisions of The Freedom of Information and Protection of Privacy Act, and that if I have questions regarding the collection and disclosure of this information, I may contact the REA Senior Credit Analyst at York Avenue, Winnipeg, MB R3C 0P8, Cellular: / Signature of Business Owner or Authorized Signing Officer Date Signature of Business Co-owner/Partner (if applicable) Date Signature of Business Co-owner/Partner (if applicable) Date 7

8 Business Plan Form As part of your REA application, you are required to submit a business plan. A well-prepared business plan is necessary because it serves to justify the business proposal, as well as to convince the lending officer that you have thoroughly researched and planned your new business or business expansion. It will also improve your chance of success. Note: There are resources available to assist you with your business plan. Please contact the REA Senior Credit Analyst for more information. If space provided is insufficient, please attach a separate sheet. 1. BUSINESS PROFILE Company/Business Name: Mailing Address: Postal Code: Phone No.: Fax No.: Address: Please provide the legal description if located outside of the town / city listed above: NW NE SW SE Section: Township: Range: EPM WPM River Lot, Lot No., Plan No.: Rural Municipality or Local Government District: Date when business was registered/incorporated: Form of business ownership: Sole proprietorship: Name of owner: Partnership: Names of partners: Corporation: Names of signing officers who are shareholders: Classification of business: retail food tourism repair / maintenance manufacturing service construction wholesale / distribution other (explain) Is this business a franchise? Yes No 8

9 2. OBJECTIVES Provide a brief outline of the business products and / or services. 3. COMPETITION AND SUPPLIERS Who are your competitors? What are their locations? How long have they been in business? Who are your major suppliers (if applicable)? What are their credit terms? Where are they located? Can you easily change your suppliers if required? 4. CUSTOMERS Describe your customers (ie: Who are they? Where are they located?) Explain why they will prefer your product or service to that of your competitors. What is the estimated size of your market in terms of territory, number of potential customers, type of customers, and price range? What form of advertising (eg: business cards, website, signs, newspaper, pamphlets, etc.) will be most effective for your business? How much will be spent on advertising? Have you budgeted for this expense? 9

10 5. PRICING What will be the average per unit cost of your product or service including all labour, expenses, and other overhead? What will be the average labour cost required to make and / or sell your product, or to provide your service? Which overhead costs (eg: rent, hydro, water, taxes, permits, licenses, maintenance, etc.) will be included into your product or service price in order to look after the day-to-day expenses? If you are providing credit with your sales, have you included the costs associated with it? Yes No If yes, please provide details. What provisions have you made for warranty/servicing costs or start-up costs in your pricing? What price will you charge for your product(s) or service? What do your competitors charge for similar product(s) or service? What level of sales do you have to reach to break even (including your labour, expenses, and other overhead)? 10

11 6. OPERATING REQUIREMENTS What insurance and government regulations, licenses, permits, and other approvals pertain to your business? Have they been obtained? Identify business requirements as to size and type of premises (including buildings, land, office space, product display space, service areas, storage space, etc.) as well as major pieces of equipment, vehicles, furniture, fixtures, signs, etc. Will they be leased or purchased? Will deposits be required? What skills are required to operate your business? Number of employees required [EXCLUDING OWNER(S)]: Currently or at start-up Within 3 years (estimated) How many full-time How many would be full-time Employee skills needed: Are patents, franchise obligations and agreements, trademarks, and licensing agreements relevant to your business venture? Please explain. What research data and general assumptions did you use to determine your sales and cash flow projections? 11

12 7. FINANCIAL What are the total project costs of the start-up, expansion, or change of ownership being proposed? (Details to be itemized on page 13) REA requires a minimum of 20% equity in cash or other business assets contributed to the project. What is the amount you are contributing to the project? What is the source of your equity contribution? Note: Inventory and equipment must be related business assets, and free and clear of liens. Please provide the configuration of your loan details as follows: (eg: $100,000 project - $20,000 cash (20% equity) = Amount of REA loan $80,000) Are there other sources of funding available? If yes, please identify. Yes No 12

13 8. ITEMIZE Itemize the various project costs/expenditures, including provision for working capital, related to the business start-up, expansion, or change in ownership being proposed. Description of Costs/Expenditures Example: 1. Purchase of equipment 2. Leasehold improvement to building (carpet, walls, signage) 3. Training course to be certified 4. W/C (licenses, insurance, 3 month wages for employees, name registration) TOTAL COST OF PROJECT: Amount $ 60,000 $ 25,000 $ 5,000 $ 10,000 $100,000 TOTAL COST OF PROJECT 13

14 Projected Income and Expense Statement Year One Year Two Projected Sales Income Less: Cost of Goods/Services Sold Gross Profit (Sales minus cost of Goods/Services Sold) Expenses Accounting & Legal Advertising Automobile Expenses & Travel Bad Debts Business Tax, Fees, Licenses Property Tax Salaries & Wages Employee Benefits (including EI premiums, etc.) Rent Insurance Interest, Bank Charges Maintenance & Repair Freight Telephone Utilities Office, Postage Miscellaneous (please list) Depreciation & Amortization / CCP Total Expenses Net Profit Before Tax (gross profit minus total expenses) Estimated Tax (rate %) Net Profit After Tax Less: Owner(s) Drawings Proprietorship or Partnership NET INCOME 14

15 Cash Flow Forecast for First Months of Business Operation MONTH Quantity of Units Sold or Customers Cash Receipts (cash from sales) Other (specify) Cash Equity Contribution TOTAL Cash Disbursements Purchase of Equipment Rental Expenses Labour Expenses Personal Drawings Materials / Inventory Licenses & Insurance Advertising Selling Expenses Office Expenses Interest / Bank Charges Other (specify) Loan Repayment TOTAL NET CASH: Total Cash Receipts minus Total Cash Disbursements Monthly Surplus Monthly Deficit Cumulative (to date) Notes: 15

16 Additional information: (Attach additional sheets as necessary) For more information, contact the REA Senior Credit Analyst at: Cellular Information and application forms are also available at 16

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