Loans and Lines of Credit
CCEC can help your group or business. At CCEC we think that social networks have value like other business assets. We provide small and micro loans to our members to ensure our neighbourhood organizations and businesses continue to contribute to a healthy and economically sustainable community. We believe the common resources of the community should be used to provide opportunities for our community to grow. (Please note that CCEC's trade area for commercial loans is in British Columbia.)
- a preferred interest rate on loans to co-operatives and non-profits groups
- all types of business loans including:
o term loans
o demand loans
o operating loans (lines of credit)
For information on Mortgages click here.
Types of loans
Term Loan: usually for purchase of equipment, assets, and other capital; payments are made in equal monthly installments for the term (duration) of the loan.
Demand Loan: usually for short term borrowing to deal with cash flow problems (e.g., delays in government funding), or other temporary financing needs; interest only is due monthly, with the total loan amount due at a designated date.
Operating Loan (Line of Credit): an overdraft feature to cover cash flow shortages due to inventory purchases or delays in accounts receivable collection; interest is calculated daily and due on a monthly basis; you pay interest only on that portion of the overdraft that you need to use.
New Offering Starting May 1, 2019
Critical illness on personal lines of credit (also known as monthly premium).
Visit the CUMIS Insurance website for more information or call us! CUMIS Critical Care Insurance is designed to provide you with financial peace of mind so that you can deal with the unexpected costs of a critical illness, and get started on rebuilding your lifestyle as soon as possible. It provides a lump-sum cash benefit while you are living, if you happen to be diagnosed with one of the Covered Conditions or Early Intervention Conditions defined in your contract. Through CUMIS Insurance, CCEC is offering two Critical Care plans: term 10 renewable to age 75 and level term to age 75.
Term life insurance for commercial lines of credit.
Visit the CUMIS Insurance website for more information. This level term coverage is designed for credit union members with a commercial line of credit. This product is available in 5 or 10 year term options. In the event of your death, the policy will pay a life insurance benefit equal to the amount of the insured loan to a maximum of $2,000,000 up to age 75.
Call or email us to learn more.
Information we need to evaluate your loan proposal
Depending on the organization's purpose and activities, much of the following information will be needed to evaluate your application for a loan.
- Personal net worth form
- Incorporation papers (if applicable)
- A resolution to borrow (incorporated organizations)
- A business plan package which includes:
o A description of your products and services
o The key members of your organization and their experience
o The industry and your business forecast
o A description of your cash needs
o How a loan from CCEC would be used
- Financial information including 2-3 years of financial statements, budget and cash flow forecasts; information on current loans and security on those loans.
Should you need assistance preparing your business plan package, our business loans officer is happy to help.