Lift Lunenburg County approved their first-ever loan recently, and they are hopeful it’s the first of many more to come.
“The idea is to offer funding to prospective entrepreneurs who may have struggled to find funding from traditional lenders,” said Lift Success Agent and Loan Facilitator Evelyn Ernst.
Lift will accept applications from candidates that may be lacking the things required by banks or other lenders, with Ernst saying funding can still be approved even if the candidate is young, has no collateral, is new to the area or faces any other barriers.
In their marketing material, Lift specifies they are not a bank or government organization, and Ernst says they are doing that to encourage people who might be intimidated by the prospect of asking for a loan from banks or the government.
The maximum loan offered by Lift is $10,000, with maximum repayment terms of two years.
She says Lift, which opened in March was created after a generous $1 million donation from the Bart and Hilda Family Fund which was established by Lunenburg businessman Wayne Fulcher and his wife Mary Ann in 2007, in honour of his late parents Bart and Hilda Fulcher.
Ernst says they plan to loan out as much of that money as possible, in an effort not only to support entrepreneurs but also to benefit the community of Lunenburg County. “We’re using a study created by NOW Lunenburg County that asked residents about what Lunenburg county is lacking in terms of businesses and we’ll be using that as we consider applications in the future,”.
A quote on the Lift website from Mr.Fulcher, explains his reason for supporting this initiative.
“I have been in the same shoes as many of the applicants who will request assistance. As a young man, I didn’t have the financial resources myself or family and friends with the money to help me get started.”
-Wayne Fulcher
In addition to financial support Lift, also offers business coaching and networking opportunities to its clients.
The first loan recipient was Chanelle Jefferson who recently opened an art gallery and retail store in Lunenburg called 183 Lincoln St, which is also the address of the business.
Ernst says they are now close to approving their second loan, and she’s hopeful many more will follow after.
In order to be eligible for a loan the Lift website lists only three prerequisites, you must; be a resident of Lunenburg County, or are planning to move here, have a business idea or a growing business that might benefit Lunenburg County, and need less than $10,000 to get underway.
More information on Lift including application forms can be found on their website.
