Attach the form to your business plan. If you do not have a business plan, we will get you in touch with ACSBE (Acadia Centre for Social and Business Entrepreneurship) for assistance.
Once your business plan is complete, we will attempt to link you up with a mentor who will review your business plan with you.
Students In Free Enterprise (SIFE), an entrepreneurial club at Acadia University, has offered to review and critique completed business plans for no charge.
A reviewed/finalized business plan and application form is then sent to our Board of Directors. They meet once every 6 weeks with the primary task of making final decisions on the applications. Applications and business plans should therefore be submitted 2 weeks before upcoming Board meetings.
You may be asked to attend the Board meeting so they can ask specific questions
Other Details:
Your business name will have to be registered at Access NS.
With your business name registry, you’ll be asked to open a business account at the Valley Credit Union in New Minas (this does not have to be your operating account).
The Credit Union will also ask for a credit check. The Dandelion is not looking for a specific score or general details of the check, however, as part of our due-diligence, the Credit Union will inform us if there are any red flags. If this is the case, The Dandelion would then ask the applicant for details. It should be noted that poor or non-existent credit history does not automatically void your application.
Credit Union Interest rates are Prime plus 2.75% if locked in or Prime plus 1.5% if floating.
The Dandelion will also take a one-time fee of 5% of the amount awarded (for example: $250 of a $5000 loan)
If approved by the Board, you will go back to the Credit Union to smoothly receive your guaranteed loan.
