TEMFUND’s Low Interest Loan program is designed to provide quick, supplementary funds to compliment 2 existing grant programs within our community; namely, Enterprise Temiskaming’s “Starting Company Plus” grant and Municipal Community Improvement Programs (CIP) for façade improvements.  The interest rate for both loans is prime rate minus 2% (as of January 15, 2024 RBC prime is 7.2%, so the low interest loan rate is currently 5.2%).  Low-interest loans will normally be repayable over 30 months.

The simplified loan application will consist of the submission of the confirmation of either ET approval/municipal CIP approval and the project budget showing sources of funding.   If your business is located in a community without a municipal CIP, you are still eligible to apply for this low interest loan, if you have a façade-improvement project.  Please use the simple 2-page application form, available on our website under “Forms”, if applying for this Loan.

1). “Starting Company Plus” Matching Loan – if you are a current-year recipient of this $5,000 grant from Enterprise Temiskaming, you may qualify for an additional $5,000 low-interest loan from Temfund.

2. “Municipal Façade Improvement” Supplementary Loan – if you are a current recipient of a Municipal CIP grant, you may qualify for additional funds in a low-interest loan from Temfund.

     Businesses will be eligible to apply for funding using the following basic criteria:

• The project must be an approved façade improvement initiative, such as the City of Kirkland Lake’s CIP program,  which provides a $5,000 grant to qualified businesses.

• Loans will be made up to a maximum of 40% of the project cost.

• The proponent must show a minimum 10% equity contribution to the project. Again, using the example of the City of Kirkland Lake’s CIP, this would require a $1,000 contribution by the applicant.

3. “Façade Improvement/no Municipal contribution” Loan 

    Businesses may be eligible to apply for funding using the following basic criteria:

• The project must be a facade improvement initiative: new siding/exterior finishes, windows/doors, signage, landscaping, etc. for a commercial building or property.

• Loans will be made up to a maximum of 40% of the project cost.

• The proponent must show a minimum 60% equity contribution to the project.

Note: TEMFUND instituted the 2 façade improvement loans as an acknowledgement of the importance that façade improvements have on the overall look and economic well being of a community's business area, and to encourage business owners to reinvest in their properties.