A collaboration of the Child and Youth Network , Sisters of St. Joseph, Goodwill Industries, United Way London & Middlesex, Libro Credit Union, and the Small Business Centre is pleased to announce “Impact Loan”. Building on the experience of a successful microloan pilot, Impact Loan serves entrepreneurs who face barriers accessing needed financing. The program provides access to capital and business knowledge in a supported environment.
During the pilot phase many individuals and families established businesses and have moved towards financial stability. Enhanced by our learnings from the pilot, the newly branded Impact Loan program will continue to provide entrepreneurship loans of up to $5,000, helping newcomers, youth and families, individuals who have experienced prior credit challenges and others who cannot access traditional financing for their business. Applications will be accepted for start-up businesses as well as existing businesses ready for expansion. Loans are also available for small equipment purchases for part time businesses that supplement family incomes.
We are also very pleased to announce that Lina Bowden will provide leadership to Impact Loan over the next six months, as we establish the program’s structure and outreach into the community to identify potential borrowers, investors, mentors and partners to provide the human, social and financial capital needed by our budding entrepreneurs. Following a 30-year career in the financial services industry, Lina obtained a Masters degree in community development in 2012 and has been engaged as a community volunteer with several community organizations with a focus on poverty alleviation, social finance and social entrepreneurship.
The Goodwill Customer Service Team will be the first point of contact for referring organizations and potential borrowers. Inquiries can be made by contacting impactloan@goodwillindustries.ca, (519) 850-9000 or in-person at our Career Centre on the 2nd floor of 255 Horton Street East.
Over the course of the next few months we will be gathering input from potential referring partners to help us further shape the program and our community reach. This will inform our communications and program delivery, including needed wrap-around services that will give the entrepreneurs the best chance for success.
Impact Loan is open for business. Give us a call today to learn more.
Terry Off, CPA, CA
Chief Financial Officer
Goodwill Industries, Ontario Great Lakes
255 Horton St., London, ON
Phone: 519.850.9000 x2207
toff@goodwillindustries.ca
www.goodwillindustries.ca
