Economic Development
Micro Loan Program
Affinity’s Micro Loan program offers business financing for people who cannot obtain traditional support.
A Driver for Success
The Micro Loan program helped one of our members achieve his lifelong dream of owning and running his own business. Neil Dahl now operates a successful driver training school. Based in Langham, he has been teaching people in Saskatoon, Rosthern, Warman and the surrounding areas since setting up in 2001.
Before that, starting his own business was just a dream. "Where can you go for a loan when you don't have the income or assets that mainstream financial institutions require?" said Neil when he discovered that no financial institution would lend him the money.
That is until he talked to Affinity and found out about our non-traditional form of lending: the Micro Loan program. "It totally turned things around for me" said Neil who borrowed $13,000 and was able to remodel his car and install a braking device on the passenger's side of the vehicle, and do a few repairs.
His business was so successful that he was able to repay the loan earlier than expected. "I have an excellent relationship with Affinity and am grateful to them for believing in me and giving me the chance to succeed," he said.
Business plan template: http://www.bdc.ca/en/advice_centre/tools/business_plan/Pages/default.aspx
BDC Advice Centre – Tools: http://www.bdc.ca/EN/advice_centre/tools/Pages/default.aspx
Micro Loan Clients
Some of the new businesses in our community made possible through Affinity Credit Union Micro Loans:
- 4U Hair Design and Photography
- Advantage Tennis Centre Inc.
- Bathfitter
- Aviation Metal
- Café Vivant
- Children of the World Childcare Home
- Colours Hair Salon
- Dahl's Driving School
- Darren's Tools
- Davis Contracting
- Detail Plus Car Care Centre Ltd.
- Digital Sign Age
- Enviro Pro Tech Ltd.
- Espresso Machina Sales and Service
- Excalibur Custom Painting and Auto Refinishing
- General Graphic Services
- Hair Affair, Midtown Centre
- Higgs Transportation Inc.
- Homestyle Beverages
- Lakeside Collision and Restoration
- Lean Machine Metal Fabrication
- Ludy's Jets Home Services
- Magicuts, Confederation Mall
- Master Mind Make-Up Artistry Academy
- Mobo Enterprises Ltd.
- Natural Horse and Rider
- People in their World
- Prairie Detail Clinic Ltd.
- Premala's Spicy Sensations Inc.
- Quest Staffing
- Riveriene Farms
- Saskatoon Printhouse Inc.
- Studio 2000
- Studio Roots... the essence of hair
- The Sanctuary Restaurant
- Tree Team
- Vixen Hair Designs
- Weczeria Restaurant
Community First
Community First Development Fund is an innovative charitable organization, operating a community investment fund. Community First’s mission is to reduce poverty in Saskatoon and surrounding regions by fostering community economic development through financing opportunities.
Community First works by:
- mobilizing ethical capital to create a community investment pool;
- financing community economic development initiatives not serviced by existing financial institutions; and
- identifying common needs and interests in Saskatoon and facilitating development of community economic development solutions.
Affinity Credit Union is proud to be Community First’s financing partner and a major investor in the fund. Community First Investment Certificates are offered to individual & institutional investors for three, four and five-year terms at interest rates from 0 to a maximum of 3%. The minimum investment is $500.00. Donations, including donations of interest on investments, are tax-deductible.
For more information, call 934-4177 or www.communityfirstsaskatoon.ca.
Community Loans
Affinity Credit Union has developed the Community Loan Program for community enterprises that do not qualify for traditional financing but have community support and business track record. The Community Loan Program considers mortgage financing, lines of credit and term financing for various types of projects. For more information please contact Rich Harries, Community Development Manager at 934.4034 or 533.9781.
Mentorship
Affinity Credit Union believes in the value of mentoring. We are members of The Business Mentorship Institute (BMI) . This is a not-for-profit, province-wide organization that opened its Saskatoon office in May of 2006. Their mandate is to be, “The provincial entity responsible for leading in the promotion, training, and programming of mentorship, with the goal of enhancing the productivity of the province's business community.”
Together, members of the BMI network are building a culture of mentorship. Partner organizations supported by BMI provide opportunities for entrepreneurs to be exposed to mentorship services. BMI supports mentorship initiatives with training, information resources, networking opportunities, and promotional materials.
Mentorship stimulates economic growth. Through BMI, community-based, industry-based, or special interest groups can further benefit the entrepreneurs of Saskatchewan and the community in general.