Program Details
JumpStart Fund provides micro-loans and business technical assistance to help refugees and other eligible newcomers start, strengthen or expand their micro-business.
What services does JumpStart provide?
- Micro-loans
- Riba Free Loans for Muslim Clients
- Business counseling
- A referral system that introduces clients to other specialized assistance agencies.
- One-on-one technical assistance to develop business plans and financial projections.
- Assistance in completing loan applications.
- Post-loan technical assistance to monitor the status of the borrower’s loan and businesses progress.
What kinds of micro-loans does JumpStart approve?
JumpStart approves loans for any legitimate business purpose including working capital and purchase of fixed assets. Loans may be used to purchase or improve property (including land or building acquisition), for construction and renovation, leasehold improvement, signage, machinery or equipment, or other purposes that support our client’s businesses.
How much money can individuals receive from JumpStart?
Entrepreneurs who qualify for JumpStart loans can receive loans of $500 to $10,000. Exceptions for both higher and lower amounts are possible, but highly unusual.
How long do entrepreneurs have to repay the loan?
Fixed asset loans will be made for terms up to a maximum of 5 years, depending on several factors, including:
- Life of the asset.
- Size of the loan.
- Strength of the company.
- Availability of loan funds from the government and private sources.
- Loan repayments will be required monthly (except in the case of seasonal businesses).
Working capital loans will be made for terms up to a maximum of 3 years, depending on the type and size of the loan.
Are there any application fees?
If an entrepreneur qualifies for a loan, and has been accepted to enroll into the JumpStart Program, there is a $10 enrollment fee.