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Frequently Asked Questions
How much can Nickel Basin lend?
- We can currently extend financing to a maximum of $150,000.
- We can also finance up to $500,000 by pooling our funds with other CFDC's
Are your rates higher than banks?
- Our interest rates are periodically adjusted to ensure that they do not compete directly with traditional financial institutions, while remaining affordable. At present, Nickel Basin is looking for a minimum return on investment of 8%.
Why don't I just apply to Nickel Basin and skip the banks?
- Nickel Basin is not in competition with the traditional banking community, but rather seeks to supplement and support what they can do. You must first apply for financing with your own (or other) traditional financial institution, prior to being eligible for consideration by Nickel Basin. You will be required to furnish the names of the financial institution and the contact person to whom you have applied
Do you provide grants or personal loans?
- No, we do not offer grants, forgivable loans, or personal loans. We do, however, offer flexible repayment terms to suit business needs. In addition, there are no prepayment penalties on loans paid out before their due date.
What kind of fees must I pay for applying for financing from Nickel Basin?
- There is no cost for having your business plan and application for financing reviewed.
- Applicants who are successful in securing financing will be responsible for an administration fee to be paid from the loan proceeds once advanced (we are a registered, not-for-profit corporation; proceeds are rolled back into the community for the next client's needs).
- Costs related to processing and registration of the security documents, as well as other extraneous costs (such as, for example, a property appraisal) are the responsibility of the applicant.