Frequently Asked Questions

The Greenstone Economic Development Corporation (GEDC) is a Community Futures Development Corporation (CFDC) funded by FedNor who offers a wide variety of programs and services supporting small business growth and community economic development.

  • Access to Capital for small- and medium-sized businesses and social enterprises;
  • Business information and planning services;
  • Strategic community  planning and socio-economic development; and
  • Support for community-based projects

GEDC has a 3-tier Lending Program:

  • Micro Loans:  $500 - $10,000
  • General Loans:  $10,001 - $150,000
  • Pool Loans: $150,001 - $600,000

GEDC's service area is comprised of the communities and First Nations of:  Aroland First Nation, Animbiigoo Zaagi'igan Anishinaabek, Beardmore, Bingwi Neyaashi Anishinaabek,  Biinjitiwaabik Zaaging Anishnaabek, Caramat, Geraldton, Ginoogaming First Nation, Jellicoe, Longlac, Long Lake #58 First Nation, Macdiarmid, Nakina, and Orient Bay.

We do not provide forgivable loans; all loans are subject to a repayment schedule tailored to the client's needs.

We do not provide business grants or personal loans, although the staff does assist in finding programs through other organizations that may be avaialble for small businesses.

To be considered for a loan you must start, maintain or expand a registered business within GEDC's service area.

No, borrowing from GEDC is your choice; however, we do recommend you meet with your existing financial institution also.

We do require adequate security to ensure repayment in the event of default.

The volunteer Board of Directors approve or decline loan applications based on the strength of the business plan, the ability to repay, available security, and the impact on job creation or maintenance.

The term is on a case by case basis, depending on the size of the loan.

The interest rate can be as low as prime plus 2%, depending on the risk and circumstances of the loan.

No, all of our services to individuals are confidential and free of charge. 

GEDC does provide assistance and an easy-to-follow business plan template. However, the client must attempt to complete as much as possible, as they are the ones with the business idea.

All seminars and events are advertised in the local media and/or GEDC website www.gedc.ca.  To be kept up to date on GEDC activities join our mailing list by emailing us at info@gedc.ca