Loan Appeal Process

Cornwall & The Counties Community Futures Development Corporation (CFDC) takes pride in its long history of working with small business clients to help them successfully start and grow their business. We encourage loan applicants to have a strong business plan and in reviewing the plan, we are looking for the businesses to have the potential to produce results in at least one of the three areas – potential to create employment, improve business profitability, and/or tackle a community issue. Applicants must clearly demonstrate the existence or the potential for long-term financial sustainability. If the applicant is unsuccessful in their request for financing, we encourage applicants to revisit their business plan to make suggested changes.

Declined loans are immediately discussed with the client by phone.  If a client wishes to formally appeal a loan decision, then information is provided on how to proceed.  Applicants have the option to re-apply for financing with a new and improved application package.  All appeals must be made in writing or by email to the Executive Director (ED) lthompson@mycommunityfutures.ca

Appeals process differ, depending on the amounts being requested

Loans under $20,000

The Executive Director (ED) has the authority to approve loans up to $20,000.  If a client’s loan application for under $20,000 is rejected by the ED, and the client requests an appeal in writing or by email, the ED will refer the application package to the Investment Committee for their consideration.  If the client’s loan application is rejected by the Investment Committee, the ruling is considered final and there is no further recourse to appeal.  

Loans $20,000 to $150,000   

The Investment Review Committee (IC) has the authority to approve loans up to $150,000.    If the IC declines a loan application, clear rationale must be provided to the staff in order to provide feedback to the client.

In the event of a decline by the IC, the client may submit a second application, updated to address deficiencies as described by staff, to the IC for their review and re-consideration.  If this submission is subsequentially declined, the client may submit an appeal request to the ED in writing or by email.    

The loan appeal is presented to the Board of Directors at the next regularly scheduled Board Meeting.  If the client’s loan application is rejected by the Board of Directors, the ruling is considered final and there is no further recourse to appeal.     

Loans Above $150,000

The Board of Directors has the authority to approve loans up to $300,000 through the Investment Fund and up to $400,000 through the Community Venture Capital Fund.    If the Board declines a loan application, clear rationale must be provided to the staff in order to provide feedback to the client.

If a loan application above $150,000 is declined, and the client wishes to appeal, the client may, in writing to the ED, request an opportunity to re-present to the Board in person during a regularly scheduled Board Meeting. If, after the presentation to the Board, the loan is again declined, there is no further recourse to appeal.