Alterna - Programs & Resources

Qualified low-income individuals can access loans of up to $5,000 to support the startup or growth of their full or part-time business.

To qualify, you must:

Be a legal resident of Canada
Be at least 18 years old
Work and live in Alterna’s service area
Operate a legal, seasonal, full time or part-time business
Entering self-employment with income or assets under $30,000

You will need:

To meet with a representative from our Microfinance Team for an interview
To provide a business summary or business plan
12 months projected cash flow
Proof of personal income
Six months of bank statements
Photo identification

This program is ideal for new Canadians and individuals transitioning to the workforce who don’t qualify for traditional financing. Through the program qualified borrowers can access loans from $500 to $5,000 to help them in the pursuit of professional development education or credentials.

To qualify as For-Profit Social Entrepreneur, you must:
• Be a legal resident of Canada
• Be at least 18 years old
• Work and live in Alterna’s service area
• Operate a legal, seasonal, full time or part-time business
• Be generating revenue

For Non-Profit and Co-operative Organizations:
• Operate in Alterna’s service area
• Provide sponsor support from an organization when the parent organization or social enterprise is not incorporated. The sponsoring organization will be required to make the loan on their behalf
• A letter stating motion from Board of Directors endorsing application for funding

You will need:
• To meet with staff from our Microfinance Team for an interview
• A well-documented business plan with 24 months of projected cash flow
• Business registration documents
• Minimum of two business and personal references
• Photo identification

Once approved, you will:
• Pay a competitive interest rate ranging from Prime + 2% to Prime + 6%*
• Conduct your business’s financial activities with Alterna Savings
• Be required to pay a nominal administration fee

Through the program qualified borrowers can access loans from $1,000 to $15,000 to help them start on the right foot in their profession or trade.

To qualify, you must:
• Be a legal resident of Canada
• Be at least 18 years old
• Work and live in Alterna’s service area
• Operate a legal, seasonal, full time or part-time business
• Entering self-employment with an income of $50,000 or under

You will need:
• To meet with staff from our Microfinance Team for an interview
• To provide a business summary or business plan
• 12-24 months projected cash flow
• Photo identification

Once approved, you will:
• Pay a competitive interest rate ranging from Prime + 2% to Prime + 6%*
• Conduct your business’s financial activities with Alterna Savings
• Be required to pay a nominal administration fee

Through the program qualified for- profit and non-profit enterprises can access loans from $1,000 to $25,000 to support the startup or growth of their social enterprise.

To qualify as For-Profit Social Entrepreneur, you must:
• Be a legal resident of Canada
• Be at least 18 years old
• Work and live in Alterna’s service area
• Operate a legal, seasonal, full time or part-time business
• Be generating revenue

For Non-Profit and Co-operative Organizations:
• Operate in Alterna’s service area
• Provide sponsor support from an organization when the parent organization or social enterprise is not incorporated. The sponsoring organization will be required to make the loan on their behalf
• A letter stating motion from Board of Directors endorsing application for funding

You will need:
• To meet with staff from our Microfinance Team for an interview
• A well-documented business plan with 24 months of projected cash flow
• Business registration documents
• Minimum of two business and personal references
• Photo identification

Once approved, you will:
• Pay a competitive interest rate ranging from Prime + 2% to Prime + 6%*
• Conduct your business’s financial activities with Alterna Savings
• Be required to pay a nominal administration fee

Through the program qualified borrowers can access loans from $1,000 to $25,000 to support the startup or growth of their full or part-time business.

To qualify, you must:
• Be a legal resident of Canada
• Be at least 18 years old
• Work and live in Alterna’s service area
• Operate a legal, seasonal, full time or part-time business
• Be self-employed with minimal income
• Have 51% ownership as a women-owned business
• Be generating revenue
• Income under $50,000

You will need:
• To meet with staff from our Microfinance Team for an interview
• A well-documented business plan with 24 months of projected cash flow
• Business registration documents
• Minimum of two business and personal references
• Photo identification

Once approved, you will:
• Pay a competitive interest rate ranging from Prime + 2% to Prime + 6%*
• Conduct your business’s financial activities with Alterna Savings
• Be required to pay a nominal administration fee

Community Financial Education Programs & Resources

At Alterna, we believe strongly in supporting the financial health and well-being of communities. One of the ways we do that is by developing and delivering financial education programs and resources tailored to the specific needs of the individuals, organizations, and communities we serve. Our programs include customized curriculums for:

individual members
co-operatives, not-for-profits, and charitable sector organizations
small business owners and entrepreneurs.

These financial education programs were designed to provide wrap-around support to underserved and underrepresented individuals and organizations. The curriculum encompasses a wide range of topics, from budgeting to more in-depth and specific workshops for social innovators and entrepreneurs or non-profit and charitable organizations.

For further information about Alterna’s financial education offerings through our Community Impact Department, please contact communityfinancialeducation@alterna.ca.

Eligibility

Registered charities
Incorporated nonprofit organizations
Co-operatives without share capital
Unincorporated associations are eligible with the sponsorship of an eligible incorporated organization. A letter of support from an incorporated organization will be required with the application. Cheque will be issued to the sponsoring incorporated organization. Sponsor organization must submit Articles of Incorporation or Letters Patent. Alterna will only issue cheques to incorporated groups.
While membership in Alterna is not a requirement for grant funding, preference will be given to member organizations. Click Here to find out more about how your organization can benefit from membership at Alterna.

Application Process

Completed applications can be submitted to communitygrants@alterna.ca. A complete application, depending on your legal structure, will include the following information:

Completed application form
Proof of charitable status
Copy of Articles of Incorporation or Letters Patent
For unincorporated groups applying, a letter of support from an incorporated organization is also required with the application. Cheque will be issued to the sponsoring incorporated organization. Sponsor organization must submit Articles of Incorporation, Letters Patent, or charitable status.
Letters of recommendation (optional)

In addition to any other organizational activities already prohibited by Alterna, Alterna will not support:

Initiatives that take place outside of Ontario
Groups that discriminate or restrict access based on things like race, colour, religion or creed, sexual orientation, gender identity or disability among others
Political or fraternal organizations or third-party organizations that raise funds for charity
Private (fee-based) elementary or secondary schools
Religious organizations, unless they are engaged in a significant project benefiting the entire community
Endowment or memorial campaigns
Conferences, events, or golf tournaments
Advertising or promotional campaigns
Travel-related events, including student trips or tours
The creation or repair of statues, monuments, artwork, or beautification projects
The publication of books or movie productions
Private foundations

Funds must be used by the organization that is applying for the granting stream.

Financial Inclusion Granting Program

Alterna’s Financial Inclusion Granting Program typically awards grants of up to $40,000 to one or two organizations annually. Through this program, we support innovative programs that work to address issues of Financial Literacy and Financial Inclusion among underserved communities. Emphasis will be placed on initiatives that offer opportunities for scale and/or replication to other communities. Emphasis will also be placed on initiatives that offer broader opportunities for partnership with the Credit Union.

Eligibility

Alterna’s Financial Inclusion Granting Program supports:

Registered charities
Incorporated nonprofit organizations
Co-operatives without share capital
Unincorporated associations are eligible with the sponsorship of an eligible incorporated organization. A letter of support from the incorporated organization is required with the application. Cheque will be issued to the sponsoring incorporated organization. Sponsor organization must submit Articles of Incorporation, Letters Patent, or charitable status. Alterna will only issue cheques to incorporated groups.
While membership in Alterna is not a requirement for grant funding, preference will be given to member organizations.

Application Process:

Completed applications are submitted to communitygrants@alterna.ca. A complete application will include the following information:

Step 1. Letter of Inquiry

If your organization has an idea or program that you believe would be a good fit for the Financial Inclusion Granting Program, please submit a maximum 2-page Letter of Inquiry (LOI) detailing the initiative. The letter must include the following information.

Step 2. Request for Proposal

Alterna’s Community Impact Department will review all LOIs and invite a limited number of organizations to submit full proposals for funding.

Step 3. Proposal Submission

Alterna will only consider proposals from organizations that have been invited to submit a full proposal based on their previously submitted LOI.

In addition to expanding in detail on the content requested for the LOI submission, organizations will be asked to elaborate in the proposal.

Step 4. Application Review

Received proposals will be reviewed by an internal committee of Alterna employees. Proposals will be evaluated on several criteria including potential for replication or scale of the initiative, impact, measurable results.

Step 5. Grant Approval

Alterna will inform all applicants as to the status of their application. Successful applications will be announced on Alterna’s website and social media pages.

Key Dates

Letter of Inquiry Deadline: Monday, June 19, 2023, at 11:59 pm ET
Proposal Deadline: Friday, September 1, 2023, at 11:59 pm ET

Program Details

Our Focus Segments Include:

Black Entrepreneur Loan Fund (BELF)

Programs & Grants

Additional Resources