Financing

From business plan to business success.
We offer financing, mentoring and expertise to get your start-up off the ground.

The Hive makes it easier for aspiring young business owners to secure financing. And we’ve partnered with multiple area lenders to extend our support to you even further.

Up to $15,000

We offer collateral-free loans at better interest rates than most banks. But we can’t do it alone. We’re able to finance up to $15,000 per business. If you need more money, area lenders may provide up to $30,000.

  • Up to $15,000 with a term over five years.
  • Interest is charged at Hive’s prime rate + 3%.
  • Interest-only payments for the first year.
  • Principal repayments are made in equal monthly instalments together with interest, over the remaining four years.
  • No penalty for early repayment.
  • Program registration fee of $50, payable by cheque.
  • A $15 program fee is charged monthly for the duration of your loan, added to your monthly repayment installment.
  • Up to $30,000 in financing.
  • Interest-only repayment in the first year.
  • The interest charged is the Lender Base Rate* + 5%.
  • Repayment of outstanding lending principal by monthly repayment schedule similar to your Hive loan. You may prepay all or any part of the outstanding principal, however, the Lender must receive the interest owing to the time of repayment, together with an indemnity equal to three months’ interest on the principal prepaid.
  • Once a year (non-cumulative) on the anniversary date of the loan authorization date, you may repay 15% of the principal outstanding without indemnity.
  • Lenders charge a $50 processing fee, which is deducted from the initial loan disbursement.
  • Applications are subject to lender approval and eligibility criteria. Some restrictions may apply.
  • Applicant(s) must show a minimum investment of 10% of total value of the project.

*Please contact your local lender office for the base rate.

Up to $45,000

You are applying to receive your financing through area lenders (up to $45,000). You’ll still apply through us and work with a Hive mentor, but your financing terms and conditions are from area lenders.

  • Up to $45,000 in financing.
  • Interest-only repayment in the first year.
  • The interest charged is the Floating Base Rate* + 5%.
  • Repayment of outstanding Lender principal by monthly repayment schedule. You may prepay all or any part of the outstanding principal, however, the Lender must receive the interest owing to the time of repayment, together with an indemnity equal to three months’ interest on the principal prepaid.
  • Once a year (non-cumulative) on the anniversary date of the loan authorization date, you may repay 15% of the principal outstanding without indemnity.
  • Lenders charge a $50 processing fee, which is deducted from the initial loan disbursement.
  • Applications are subject to Lender approval and eligibility criteria. Some restrictions may apply.
  • Applicant(s) must show a minimum investment of 10% of total value of the project.

*Please contact your local Lenders office for the Base Rate.

Mentoring

The Hive’s industry-leading mentoring offers expertise, resources and skill-building opportunities to take you and your business to the next level.

2 years of expert business mentoring can help you:

Gain insight and perspective by having someone to bounce your ideas off of.

Focus on and strategically work towards your business vision.

Shorten your learning curve.

Identify opportunities and risks by learning from someone experienced.

Gain insight and perspective by having someone to bounce your ideas off of.

Build confidence knowing you have someone in your corner.

Eligibility

The Hive is eager to support aspiring business owners and West Virginia citizens. To determine if we’re the best fit for you take a look at our basic terms and conditions.

  • Assure that financing proceeds may not be used to fund businesses that are sexually exploitive or that feature sexually explicit entertainment, products or services; businesses that are engaged in or associated with illegal activities; businesses trading in countries that are proscribed by the Canadian federal government; and any other commercial activities inappropriate for government funding.
  • Demonstrate that you have been discharged from bankruptcy for at least five years or one year after receipt of a Certificate of Full Performance in the case of a Consumer Proposal.
  • For establishments serving alcohol, a maximum of 50% of revenues can be generated from the sale of alcohol when same is consumed on-site. Exempt from this are producers such as craft breweries, wine and spirit producers, brew-it-yourself type locations.
  • Any age eligible entrepreneur (18-39 years old) who owns 5% or less of the business does not need to be party to Hive West Virginia and BDC application.
  • Demonstrate some training/experience related to your business idea.
  • Create full-time sustainable employment for the applicant(s).
  • Agree to work with a mentor for up to two years (4 to 5 hours a month).
  • Produce a complete and viable business plan by the end of the application process.
  • Business fully operating for fewer than 12 months.
  • Agree to complete Hive West Virginia status updates every three months.
  • Agree to provide authorization for Hive West Virginia to carry out a credit check.
  • Supply two personal references.
  • Assure that the business is NOT in the research and development stage.
  • Assure that financing proceeds may not be used for refinancing existing debt.
  • BDC financing through a Hive West Virginia application is not available to all persons, corporations, firms and companies who are already a BDC borrower.

The Benefits of Utilizing the Hive

The Hive offers education and development opportunities, online resources and in-house experts to help you launch and grow your business. We also host networking events to help you gain connections in your industry and the start-up community.

HOW-TO's & TEMPLATES

Use our Business Plan Writer to create your business plan or browse our library of examples and templates.

BUILD YOUR NETWORK

Attend workshops, meet other young entrepreneurs and gain peer advice. A start-up community is growing near you - join today!

IN HOUSE EXPERTS

Our knowledgeable Entrepreneurs-in-Residence help you turn your ideas into a viable business.

LOCAL SUPPORT WITH PARTNERS

Community partners can provide valuable small business resources and networking opportunities in your area.

Applying and What to Expect

You’ve read everything above, you’re interested and you may be eligible. It’s only fair to set your expectations to make sure we are the best fit for you and your business needs.

1

You're going to register for our Start-Up Program.

2

You're going to tell us about you and your business.

3

You're going to share your DRAFT business plan and cash flow with us. Don't have one? Don't worry, we'll help.

4

We're going to look at your credit and business plan to ensure they meet our eligibility requirements.

Ready to get started?

Apply now, and let's talk about Financing and Mentoring