Evol: Conventional loan
Evol lends $20,000 to $450,000 to social-impact and eco-friendly businesses that want to grow. This is a repayable loan that requires upfront application fees and an annual management fee on top of interest.
Before you spend any money
Confirm on the official page whether you must receive approval before spending any money on the project.
At a glance
Subject to program rules, available funding, and approval. Confirm current details with the official program administrator.
Is this for you?
- You run a social-impact or eco-friendly business dedicated to sustainable practices.
- You need funds for growth or succession and can contribute at least 5% of the project value yourself.
- You have three years of financial history and forecasts ready for a formal loan application.
Probably not the right fit if
- You are not a social-impact or eco-friendly business aligned with the UN Sustainable Development Goals.
- You cannot afford the application fees or the annual management fee added to your interest costs.
- You need immediate cash without a formal approval process or lack three years of financial reports.
How much you'd realistically get
Loans range from $20,000 to $450,000 depending on your project size and eligibility.
What may be supported
- Acquisition of tangible and intangible assets
- Working capital for business operations
- Development and marketing of new products and services
- Share purchases or buybacks
- Business growth, acquisition, or succession projects
How applying works
Effort: involvedYou must prepare a business plan or project summary, two-year financial forecasts, and three years of financial reports.
- 01Verify your business qualifies as an impact enterprise or eco-friendly business contributing to UN Sustainable Development Goals.
- 02Prepare your business plan or project summary and two-year financial forecasts.
- 03Gather financial reports for the past 3 years and the most recent interim financial statements.
- 04If applying for an acquisition, prepare a signed letter of offer and/or tax memo.
- 05Apply to Evol by phone or through its website.
Who to ask: 1 844 523-7767; https://www.evol.ca/en/contact-us/
Documents commonly required
- Business plan and/or project summary
- Two-year financial forecasts
- Financial reports for the past 3 years (when possible)
- Most recent interim financial statements
- Signed letter of offer and/or tax memo (for acquisitions)
What to know before you count on it
- You pay application fees of $350 to $650, based on the loan amount you ask for. Ask Evol whether the fee is refunded if you are not approved.
- You pay an annual management fee of 0.40% of the loan balance (minimum $200, maximum $2,700) on top of interest.
- Interest is calculated as the base rate plus a risk premium, so your total cost depends on your credit profile.
- You must contribute at least 5% of the project value as capital outlay.
What are your odds?
Approval depends on your business being a social-impact or eco-friendly business and meeting strict financial documentation requirements.
Frequently asked questions
Do I have to pay the application fee if I am not approved?
The official page lists application fees of $350 to $650 but does not say whether they are refunded if you are not approved. Ask Evol before you apply.
Can I use this loan for working capital?
Yes, working capital related to business operations after the loan is granted is eligible.
Is there a grace period for payments?
Yes, there is a possibility of a moratorium when the loan is granted or during its term, including for parental leave. Confirm specific terms on the official page.
What you can combine it with
Confirm on the official page if this loan can be combined with other grants or loans.
Get alerted when this changes
Programs open and close, budgets run out, rules change. We send one short email when something changes that matters for this program.
Page last updated ; status and deadline checked . Source: official program page.