Celebrating 25 years! Alterna's award-winning* Community Microfinance Program has empowered lives by providing access to capital and affordable financial solutions for underserved entrepreneurs and organizations. Since 2000, we've proudly invested over $10M through 1,500+ impact loans, tackling socioeconomic inequity and opening pathways to financial independence for individuals often excluded from traditional banking. Here's to a quarter-century of breaking barriers and building stronger communities!

Helps those who are looking to bridge their income gap through full or part-time self-employment.

Eligibility:

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 have an interview with a member of our Community Microfinance team
To provide a business summary or business plan
12-months projected cash flow
Proof of personal income
Six months of bank statements
Photo identification

Loan Amounts:

$1,000 - $5,000

The annual percentage rate (APR) of 10.09% is based on a loan of $5,000 over a 3 year term at an interest rate of 8.70% (Alterna Prime Rate + 2.00%) with an administration fee of $100.

If there are no fees, APR and interest rate will be the same. Rates are subject to change at any time without notice.

Helps individuals who are pursuing training, exams, licensing, or need to purchase tools of the trade that will lead to employment in their chosen field.

Eligibility

Be a legal resident of Canada
Be at least 18 years old
Live in Alterna’s service area
Be accepted into a short term program (2 years or less), incurring accredited fees such as exams and licensing, completing certification in your chosen field or purchasing tools of the trade
Unable to obtain credit from traditional financial institutions due to lack of credit or employment
Be in a program or complete a program or accreditation which leads directly to employment
Have minimal income

You will need:

To have an interview with a member of our Community Microfinance team
Complete a Consumer Credit Application Form
Provide proof of acceptance in the program or training course
Six months of bank statements
Minimum of two personal references
Provide Notice of Assessment from Canada Revenue Agency for the most recent tax year (if applicable)
Photo identification

Loan Amounts:
$1,000 - $15,000

The annual percentage rate (APR) of 9.16% is based on a loan of $15,000 over a 3 year term at an interest rate of 8.70% (Alterna Prime Rate + 2.00%) with an administration fee of $100.

If there are no fees, APR and interest rate will be the same. Rates are subject to change at any time without notice.

Supports self-employed entrepreneurs to purchase tools and equipment or market their services.

Eligibility

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 of $50,000 or under

You will need:

To have an interview with a member of our Community Microfinance team
To provide a business summary or business plan
12-24 months projected cash flow
Photo identification

Loan Amounts:
$1,000 - $15,000

For both for profit and nonprofit initiatives that are using business strategies to build a better world.

Eligibility for for-profit social entrepreneurs:

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

Eligibility for nonprofit 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
Letter stating motion from Board of Directors endorsing application for funding

You will need:

To have an interview with a member of our Community Microfinance team
A well-documented business plan with 24 months projected cash flow
Business registration documents
Minimum of two business and personal references
Photo identification

Loan Amounts

$1,000 - $25,000

The annual percentage rate (APR) of 9.16% is based on a loan of $15,000 over a 3 year term at an interest rate of 8.70% (Alterna Prime Rate + 2.00%) with an administration fee of $100.

If there are no fees, APR and interest rate will be the same. Rates are subject to change at any time without notice.

Supports women looking to self-employment to gain the flexibility they need to balance multiple demands.

Eligibility

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 have an interview with a member of our Community Microfinance team
A well-documented business plan with 24 months projected cash flow
Business registration documents
Minimum of two business and personal references
Photo identification

Loan Amounts

$1,000 - $25,000

The annual percentage rate (APR) of 9.16% is based on a loan of $15,000 over a 3 year term at an interest rate of 8.70% (Alterna Prime Rate + 2.00%) with an administration fee of $100.

If there are no fees, APR and interest rate will be the same. Rates are subject to change at any time without notice.

Emefa Kuadey

In the world of fashion, where creativity meets commerce, Emefa Kuadey stands out as a shining example of entrepreneurial spirit and innovative design. Her journey from civil engineer to fashion entrepreneur inspires business owners everywhere.

Nicola Simpson

From seeking refuge in Canada to becoming a groundbreaking legal advocate, Nicola Simpson's story is a powerful testament to her unwavering determination and purposeful innovation.

Sergio Navarretta & Alessandra Piccione

Sergio Navarretta and Alessandra Piccione, co-founders of SNAP Films Inc. work together as a director and screenwriter to create meaningful stories for both the big and small screen.

Sipho Ibeakanma

Sipho Ibeakanma was inspired to open her business, The Niesh Hair Scarf Wig, after her daughter Cleopatrah and granddaughter Niesha tied a beautiful scarf around her wig in August 2018.

Why microfinance matters: the Alterna story
Celebrating 25 years of community impact

Discover the transformative power of microfinance through Alterna's comprehensive impact report, drawing on a quarter-century of leadership in Canada's community finance ecosystem. Our data-driven analysis reveals the real-world impact of financial inclusion:

$10 million in loans distributed to 1,500 small business owners
56% of loans granted to women entrepreneurs—tripling the 18% national average
85% of loans supporting BIPOC entrepreneurs
$4.37 in social and economic value generated for every $1 loaned
95-98% repayment rate maintained even during economic challenges

Access our summary report for key highlights, or request the complete version for in-depth insights, success stories, and our vision for advancing inclusive financial systems across Canada.

Request Full Report