- What is the Remarkable Micro-Loan?
The revolutionary Remarkable Micro-Loan program was launched by BC’s credit unions to help young people kick start their future. People like you. And we’re not looking for the perfect credit score, either. Just a remarkable idea. Send us yours, and you could be approved for a flexible, low interest micro-loan of up to $5,000 to help get it off the ground.
- Why are you offering this? What’s the catch?
There is no catch. We simply want to give great ideas the credit they deserve. For too long, loans have been approved on the strength of a person’s credit history, instead of the quality of their ideas. Through this micro-loan, succesful applicants will be working toward their goals and building a solid credit history at the same time. Everybody wins.
- How is a Remarkable Micro-Loan different from a regular loan? What are the benefits?
- Since this micro-loan can start at just a few hundred dollars, it can be used for things you might not actually consider getting a regular loan for.
- It’s not based on traditional lending criteria either – we’re offering micro-loans based on the quality of your remarkable idea. Unlike regular loans, you don’t need a credit history or assets to qualify for the Remarkable Micro-Loan.
- It's low-interest and has a flexible repayment schedule. The interest rate is Prime +1%, and for the first 24 months, you’ll only need to make payments on the interest portion of the loan.
- You’ll get the financial support and trusted guidance from a credit union to help you pay back the loan – and you’ll also be working toward building a solid credit history at the same time.
- The Remarkable Micro-Loan program was designed to generate social change and improve the communities where you live. The loan will give you a boost in achieving your remarkable idea, while making British Columbia a better place for all of us.
- What kind of ideas are you looking for?
Whatever your remarkable idea is, we want to hear it. We’re especially interested in ideas that contribute to social change, or ideas that help better your community. It could be a large scale entrepreneurial venture, or something far simpler or more personal. Try us out. Tell us what’s remarkable to you, and we’ll let you know if we’re on board.
- Do I have to pay it back?
Indeed you do. The loans are offered at lower than average rates, and you only need to pay the interest for the first 24 months – after which regular payments begin. The credit union distributing the loan will help you develop a payment schedule that works best for you.
- Can groups/non-profit organizations/joint business partners apply?
Unfortunately, Remarkable Micro-Loan applications cannot be submitted on behalf of organizations or multiple people. You will need to select a primary borrower, and they will need to apply.
- Can I submit multiple ideas or change my previous submission?
We'd like you to think about all your ideas and send us your best one. If you need to change anything on your previous submission, send us an email (using the form below), quoting the application number you received when you submitted your application, and we’ll follow up with you directly.
- Who decides whether or not I’m approved? What is it based on?
All applications will be kept anonymous, and a group of BC credit union representatives will review the submissions anonymously and select the most deserving applications. Ultimately it’s based on the quality of the idea.
- What happens if I’m approved?
All applicants, whether or not they’re successful, will be notified. Even if you’re not approved for a Remarkable Micro-Loan, we welcome you to speak with your nearest credit union to see how else they can help. See the Branch Locator to find a credit union near you.
- What if I’m not a credit union member? Can I still apply?
Absolutely. If you're approved for a micro-loan we can set you up at a credit union branch that is nearest you. If you're already a member of a credit union in BC, we'll have the micro-loan set up at your home branch.
- Can I apply for a Remarkable Micro-Loan at a credit union branch?
While we welcome you to visit your local credit union, all micro-loan applications must be received through beremarkable.com.