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Next Step microloan

Because everyone needs a little help to grow

Managing the first year of a small business isn’t easy, but small businesses in their second or third year of operations may face special challenges when it comes to reaching the next phase of growth and success.

Next Step microloans are designed to meet the unique needs of thriving small businesses that are in their second or third year of operations. Business owners can access expansion funding of up to $75,000 based on their character and the competence they’ve demonstrated in the first year of their business operations.

Are you eligible?

To be eligible to apply for a Next Step microloan, you must:

  • Have one or two years of sales history
  • Be looking to expand and grow operations
  • Operate the business in Metro Vancouver, the Fraser Valley Regional District, Greater Victoria, or the Sea-to-Sky Corridor
  • Be a Canadian citizen or Permanent Resident.

Key benefits

  • Qualify for a loan even without a strong credit history
  • Receive funds as a line of credit* or a term loan**—your choice
  • Pay no administrative fees***
  • Gain access to Vancity’s business expertise and financial-literacy support
  • Benefit from access to a co-operative network of members
  • Get additional support if you’re an entrepreneur with a disability

Loan details

  • Loan size: Apply for up to $75,000
  • Loan type: Choose a term loan or line of credit (maximum 25% of total request)
  • Interest charged: Pay prime plus 3%
  • Repayment period: Repay the loan within 7 years

Use this microloan for:

  • Working capital
  • New production and services capacity
  • Business purposes or business related expenses
  • Purchasing additional tools or equipment
  • Adding new business lines
  • Increasing inventory to meet sales growth
  • Leasing new office space
  • New market development

Apply now

We encourage existing Vancity microloan borrowers and new applicants (both Vancity members and non-members) to apply for a Next Step microloan.

For existing Vancity microloan borrowers:

  • Submit 1-2 pages describing the current state of your business and how the additional funds will be used.

For new applicants:

If you have questions about the Next Step microloan, please email

*A term loan is repaid over a specific period of time by making payments on both the principal and interest.

**A line of credit (also known as an operating loan) requires the loan-holder to repay only the interest on the outstanding loan balance each month.

***Administrative fees are waived under the microloan program for all term loans and for the first five years on your line of credit.