About The Ottawa Community Loan Fund (OCLF)

OCLF Profile

Mission
The OCLF invests in people and the community by facilitating self-reliance loans and services through character-based lending.

Overview
The Ottawa Community Loan Fund invests in people and the Ottawa community by providing small loans, financing, micro-credit and support services to small businesses, individuals and groups. Our formula for granting credit is unique in that it places a greater emphasis on character-based lending than traditional financing.

OCLF is the result of many years of study, consultation and dedicated work in the area of local economic development. Studies undertaken in Ottawa, beginning in the mid 1990’s, showed quite compellingly, that a community-based loan fund could be an important catalyst for encouraging self sufficiency, promoting economic development and contributing to job creation.

In the summer of 2000, the not-for-profit Ottawa Community Loan Fund was established to ensure that more people in the Ottawa community would have access to loans, financing, credit and support in order to encourage new business creation, self-employment and stimulate business expansion.

As a community economic development financial institution, OCLF enlists donations and investments from individuals, local business, government, and other non-profit groups to create a pool of available loan and financing capital. This micro-credit capital is then loaned out to small businesses, individuals and groups who meet the eligibility requirements and who have successfully completed the loan application and review process. As loans are repaid to OCLF the funds are used to grant more loans that support more entrepreneurs, social enterprises, co-operatives, and internationally-trained professionals.

Delivery of OCLF services is provided by full and part-time staff as well as dedicated community volunteers. Community minded representatives from the private and public sector have joined together to form a Board of Directors which provide ongoing support and direction to ensure the success and growth of the Ottawa Community Loan Fund. The OCLF Loan Review Committee and the OCLF Communication Committee play a key role in the development and delivery of OCLF services. These committees have strong board participation and leadership but are also actively supported by volunteer members.

As of July 2005, the Ottawa Community Loan Fund is responsible for over $500,000 in capital invested in 77 small businesses, community groups and internationally-trained professionals in the Ottawa community.