Providing critical funding to charities at favourable rates

In partnership with Island Savings, the Vital Loans program provides loans to registered charities on Vancouver Island (Nanaimo south) and the Gulf Islands.

A unique kind of loan
Unlike conventional loans from a bank or other lending institution, our evaluation combines the Victoria Foundation’s unique knowledge of the community – and the charities within it – with Island Savings’ financial expertise and understanding of the local economy. Through this partnership, we can assess loan opportunities like no one else – a first for the Islands.

How it works
Charities that require a short-term loan have the potential to access up to $500,000. But the benefits do not end there. Vital Loans are also a unique opportunity for donors, who can contribute to the Vital Loans fund and see their donations used over and over in the community. As loans are provided to charities – and then paid back – the monies are recycled back into the fund, having a perpetually positive impact.

Find out if you are eligible
If you are interested in applying for a Vital Loan, please review the FAQs and Eligibility Checklist to help ensure that both your organization, and the proposed purpose of the loan, are eligible for consideration.

Vital Loans Eligibility Checklist

  • Applicant Eligibility

    All applicant organizations must meet the following criteria to be eligible for consideration:

    • Are a federally registered charity in good standing with the Canada Revenue Agency;
    • Are located on Vancouver Island (Nanaimo and south) or on the southern Gulf Islands;
    • Are in need of a short-term (up to 36 months) infusion of money; and
    • Have a credit rating in good standing.
  • Loan Eligibility

    The following purposes of a Vital Loan are eligible for consideration:

    • bridge financing for operations
    • capital projects
    • major renovations
    • equipment purchase or upgrades
    • one-time expense (e.g. moving to a new location, temporary staff hire)
    • requests below $500,000

    The following purposes are ineligible for consideration:

    • general fundraising campaign contributions
    • severance payments or staff benefits
    • paying off another loan or an old debt
    • religious or sectarian organization (except where they represent non-denominational community and social support services)
    • political advocacy
    • sponsorships
    • curricula for schools or universities
    • need more than three years to repay the loan we are considering
    • requests exceeding $500,000
    • support paid directly to individuals or for their travel
  • Other Application Considerations

    In addition to eligibility criteria, the following items will be given consideration when reviewing your loan application:

    • Does the Vital Loan help your organization to achieve its mission and mandate?
    • Does your organization have a solid track record of good governance by your Board of Directors?
    • Has your organization provided timely Final Reports for past grants (if applicable)?
    • Is your organization prepared to host a site visit with board and staff representatives?
    • Would the outcome of the Vital Loan directly impact a significant number of people/environmental area?
    • Does the Vital Loan address a priority indicator in the Victoria’s Vital Signs® report?
    • Do financial projections demonstrate ability for your organization to repay the Vital Loan within 36 months?
  • Questions

    If you have questions, please contact us at 250-381-5532 or via email.

Apply Today

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