CBDC Business Valuation and Succession Planning

This grant provides financial support for business valuations and aims to facilitate the smooth transition and ownership transfer of existing businesses in rural communities.

• Contributes 75% of eligible costs up to a maximum of $7,500 for conducting business valuations.

Eligibility for this program requires meeting certain conditions set forth for small businesses in specific regions and good standing with certain authorities.

• Small businesses must be operating in a CBDC governed region and actively preparing to transfer ownership of the business.
• Businesses must be in good standing with the Canada Revenue Agency (CRA), the Atlantic Canada Opportunities Agency (ACOA), and the Government of Newfoundland and Labrador.

Who is eligible?

Eligible expenses

This grant supports businesses in rural communities by providing financial assistance for business valuations and promoting succession planning. The eligible projects focus on assessing the economic value of businesses and showcasing opportunities to potential markets.

• Conducting business valuations with the assistance of professional valuators.
• Showcasing business opportunities in provincial, national, and international markets.

Eligible geographic areas

This grant is accessible to small businesses situated in areas governed by the Community Business Development Corporations (CBDCs) in Newfoundland and Labrador. It specifically focuses on rural communities that are actively engaged in business transitions.

• Small businesses in Newfoundland and Labrador covered by CBDC services.
• Enterprises actively participating in succession planning.
• Regions identified for community development through business transitions.

There are evaluation and selection criteria for this grant:

• Applicants must be small businesses operating in a CBDC governed region, actively preparing to transfer ownership of the business
• Businesses must be in good standing with CRA, ACOA, and Government of NL
• Program requirements include an application fee of 3% (up to $300), working with a qualified consultant, and agreeing to share the opportunity on businessatlantic.ca

Here are additional relevant details for this grant:

• CBDC personnel offer support and guidance to help business owners navigate the program.
• The program is part of a pilot initiative, indicating it may be subject to changes or updates based on its outcomes and assessments.