How much funding can be received?

Get up to $5,000 in financial assistance, as well as business-plan guidance, business counselling and training to become self-employed in Newfoundland and Labrador if you are receiving or are eligible to receive Provincial Income Support.

Financing terms and conditions

This grant provides financial assistance to individuals transitioning to self-employment by supporting eligible business activities with a flexible allocation of funds. The financing modalities are designed to facilitate the establishment and growth of new ventures.

Offering financial assistance up to a cap of $5,000.

Eligible projects & activities

The Entrepreneurial Opportunities Program (EOP) supports activities that aid individuals in becoming self-employed by offering various forms of business assistance. Eligible initiatives include those that provide guidance and training essential for launching and sustaining a small business.

Development and refinement of a comprehensive business plan with professional guidance.
Engagement in business counselling sessions to address start-up challenges and strategic growth.
Participation in general business training workshops to enhance operational skills.
Utilization of financial assistance for initial business expenses up to the program limit.

Examples of admissible projects:

$ 4,000

Develop a comprehensive business plan for a new bakery enterprise in St John's

$ 4,500

Improve business operations for a sustainable fishing co-operative

$ 5,000

Develop business training programs for women entrepreneurs

$ 5,000

Create business counseling services for a non-profit art collective

$ 5,000

Establish comprehensive business plan for an eco-tourism firm

$ 5,000

Launch comprehensive business training for small-scale farmers

Eligibility criteria of the CBDC Entrepreneurial Opportunities Program (EOP) program

Eligibility for this program is specifically tailored for individuals with certain financial support conditions aiming for self-employment.

The applicant must be currently receiving or eligible to receive Provincial Income Support.

Who is eligible?

Individuals who are receiving or eligible to receive Provincial Income Support in Newfoundland and Labrador are eligible to apply for the Entrepreneurial Opportunities Program (EOP).

Who is not eligible

There are certain types of companies that are not eligible for this grant:

Companies not receiving or eligible for Provincial Income Support

Eligible expenses

This grant program offers support to individuals aiming to become self-employed through various initiatives that encourage entrepreneurship. The eligible activities include developing a business plan, receiving business counseling, undergoing business training, and obtaining financial assistance.

Guidance in the creation and development of a comprehensive business plan.
Access to professional business counseling services to support entrepreneurial ventures.
Participation in general business training programs to enhance business knowledge and skills.
Provision of financial assistance up to $5,000 to support business startup activities.

Eligibility criteria of the CBDC Entrepreneurial Opportunities Program (EOP) program

The Entrepreneurial Opportunities Program (EOP) in partnership with Metro Business Opportunities (MBO) has evaluation and selection criteria. These include:

Demonstrated financial need
Business viability and sustainability
Presentation of a feasible business plan
Commitment to entrepreneurship

How to apply to the CBDC Entrepreneurial Opportunities Program (EOP) program

Contact MBO

Reach out to Metro Business Opportunities (MBO) to express your interest in the program.
Schedule an initial consultation to discuss your eligibility and business idea.

Business Assessment

Participate in a business assessment with an MBO consultant to evaluate your business concept.
Receive feedback and recommendations to strengthen your business plan.

Develop Business Plan

Work with an MBO advisor to create a comprehensive business plan.
Include detailed financial projections and strategies for sustainability.

Business Training

Attend general business training sessions offered by MBO to enhance your entrepreneurial skills.
Complete any required training modules as part of the program requirements.

Prepare Financial Documents

Compile necessary financial documents to support your application, such as income statements and budgets.
Ensure that all financial data aligns with your business plan objectives.

Application Submission

Gather all required documents including your business plan and financial documents.
Submit the complete application package to Metro Business Opportunities.
Confirm receipt of your application with MBO.

Follow-up

Stay in contact with MBO for updates regarding the status of your application.
Be prepared to provide additional information if requested during the review process.

Additional information

Here are additional relevant details for this grant:

The program offers support that may include mentorship and networking opportunities through partnerships with local business support organizations.
Participation in the program might provide preferential access to resources or seminars associated with Metro Business Opportunities (MBO).
Applicants may have access to follow-up support or guidance even after initial funding or training is provided.