CBDC General Business Loan
NS, Canada
Rural Atlantic Canada business loan
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grant_single|eligibleFinancing
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- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
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- grant_single|allIndustries
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- Community Business Development Corporations (CBDC)
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grant_card_status|open
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Get a business loan of up to $150,000 to buy or expand a business, develop new markets or purchase equipment in rural Atlantic Canada.
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Companies applying for this loan must be located in rural Atlantic Canada. The program supports regional businesses to help them thrive and expand in their local areas.
- Rural Atlantic Canada
grant_single|admissibleProjectsExample
$140,000
Opening a chain fitness studio, with a focus on community wellness
$150,000
Starting a seasonal seafood restaurant in downtown St John’s focusing on locally sourced ingredients
$120,000
Opening a boutique hotel in rural Halifax, focusing on eco-friendly tourism
$100,000
Expanding an artisanal cheese factory, focusing on new product lines
$150,000
Purchasing a franchise of a well-known coffee chain
$130,000
Expanding an organic farm and market for local produce
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The CBDC General Business Loan eligibility is based on specific criteria related to the applicant and the business context.
- Entrepreneurs or businesses must be purchasing a new or existing company in rural Atlantic Canada.
- The business should be in the process of expanding an existing operation.
- An existing company must be in need of working capital.
- Both year-round and seasonal businesses are eligible.
- Eligible business expenses include start-up costs, land and buildings, fixed assets, machinery and other equipment, fixtures, and furniture. Business-use vehicles may also qualify.
- Franchise purchases and leasehold improvements are eligible.
- Potential borrowers must demonstrate a legitimate chance of economic viability and contribute to employment creation or maintenance without negatively impacting existing area businesses.
grant_eligibility_criteria|who_can_apply
Entrepreneurs or businesses in rural Atlantic Canada seeking to purchase a new or existing company, expand their current business, or requiring working capital are eligible for the CBDC General Business Loan. Both seasonal and year-round businesses can apply, and the loan covers expenses such as startup costs, land and buildings, fixed assets, machinery, equipment, fixtures, furniture, vehicles for business use, franchise purchases, and leasehold improvements. Candidates must demonstrate potential economic viability and contribute to employment creation or maintenance without negatively impacting existing businesses in the area.
grant_eligibility_criteria|who_cannot_apply
There are certain types of companies that may not be eligible for the CBDC General Business Loan:
- Companies outside of rural Atlantic Canada
- Companies not involved in economic development or job creation
- Businesses that may negatively impact existing area businesses
grant_eligibility_criteria|eligible_expenses
This grant offers financial support to a diverse range of business activities aimed at purchasing, expanding, or improving companies in rural Atlantic Canada. The focus is on enabling entrepreneurs to enhance their operational capacity and explore new market opportunities while ensuring economic viability.
- Purchase of new or existing companies.
- Expansion of existing businesses.
- Provision of working capital for existing companies.
- Purchase of fixed assets, machinery, and other equipment needed for business operations.
- Investment in land, buildings, and leasehold improvements.
- Procurement of vehicles strictly for business use.
- Franchise purchases.
grant_eligibility_criteria|zone
The grant covers eligible business expenses necessary for business development and expansion in rural Atlantic Canada.
- Start-up costs.
- Land and buildings.
- Fixed assets.
- Machinery and other equipment.
- Fixtures and furniture.
- Vehicles strictly for business use.
- Franchise purchases.
- Leasehold improvements.
grant_single_labels|criteria
The evaluation and selection criteria for the CBDC General Business Loan include:
- Entrepreneurs or businesses purchasing a new or existing company in rural Atlantic Canada
- Expanding an existing business
- An existing company in need of working capital
- Both year-round and seasonal businesses are eligible
- Legitimate chance of economic viability
- Employment creation and/or maintenance without negatively impacting existing area businesses
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- Step 1: Contact Local CBDC Office
- Reach out to your nearest Community Business Development Corporation (CBDC) office.
- Discuss your business needs and obtain guidance on the application process specific to your region.
- Step 2: Prepare Documentation
- Gather all necessary business documents, including financial statements, business plans, and evidence of economic viability.
- Ensure that you have detailed project plans and objectives.
- Step 3: Complete Application Form
- Fill out the application form provided by the CBDC accurately with all required details.
- Attach all supporting documents and evidence.
- Step 4: Submit Application
- Submit your completed application to the CBDC office.
- Ensure that submission is done before any applicable deadlines.
- Step 5: Await Review and Response
- Wait for feedback from the CBDC regarding the status of your application.
- Be prepared to provide additional information if requested by the CBDC during the review process.
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Here is additional relevant detail for the CBDC General Business Loan:
- Loans can include different financial structures such as demand or term loans, loan guarantees, or equity investments.
- The loan security options and terms can vary between one to ten years, providing flexibility based on business needs.
- While typically loans cap at $150,000, financial assistance exceeding this amount may be available under certain circumstances.
- Loan availability and terms may differ by region, and applicants are encouraged to consult their local CBDC office for specific details.
- The application must demonstrate a potential for economic viability and should aim to create or maintain employment without adversely affecting existing area businesses.
grant_single_labels|contact
1-888-303-2232
Apply to this program
Access Flexible Financing for Your Business in Atlantic Canada
The CBDC General Business Loan offers up to $150,000 in commercial loans for eligible businesses and entrepreneurs in Atlantic Canada. This funding solution supports equipment purchases, facility upgrades, and business expansion initiatives.
Gain Insight Into the CBDC General Business Loan Program
The CBDC General Business Loan is a versatile financial product specifically designed to meet the needs of businesses and entrepreneurs in rural Atlantic Canada. It caters to a diverse range of business requirements, from purchasing new or existing companies, expanding current operations, to acquiring working capital essential for daily functions. This loan is particularly beneficial for those businesses that may find traditional bank financing out of reach, offering an alternative with competitive interest rates and flexible terms to ensure accessibility for a broader audience.
Eligible loans can reach up to $150,000, a substantial amount that can make a significant difference in the trajectory of a small to medium-sized business. However, in certain circumstances, the Community Business Development Corporation (CBDC) may extend financial assistance beyond this amount, tailored to the unique needs of the borrower and the potential economic impact of their project. Loans are structured as demand or term loans, and in some cases, a loan guarantee or equity investment might be considered, providing an array of options to match different business needs.
Support from CBDC is more than just financial. Entrepreneurs receive invaluable guidance from experienced CBDC representatives who are available to demystify the lending process and offer strategic advice to help businesses thrive. This includes ensuring recipients are aware of the detailed requirements and conditions of the loan, such as maintaining employment levels, guaranteeing that the pursuit of expansion does not unfavorably affect existing businesses in the area, and showing a clear path to economic viability.
What makes the CBDC General Business Loan appealing is its flexibility in terms of security and repayment. The loan can be structured over a period ranging from one to ten years, allowing businesses to develop and grow without the immediate pressure of repayment. By alleviating short-term financial strain, the loan enables businesses to focus on long-term strategic goals, whether they involve upgrading essential equipment, renovating facilities, or seizing new market opportunities.
Furthermore, the loan covers a wide range of business-related expenses. These include but are not limited to start-up costs, the acquisition of land or buildings, purchasing fixed assets, machinery, equipment, and even furniture. There is also consideration for the purchase of vehicles strictly for business use, franchise acquisitions, and leasehold improvements, making this a comprehensive financial tool adaptable to various business strategies and goals.
For seasonal businesses, the CBDC General Business Loan remains accessible, acknowledging the unique financial dynamics they face. By doing so, CBDC ensures that year-round and seasonal businesses alike have the opportunity to thrive and contribute to the local economy.
The CBDC General Business Loan is a critical resource for entrepreneurs and business owners in Atlantic Canada. It not only addresses the immediate financial needs but also aligns with broader economic development objectives, fostering business sustainability and community growth. The availability of such loans demonstrates a commitment to supporting local businesses, encouraging innovation, and ensuring that rural areas have the financial mechanisms in place to compete effectively with urban centers.
In conclusion, the CBDC General Business Loan is more than just a source of funds; it is a strategic partnership aimed at unlocking the potential of businesses in Atlantic Canada. By offering tailored financial solutions, personalized support, and fostering an environment conducive to growth, CBDC stands as a beacon of opportunity for businesses aspiring to achieve success and make a lasting positive impact in their communities.
