CBDC Immigrant Loan program — Pilot Project
NS, Canada
The Immigrant Loan Program offers up to $20,000 in funding, alongside training and advisory services, for temporary residents to start registered businesses in various sectors.
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
Expert Advice
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Community Business Development Corporations (CBDC)
grant_single|status
grant_card_status|open
grant_single_labels|preview
If you are a new temporary resident of the Atlantic region looking to open a business you can get a loan of up to $20,000 and access to business consulting services.
grant_single_labels|projects
This initiative pertains to specific regional eligibility, focusing on businesses within designated zones. As mentioned, "@cbdc.ca at Coastal Business" implies a connection to the Coastal Business Development Corporation and suggests potential regional constraints.
- Coastal regions served by the Coastal Business Development Corporation (CBDC).
grant_single|admissibleProjectsExample
$15,000
Opening a small bakery specializing in gluten-free products
$20,000
Open a local organic food store specializing in Atlantic Canadian products
$20,000
Establish a mobile hair salon service targeting remote areas
$20,000
Launch a part-time seasonal kayak rental service in St John's, NL
$20,000
Create a co-working space for tech startups in downtown Charlottetown
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant's profile and proposed business activities.
- Applicants must be temporary residents aged 19 years or older.
- Applicants must intend to start a registered business in the specified area.
- Applicants should aim to establish either seasonal or part-time businesses.
- Applicants must operate within sectors that are eligible for the loan program.
grant_eligibility_criteria|who_can_apply
The Immigrant Loan Program - Pilot Project is open to temporary residents aged 19 years and older who are interested in starting a registered business within the specified area.
grant_eligibility_criteria|who_cannot_apply
Based on the information provided, there is no specific mention of types of companies that are not eligible for the Immigrant Loan Program grant.
However, typically businesses involved in illegal activities or those that do not comply with local regulations may not be eligible. The following are examples of ineligible businesses:
- Illegal enterprises
- Businesses that do not adhere to local laws and regulations
grant_eligibility_criteria|eligible_expenses
In this context, eligible activities for the Immigrant Loan Program involve initiatives that support temporary residents in establishing successful registered businesses. The activities aim to enhance entrepreneurial skills through strategic support and resources.
- Starting a new registered business by a temporary resident aged 19 years and older within the designated area.
- Accessing and participating in training programs related to business management and development.
- Utilizing advisory and consulting services to improve business operations and strategy.
grant_single_labels|criteria
There are evaluation and selection criteria for this grant. The summary of the criteria is as follows:
- Applicant must be a temporary resident aged 19 years and older
- Applicant must wish to start a registered business in the designated area
- Access to training, advisory, and consulting services
- Seasonal and part-time businesses are acceptable
- Most sectors are eligible
- Fixed interest will be charged at prime rate plus 3%
grant_single_labels|register
Here are the steps to submit an application for the Immigrant Loan Program - Pilot Project:
- Step 1: Download Application Materials
- Access the Application Form, Business Plan Workbook, and Financial Statement Template available on the website.
- Step 2: Prepare Required Documents
- Fill out the Application Form with accurate and detailed information.
- Develop a comprehensive Business Plan using the provided workbook.
- Complete the Financial Statement Template with current financial information.
- Step 3: Review and Finalize Application
- Ensure all information across the documents is consistent and thoroughly reviewed for accuracy.
- Make sure all documents are complete and all sections are filled out as required.
- Step 4: Submit Application
- Send the completed application and supporting documents via email to patricia.macneil@cbdc.ca.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- Loans may require a credit check or assessment as part of the approval process.
- Access to training, advisory, and consulting services may be a mandatory component alongside the loan.
grant_single_labels|contact
patricia.macneil@cbdc.ca
1-888-303-2232
Apply to this program
Empowering Immigrant Entrepreneurs with Financial Support
The Immigrant Loan Program - Pilot Project provides financial loans to temporary residents seeking to initiate a registered business, aiming to support entrepreneurial ventures across various sectors. This initiative offers up to $20,000 in funding, coupled with access to essential training and consulting services to foster business growth and success.
Understanding the Immigrant Loan Program and Its Role in Enhancing Economic Participation
Canada's Immigrant Loan Program - Pilot Project is tailored to stimulate entrepreneurial ambitions among temporary residents, offering financial aid to enhance their ability to establish and expand businesses. Supporting economic integration and participation, this loan program plays a significant role in empowering immigrants who are eager to embark on business ventures, ensuring they have the necessary resources and guidance to thrive in the Canadian economic landscape.
By providing loans up to $20,000, the program eases financial constraints that often hinder the pursuit of business opportunities. This comprehensive support not only aims at fostering new businesses but also encourages seasonal and part-time ventures, making entrepreneurship accessible to a wider range of individuals.
One of the standout features of this program is its flexibility across industry sectors, opening doors to diverse business types. This inclusivity underscores the commitment to enhancing economic production and diversity within communities. By charging a favorable interest rate pegged to the prime rate plus 3%, the program ensures competitive borrowing costs, providing a financial cushion for immigrant entrepreneurs during their initial growth phase.
Alongside financial support, the program accentuates the importance of knowledge transfer and skill development. With access to advisory services and training, participants are expected to gain robust insights into business management and strategic planning, increasing their chances of sustainability and success. This dual approach of financial and educational interventions works synergistically to offer a comprehensive growth environment for new business owners.
Furthermore, by promoting business formation among immigrants, the program contributes to broader economic goals such as job creation, innovation, and enhanced community cohesion. Immigrant entrepreneurs can infuse fresh perspectives and ideas into the local market, potentially leading to groundbreaking innovations and an enhanced competitive edge for domestic markets.
Applicants are encouraged to utilize tools like the Application Form, Business Plan Workbook, and Financial Statement Template, which are designed to streamline the application process and help them present strong, viable business proposals. A structured approach to planning and financial forecasting aids in setting realistic business goals and planning for long-term success.
For further assistance, prospective applicants can reach out to startup experts or consultants within the designated business area. Tailored advice and specialized knowledge from industry insiders can provide strategic insight and bolster an applicant's ability to navigate the complexities of setting up a new business.
Overall, the Immigrant Loan Program - Pilot Project is an invaluable opportunity for immigrants to cultivate their entrepreneurial aspirations and thereby, enrich the Canadian economy. It stands as a testament to Canada’s commitment to integrating temporary residents into its vibrant economic fabric, promoting growth and development across regions.
