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
- Loans of up to $20,000 for temporary residents, age 19 years and older, wishing 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 for funding.
- Fixed interest will be charged at prime rate plus 3%.
grant_single|admissibleProjectsExample
$15,000
Halifax
Opening a small bakery specializing in gluten-free products
$20,000
Halifax
Open a local organic food store specializing in Atlantic Canadian products
$20,000
Fredericton
Establish a mobile hair salon service targeting remote areas
$20,000
St. John's
Launch a part-time seasonal kayak rental service in St John's, NL
$20,000
Charlottetown
Create a co-working space for tech startups in downtown Charlottetown
grant_single_labels|admissibility
Loans of up to $20,000 are available for temporary residents aged 19 and older looking to start a registered business in the area. The fixed interest will be charged at prime rate plus 3%.
- Applicants must be temporary residents aged 19 years and older.
- Applicants must wish to start a registered business in the area.
- Access to training, advisory, and consulting services is provided.
- Seasonal and part-time businesses are acceptable.
- Businesses in most sectors are eligible.
- Fixed interest will be charged at prime rate plus 3%.
grant_eligibility_criteria|who_can_apply
Eligible types of companies for the Immigrant Loan Program - Pilot Project include seasonal and part-time businesses in various sectors seeking to establish a registered business in the designated area. The fixed interest charged is at prime rate plus 3%.
- Seasonal businesses
- Part-time businesses
- Businesses in various sectors
- Registered businesses in the 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
- Purchase of equipment and inventory
- Rent or lease of commercial space
- Marketing and advertising expenses
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
- Step 1: Download the Application Form from the provided link.
- Step 2: Fill out the Application Form with accurate and complete information.
- Step 3: Prepare a detailed Business Plan using the Business Plan Workbook available in the additional resources.
- Step 4: Complete the Financial Statement Template provided in the additional resources.
- Step 5: Compile all the completed documents: Application Form, Business Plan, and Financial Statement.
- Step 6: Submit the compiled documents via email to patricia.macneil@cbdc.ca at Coastal Business.
grant_single_labels|otherInfo
grant_single_labels|contact
patricia.macneil@cbdc.ca
1-888-303-2232
Apply to this program
Immigrant Loan Program - Pilot Project Overview
The Immigrant Loan Program offers loans up to $20,000 for temporary residents aged 19 and older who wish to start a registered business in the specified area. In addition, participants gain access to training, advisory, and consulting services to aid in their business ventures.
Detailed Explanation of the Immigrant Loan Program - Pilot Project
The Immigrant Loan Program - Pilot Project is a strategic initiative designed to support temporary residents in Canada who aspire to start their own businesses. This program recognizes the potential and entrepreneurial spirit within the immigrant population and aims to facilitate their economic integration through financial assistance and expert guidance. Below, we offer a comprehensive look into the many facets of this grant program to help potential applicants understand its benefits, requirements, and procedures.
Loan Details and Eligibility
The program provides loans of up to $20,000 to eligible temporary residents. Here are some key points regarding the loan:
- Eligibility: Available to temporary residents aged 19 years and older who are interested in starting a registered business within the designated area.
- Loan Amount: Applicants can receive up to $20,000 in loan funding.
- Business Types: Seasonal and part-time businesses are also eligible to apply, broadening the scope to various business models.
- Sectors: Most business sectors are eligible to apply, ensuring that a wide range of entrepreneurial dreams can be supported.
- Interest Rate: Loans come with a fixed interest rate charged at the prime rate plus 3%, making it a relatively affordable financing option for new business owners.
Access to Training, Advisory, and Consulting Services
Besides financial support, the Immigrant Loan Program offers invaluable resources in the form of training, advisory, and consulting services. These services are critical for the success and growth of new businesses and include the following:
- Training Sessions: Comprehensive training covering business management, financial planning, marketing strategies, and other essential skills.
- Advisory Support: Access to advisors who can provide personalized guidance on business operations, legal compliance, and market analysis.
- Consulting Services: Specialized consulting services to help with specific challenges and strategic planning for business expansion.
Application Process
Applying for the Immigrant Loan Program is a straightforward process designed to be accessible and user-friendly. Below are the steps involved in the application:
Step 1: Prepare Your Documents
Applicants need to gather all required documents, including:
- ID proving age (19 or older)
- Proof of temporary residency status
- Business registration documents (if the business is already registered)
Step 2: Complete the Application Form
The application form must be filled out with all the necessary details about the applicant and their business venture. The form requires the following information:
- Personal details (name, contact information, etc.)
- Business details (name, type of business, sector, etc.)
- Loan amount requested and intended use of the funds
Step 3: Develop a Business Plan
Applicants are required to submit a comprehensive business plan. The following resources are available to help with this step:
- Business Plan Workbook
- Financial Statement Template
The business plan should cover aspects such as market analysis, competitive strategy, sales projections, and financial plans.
Step 4: Submit Your Application
All completed applications should be directed to patricia.macneil@cbdc.ca at Coastal Business Development Corporation (CBDC). Ensure that every section of the application is complete and accurate to avoid delays in processing.
Benefits of Participating in the Program
The Immigrant Loan Program offers numerous benefits that make it an attractive option for aspiring business owners:
- Financial Support: Provides essential funds to help cover startup costs, purchase equipment, and manage initial operations.
- Reduced Financial Burden: With a fixed interest rate at a competitive level, the program minimizes the financial burden on new entrepreneurs.
- Comprehensive Support: Beyond funding, the program offers training, advisory, and consulting services, ensuring entrepreneurs are well-equipped for success.
- Flexibility: Accepting seasonal and part-time businesses allows for flexibility in business models and working arrangements.
Additional Resources and Support
To further support applicants, the program provides various additional resources and tools, including:
- Application Form
- Business Plan Workbook
- Financial Statement Template
- Access to experienced startup experts for personalized guidance
For those who need help starting their business or have questions about the application process, reaching out to a startup expert can provide valuable direction and assistance.
Conclusion
The Immigrant Loan Program - Pilot Project is an excellent opportunity for temporary residents in Canada to turn their entrepreneurial dreams into reality. By offering financial support, along with training and consulting services, the program ensures that new business owners have the resources and knowledge needed to thrive. If you are a temporary resident with a business idea, this program can help you start, grow, and succeed in your venture.
For more information or to begin your application, contact patricia.macneil@cbdc.ca or reach out to a startup expert today.
Do not hesitate to seize this opportunity and bring your business ideas to life with the support of the Immigrant Loan Program.
