How much funding can be received?

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.

Financing terms and conditions

This loan program provides financial assistance to temporary residents aiming to launch a business, with defined terms to manage investment and ensure repayment. The structured loan terms aid in promoting successful business development.

Loans available up to a maximum of $20,000.
Fixed interest rate charged is the prime rate plus an additional 3%.
Access to supplementary services, including training, advisory, and consulting services.

Eligible projects & activities

This pilot program facilitates the establishment of new businesses by temporary residents wishing to create registered businesses in the area. It includes access to essential training, advisory, and consulting services supporting diverse business ideas.

Starting a registered seasonal or part-time business.
Utilizing loan funds for business setup in most sectors.
Accessing training and consultancy services to aid business growth.

Examples of admissible projects:

$ 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

Eligibility criteria of the CBDC Immigrant Loan program — Pilot Project program

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.

Who is eligible?

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.

Who is not eligible

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

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.

Eligibility criteria of the CBDC Immigrant Loan program — Pilot Project program

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%

How to apply to the CBDC Immigrant Loan program — Pilot Project program

Download Application Materials

Access the Application Form, Business Plan Workbook, and Financial Statement Template available on the website.

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.

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.

Submit Application

Send the completed application and supporting documents via email to patricia.macneil@cbdc.ca.

Additional information

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.