CBDC Immigrant Loan program — Pilot Project

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.

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.

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%

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.