CBDC Immigrant Loan program — Pilot Project
Overview
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.
At a glance
Funding available
- Develop employee skills
- Maximum amount : 20,000 $
- Open continuously
Eligible candidates
- All industries
- Nova Scotia
- For-profit business
- Sole proprietorship
- All revenue ranges
- All organization sizes
- Newcomers to Canada
- Startups
Activities funded
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.
Eligibility
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.
Selection 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%
How to apply
Download Application Materials
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
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.
