CBDC Innovation Loan
Loan for technology improvements
At a glance
Eligible Funding
- Max. $150,000
Timeline
- Open Date : November 14, 2019
Financing Type
Loans and Capital investments
Eligible Industries
- Manufacturing
- Information and cultural industries
- Professional, scientific and technical services
Grant Providers
- Community Business Development Corporations
Status
Open
Overview
Get a loan of up to $150,000 to increase your business productivity with the introduction of new technology.
Eligibility criteria
To be eligible for the CBDC Innovation Loan, businesses in Atlantic Canada must meet the following criteria:
1. Available to new and existing entrepreneurs
2. Both the business and the borrower must be located in rural areas
3. Year-round and seasonal businesses are acceptable
4. The business should have realistic prospects of economic viability
5. Employment creation and/or maintenance in the community is a key factor
6. Applications will be judged on revenue potential, as well as the Borrower’s commitment and dedication to the project.
Who is eligible
- Available to new and existing entrepreneurs
- Businesses and borrowers must be located in rural areas
- Year-round and seasonal businesses
Eligible expenses
- Acquisition of equipment, software, processes, or licenses
- Infrastructure changes or installation expenses
- Maintenance due to implementation and utilization of new technology
- Costs for training employees in the application and use of the new technology
Eligible projects & activities
CBDC Innovation Loans may be used for the following eligible activities:
- Acquisition of equipment, software, processes, or licenses that are defined as "new" technology to improve business operations.
- Expenses related to infrastructure changes, installation, and maintenance due to the implementation of new technology.
- Costs for training employees in the application and use of new technology.
Eligible geographic areas
- Rural areas in Atlantic Canada
Evaluation & selection criteria
- Available to new and existing entrepreneurs
- Both the business and the borrower must be located in rural areas
- Year-round and seasonal businesses are acceptable
- The business should have realistic prospects of economic viability
- Employment creation and/or maintenance in the community is a key factor
- Applications will also be judged on revenue potential, as well as the Borrower’s commitment and dedication to the project
How to apply
To apply for the CBDC Innovation Loan, you can follow these steps:
1. Contact your local CBDC office to inquire about the application process and eligibility requirements.
2. Obtain the necessary application forms and guidelines from the CBDC office or their website.
3. Complete the application form with accurate information about your business, the purpose of the loan, and how the funds will be used.
4. Submit the completed application along with any required documentation to the CBDC office.
5. Await a response from the CBDC regarding the status of your loan application.
Additional information
- CBDCs may offer financing above the normal $150,000 per applicant in certain situations.
- Programs and services delivered by CBDCs may vary by region. Contact your local office for more information.
Apply to this program
