CBDC Innovation Loan
Last Update: January 24, 2025
NS, Canada
Loan for technology improvements
CBDC Innovation Loan at a glance
Eligible Funding
- Max. $150,000
Timeline
- Open Date : November 14, 2019
Financing Type
Loans and Capital investments
Eligible Industries
- All industries
Grant Providers
- Community Business Development Corporations (CBDC)
Status
Open
Overview of the CBDC Innovation Loan program
Get a loan of up to $150,000 to increase your business productivity with the introduction of new technology.
Financing terms and conditions
The CBDC Innovation Loan provides diverse financing options to support technological advancements in rural Atlantic Canada. These modalities aim to assist businesses in acquiring new technologies and supporting business growth.
- Up to $150,000 available per qualified borrower, with potential for additional financing in certain circumstances.
- Funding is available in the form of term loans, demand loans, loan guarantees, or equity investments.
- Loans cover costs such as acquisition of equipment, software, processes, or licenses related to new technology.
- Expenses for infrastructure changes, installations, and maintenance related to new technologies are included.
- Covers training expenses for employees on using the new technology adopted.
Eligible projects & activities
The CBDC Innovation Loan is designed to enhance business productivity and effectiveness through the adoption of new technologies. The eligible projects primarily focus on acquiring and implementing technology, alongside employee training to ensure successful utilization of innovations.
- Acquisition of new equipment, software, processes, or licenses.
- Installation and maintenance expenses related to the implementation of new technology.
- Training employees in the application and use of new technology.
- Development or modification of products and services to integrate new technologies.
- Repurposing existing methods for novel commercial applications.
Examples of admissible projects:
$ 100,000
Install a security system with advanced AI monitoring to protect our premises
$ 150,000
Upgrade physical servers to a scalable cloud infrastructure for enhanced data management
$ 80,000
Integrate an AI-driven customer support system in the company's existing operations
$ 140,000
Adopt blockchain technology for secure and transparent supply chain management
$ 60,000
Implement a cloud-based HR management system to streamline employee onboarding
$ 145,000
Upgrade to energy-efficient machinery to improve production speed and reduce costs
Eligibility criteria of the CBDC Innovation Loan program
Eligibility for this loan is determined by specific requirements related to the business's location and operational characteristics.
- The business and the borrower must be located in rural areas of Atlantic Canada.
- Applicants can be either new or existing entrepreneurs.
- Both year-round and seasonal businesses are eligible.
- The business should demonstrate realistic prospects of economic viability.
- Employment creation and/or maintenance in the community is a key factor.
- Applications are evaluated based on revenue potential and the borrower's commitment to the project.
Who is eligible?
The CBDC Innovation Loan is available to businesses in rural areas of Atlantic Canada that demonstrate potential for economic viability and commitment to innovation.
Eligible expenses
The CBDC Innovation Loan aims to bolster business productivity and effectiveness through the adoption of new technologies in rural Atlantic Canada. The eligible activities for this grant focus on acquiring and implementing technology that enhances business operations.
- Acquisition of new equipment, software, processes, or licenses that constitute new technology.
- Infrastructure changes or installation to support the application of new technology.
- Maintenance costs associated with the implementation and use of new technology.
- Training employees in the application and use of new technology.
Eligible geographic areas
This grant is specifically targeted towards supporting rural-based businesses located in Atlantic Canada. Eligible geographical areas align with the focus on enhancing the technology and productivity of these regions.
- Atlantic Canada rural areas.
Eligibility criteria of the CBDC Innovation Loan program
The CBDC Innovation Loan has specific evaluation and selection criteria that must be met by applicants to qualify for the funding. These criteria include the location of the business, its economic viability, revenue potential, and the applicant's commitment to the project.
- Available to new and existing entrepreneurs
- Business and borrower must be located in rural areas
- Year-round and seasonal businesses are acceptable
- Realistic prospects of economic viability
- Employment creation and/or maintenance in the community
- Revenue potential
- Borrower's commitment and dedication to the project
How to apply to the CBDC Innovation Loan program
1
Contact a CBDC Office
- Identify and reach out to your local CBDC office to discuss your project and funding needs.
- Gather information about the specific application process and any region-specific requirements.
2
Eligibility Check
Verify your eligibility based on the location, nature, and viability of your business project.
3
Prepare Documentation
- Prepare a comprehensive business plan that includes project details, financials, and potential impact on the community.
- Compile any additional documents required by the CBDC, such as financial statements or evidence of the business's economic viability.
4
Submit Application
- Complete the formal application form provided by the CBDC.
- Submit the application along with all supporting documents to your local CBDC office.
5
Follow-up
Stay in contact with the CBDC office for any updates or additional information requests regarding your application.
Additional information
Here are additional relevant details for the CBDC Innovation Loan:
- Loans are available as term loans, demand loans, loan guarantees, or equity investments.
- Financial support may exceed $150,000 in specific cases based on CBDC discretion.
- After approval, CBDC may assist in employee training related to new technology adoption.
- Programs and services related to loans may vary by region in Atlantic Canada.
Contact Community Business Development Corporations (CBDC)
1-888-303-2232
Apply to this program
Grant and FundingOpen
Nova Scotia, Canada
Financing to accelerate growth in Atlantic Canada
Grant and FundingOpen
Nova Scotia, Canada
Funding for economic growth projects in rural Atlantic Canada
Tax CreditsOpen
Nova Scotia, Canada
Tax incentive encouraging investment in innovative Nova Scotia businesses
Tax CreditsOpen
Nova Scotia, Canada
Refundable tax credit for interactive digital media development in Nova Scotia
Tax CreditsClosed
Nova Scotia, Canada
Tax credit for R&D in Nova Scotia
Grant and FundingOpen
Nova Scotia, Canada
Funding for Nova Scotia SMEs
Tax CreditsClosed
Nova Scotia, Canada
Tax credit for digital animation in Nova Scotia
Grant and FundingOpen
Nova Scotia, Canada
Funding for innovation, infrastructure and science projects in the Atlantic
Researchers And FacilitiesClosed
Nova Scotia, Canada
Productivity and innovation expertise in Nova Scotia
Loans and Capital investmentsOpen
Nova Scotia, Canada
Loans for fishing vessels, engines and equipment in Nova Scotia