How much funding can be received?

Funds up to 5000% of admissible expenses.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the CBDC Micro-Loan Program?

CBDC Micro-Loan Program is funded by Community Business Development Corporations (CBDC)

What are CBDC Micro-Loan Program's eligibility criterias?

Open to new entrepreneurs seeking startup funds. Available for small business owners needing working capital.

CBDC Micro-Loan Program

Last Update: January 24, 2025

NS, Canada

Micro-loan for Nova Scotia entrepreneurs

CBDC Micro-Loan Program at a glance

Eligible Funding

Max. $5,000

Timeline

Continuous Intakes

Financing Type

Loans and Capital investments

Eligible Industries

All industries

Grant Providers

Community Business Development Corporations (CBDC)

Status

Open

Overview of the CBDC Micro-Loan Program program

Loans of $500 to $5,000 for Shelburne, Nova Scotia, entrepreneurs to fund a start-up or to get a boost in working capital.

Financing terms and conditions

This program offers financial support through unsecured micro-loans specifically designed for entrepreneurs and small business owners, promoting flexibility in repayment.

Loan amounts range from $500 to $5,000.
Interest rates are set at 2% above the prime rate.
Flexible repayment terms are available to accommodate business cash flows.

Eligible projects & activities

Examples of admissible projects:

$ 5,000

Opening a new craft coffee shop in downtown Shelburne with modern amenities

$ 5,000

Improving inventory management for a small art supply store with new software

$ 5,000

Expanding an eco-friendly cleaning service with additional equipment

$ 5,000

Providing a boost in working capital for a local bakery to purchase new ovens

$ 5,000

Launching a mobile pet grooming service with state-of-the-art equipment

$ 5,000

Starting an artisanal candle making business with locally sourced materials

Eligibility criteria of the CBDC Micro-Loan Program program

Eligibility for the CBDC Micro-Loan Program requires businesses to meet specific criteria.

The loan is available for new entrepreneurs needing startup capital.
Small business owners in need of working capital can apply.

Who is eligible?

The CBDC Micro-Loan Program is designed for new entrepreneurs seeking startup capital and existing small business owners in need of additional working capital. The program offers unsecured micro-loans ranging from $500 to $5,000, making it accessible to a wide range of small business ventures, particularly those unable to secure traditional financing due to size or lack of collateral. With a focus on fostering entrepreneurship and supporting small businesses, the program appeals to individuals and entities looking to establish or grow their business operations in Shelburne and surrounding areas.

Eligible expenses

Eligible expenses for this grant include:

Startup money for new entrepreneurs
Boost in working capital for small business owners

Eligibility criteria of the CBDC Micro-Loan Program program

There are evaluation and selection criteria for the CBDC Micro-Loan Program:

Demonstrated need for financing
Viability of the business plan
Economic impact on the community
Ability to repay the loan
Entrepreneurial experience

How to apply to the CBDC Micro-Loan Program program

Contact CBDC-Shelburne

Phone 902-875-1133 to discuss your need for a micro-loan and gather information about the application process.
Request to speak to an advisor for guidance and support in applying for the loan.

Gather Required Information

Prepare information about your business or business idea, including financial details and objectives.
Ensure you have personal identification and business documentation ready.

Complete the Application Form

Fill out the micro-loan application form provided by CBDC-Shelburne.
Include all necessary details as advised by the CBDC representative.

Submit the Application

Submit the completed application form along with required documents to CBDC-Shelburne by the advised submission method (e.g., in-person, email, or online).
Ensure all parts of the application are thoroughly reviewed before submission.

Follow Up

Contact CBDC-Shelburne to confirm receipt of your application and inquire about the next steps.
Be prepared to provide additional information or clarification if requested by the CBDC advisor.

Additional information

The CBDC Micro-Loan Program offers additional benefits and options worth noting:

Assistance from startup experts is available for new entrepreneurs seeking guidance.
Loan terms are flexible and can be tailored to suit individual business needs.
Interest rates are competitive, set at 2% above the prime rate.
Both new and established business owners can benefit from the program.