CBDC NB Small Business Emergency Working Capital Program

Who is eligible?

Who is not eligible

This grant details mainly eligibility criteria but does not explicitly mention specific industries or company types that are ineligible. However, restrictions may implicitly exist based on the nature of funding and the historical financial standing required.

Eligible expenses

This grant provides financial support to small businesses in New Brunswick that have been adversely affected by the COVID-19 pandemic. Eligible activities are focused on sustaining operations and addressing immediate financial challenges brought about by the pandemic.

• Acquisition of working capital to maintain business operations.
• Relief from immediate financial strain due to the COVID-19 pandemic.
• Support for maintaining employment and operational capacity during and after the pandemic.

Eligible geographic areas

This grant is available to small businesses located in specific areas within the province of New Brunswick. It aims to support the regional small businesses that have been adversely affected by the COVID-19 pandemic by providing financial relief.

• CBDC Chaleur
• CBDC Charlotte/Kings (greater Saint John area)
• CBDC Kent
• CBDC Madawaska
• CBDC Northumberland
• CBDC Peninsule acadienne
• CBDC Restigouche
• CBDC Southwest (greater Fredericton area)
• CBDC Victoria-Madawaska (Grand Falls)
• CBDC Westmorland Albert (greater Moncton area)

There are evaluation and selection criteria for the Government of New Brunswick Small Business Emergency Working Capital Program. Small businesses must meet the following criteria:

• Employ 1 to 49 employees with sales less than $10 million
• Impacted by COVID-19 on or after March 15, 2020
• Have a viable plan to remain operational post-pandemic
• Be registered in New Brunswick and in good standing
• No history of bankruptcy or default
• Explore financial institution and federal support options
• Not substantially funded by public sources
• Current with financial obligations as of March 1, 2020

• Step 1: Determine Eligibility
  • Ensure your business is registered with Service NB and operates primarily in New Brunswick.
  • Verify that your business meets the employee size and sales criteria as outlined (1-49 employees, less than $10 million in sales).
  • Prepare a reasonable plan to remain viable post-pandemic.
  • Ensure your business was in good standing with financial institutions and government remittances before March 15, 2020.
• Step 2: Explore Other Financial Options
  • Talk to your financial institution about available options.
  • Investigate federal support programs available to your business.
  • Prepare cash flow projections for the next six months to assess working capital needs.
• Step 3: Prepare Application
  • Compile necessary documentation, including financial statements and cash flow projections.
  • Ensure your business and financial status align with the program requirements.
• Step 4: Contact Local CBDC
  • Identify the appropriate Community Business Development Corporation (CBDC) for your area.
  • Contact the CBDC to acquire specific application instructions and forms.
• Step 5: Submit Application
  • Complete all application forms accurately and thoroughly.
  • Submit the application along with the required documents to the appropriate CBDC.
  • Receive confirmation of application receipt via email.

Here are additional relevant details for this grant:

• Interest will be charged at 4% per annum after a six-month interest-free period.
• It is available only to businesses in New Brunswick, excluding those in the public sector.
• The business must have been financially viable and not struggling with liquidity or financial distress as of March 15, 2020.
• Applicants should not have any prior history of bankruptcy or default and must have been in good standing prior to the pandemic.
• Principal and interest payments are required to start from the thirteenth month onwards.
• Applicants should have exhausted financial support options through their financial institution and federal programs before applying.