CBDC NB Small Business Emergency Working Capital Program
NB, Canada
Financial help for small businesses in NB
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Retail trade
- Arts, entertainment and recreation
- Accommodation and food services
- Other services (except public administration)
grant_single|grantors
- Community Business Development Corporations (CBDC)
grant_single|status
grant_card_status|open
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Get a loan of up to $100,000 to increase working capital and help your company respond to the COVID-19 economic challenges.
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This grant is available to small businesses operating in specific communities within the province of New Brunswick. The program aims to support regions where the Community Business Development Corporations are located.
- CBDC Chaleur
- CBDC Charlotte/Kings: Available in the greater Saint John area
- CBDC Kent
- CBDC Madawaska
- CBDC Northumberland
- CBDC Peninsule acadienne
- CBDC Restigouche
- CBDC Southwest: Available in the greater Fredericton area
- CBDC Victoria-Madawaska (Grand Falls)
- CBDC Westmorland Albert: Available in the greater Moncton area
grant_single|admissibleProjectsExample
$100,000
Adapt business operations for a self-employed photographer impacted by COVID-19 regulations
$100,000
Cover operational expenses for a seasonal tourism operator struggling due to COVID-19 restrictions
$100,000
Support operational expenses for a non-profit organization providing essential services amid the pandemic
$100,000
Expand kitchen operations for restaurant to include more delivery options amid COVID-19 pandemic
$100,000
Enhance digital presence for a service sector business adapting to COVID-19 changes
$100,000
Cover revenue losses for a seasonal ice cream shop impacted by COVID-19 restrictions
grant_single_labels|admissibility
Eligibility for the Small Business Emergency Working Capital Program is determined by specific requirements related to the business's status and impact from the COVID-19 pandemic.
- The business must be engaged in commercial enterprises employing 1 to 49 employees.
- The business must have sales for the most recent fiscal year of less than $10 million.
- The business must have experienced adverse effects from the COVID-19 pandemic on or after March 15, 2020, and have a reasonable plan or prospect to remain viable after the pandemic.
- The business must be a corporation, proprietorship, partnership, joint venture, or First Nation enterprise.
- The business must be registered with Service NB and have its primary place of operations in New Brunswick.
- If a corporation, the business must be in good standing as of January 1, 2020.
- The applicant must have been in good standing and current with their financial institutions and government remittances prior to the COVID-19 crisis, with no prior history of bankruptcy or default.
- The applicant must have explored options with their financial institution and federal support programs.
- The business must have been viable and not experiencing liquidity or other financial difficulties as of March 15, 2020.
- The business must not be engaged in an enterprise substantially funded directly or indirectly from public sources.
- The business must have been current as of March 1, 2020, to entities that extended financing to it and under any lease of premises or asset.
grant_eligibility_criteria|who_can_apply
The grant is aimed at small business owners in New Brunswick who have been impacted by the COVID-19 pandemic. Eligible applicants include small businesses engaged in commercial enterprises with 1 to 49 employees and sales of less than $10 million for the most recent fiscal year. Applicants must be registered with Service NB, in good standing as of January 1, 2020, and have been financially viable as of March 15, 2020. Only businesses not substantially public-funded and with operations primarily in New Brunswick are eligible. Furthermore, applicants should have no prior history of bankruptcy or default, and must have first explored other financial institutions and federal support avenues.
grant_eligibility_criteria|who_cannot_apply
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.
grant_eligibility_criteria|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.
grant_single_labels|criteria
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
grant_single_labels|register
- 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.
grant_single_labels|otherInfo
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.
grant_single_labels|contact
1-888-303-2232
Apply to this program
Support for New Brunswick Small Businesses Impacted by COVID-19
The Government of New Brunswick, in collaboration with Community Business Development Corporations (CBDCs), offers the Small Business Emergency Working Capital Program to aid small enterprises suffering from the COVID-19 pandemic. Qualified participants can apply for loans up to $100,000, with initial deferred interest and flexible payment options, designed to stabilize financial operations during this challenging time.
Understanding the Small Business Emergency Working Capital Program
In response to the unprecedented challenges posed by the COVID-19 pandemic, the Government of New Brunswick has initiated the Small Business Emergency Working Capital Program. This program, implemented with the support of Community Business Development Corporations, is specifically structured to provide essential financial relief to small businesses struggling with the economic impacts linked to the public health crisis. The program offers loan assistance of up to $100,000 to support urgent working capital needs.
The initiative is targeted at small business owners across various sectors that have been adversely affected by the pandemic, including those in the restaurant industry, seasonal tourism businesses, and other service-oriented enterprises. It also extends to self-employed individuals. Recognizing the diversity and scope of the affected businesses, the program aims to relieve financial pressures, and help businesses adapt to the rapid changes in the economic environment.
A significant feature of the program is its interest rate structure. It provides a no-interest period for the first six months post-loan issuance. Following this period, interest payments become due in months seven through twelve, and principal repayments commence in the thirteenth month. This deferred interest payment system alleviates immediate financial burdens on businesses, allowing them the necessary breathing room to stabilize operations and strategize for future growth.
Eligibility for the program requires that the business must be a commercial enterprise, employing between one to forty-nine individuals, and must have generated less than $10 million in sales in the most recent fiscal year. Businesses should demonstrate that they were financially sound prior to March 15th, 2020, and should present a reasonable plan for sustainability post-pandemic. Applicants are encouraged to first explore other available financial solutions through their banks or federal programs to supplement their efforts in using this provincial support.
Moreover, only businesses registered with Service NB and having their primary operations in New Brunswick are eligible to apply. They must also demonstrate that they have ironed out any past financial discrepancies, ensuring no outstanding bankruptcies or defaults. This condition places emphasis on supporting those who maintain a credible financial standing.
The process for obtaining the financial assistance is streamlined through the CBDCs distributed across various areas in New Brunswick. Whether your business is located in the bustling areas like Moncton or the serene locales like Restigouche, a local CBDC is accessible to facilitate your application process.
The significant funding and deferment tactics are structured not only to provide temporary relief but also to set a foundation for long-term stability and growth for small businesses, aiding community recovery efforts from the pandemic’s economic disruptions. This program illustrates the province's dedication to supporting its small business community during these testing times by providing the tools they need to pivot and rebuild for future viability.
The Small Business Emergency Working Capital Program stands out as a proven support initiative, focusing on meeting immediate financial needs while fostering an environment for sustained business resilience and economic recovery. By offering such a structured aid program, New Brunswick ensures its small businesses can continue to contribute actively to the local economy while safeguarding jobs and services vital to the community's well-being. The government's commitment through this program was guided by the understanding that supporting these businesses forms a critical part of the broader strategy to rebuild the economic landscape sharply impacted by the pandemic."
