How much funding can be received?

Funds up to 150000% of admissible expenses.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the CBDC Youth Loan?

CBDC Youth Loan is funded by Community Business Development Corporations (CBDC)

What are CBDC Youth Loan's eligibility criterias?

Available to Youth Borrowers in rural Atlantic Canada aged 18-34. Eligible for business startup, modernization or expansion. Eligible borrowers may be a sole proprietorship, a limited company or a partnership (majority of the care and control must reside with the new entrepreneur).

CBDC Youth Loan

Last Update: January 24, 2025

NS, Canada

Business loans for young Atlantic Canadians

CBDC Youth Loan at a glance

Eligible Funding

Max. $150,000

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 Youth Loan program

If you're a young entrepreneur (18 to 34 years old) in Atlantic Canada, you could get a loan for start-up, fixed assets and working capital needs.

Financing terms and conditions

This grant offers flexible financing modalities tailored to the needs of young entrepreneurs to help them succeed in their business ventures in Atlantic Canada. These options are designed to provide necessary capital and support business growth or modernization.

Provision of repayable loans with competitive interest rates.
Financial options include demand and term loans.
Equity investments or loan guarantees are available for qualified applicants.
Assistance in covering costs for business management and training.
Possibility of financial assistance exceeding $150,000 in certain circumstances.

Eligible projects & activities

The grant is designed to assist young entrepreneurs in Atlantic Canada in establishing, expanding, or modernizing their businesses. It provides financial support for various business-related activities essential for new and existing ventures.

Business startup activities, including initial operational costs and startup capital.
Modernization efforts to improve or update existing business structures, systems, or processes.
Expansion plans that facilitate business growth and capacity enhancement.
Acquisition of business assets from previous owner, ensuring transactions are at market value.
Leasehold improvements to prepare business premises for new startup or expansion purposes.
Franchise purchases to expand business operations within the franchise model.
Training and skill development programs in business management for young entrepreneurs.

Examples of admissible projects:

$ 70,000

Starting a mobile dog grooming service to meet high demand

$ 90,000

Expansion of a local artisan bakery to increase production capacity

$ 90,000

Modernization of a community theater to enhance cultural offerings

$ 100,000

Opening a new eco-friendly café featuring organic and local products

$ 110,000

Franchise purchase of a popular fitness centre to offer new services

$ 100,000

Acquiring an existing yoga studio to continue wellness services

Eligibility criteria of the CBDC Youth Loan program

To qualify for the CBDC Youth Loan, applicants must meet several criteria related to their age, business type, and location.

Applicants must be between the ages of 18-34.
The business must be located in rural Atlantic Canada.
The loan is applicable for business startup, modernization, or expansion purposes.
Both seasonal and year-round businesses are eligible.
Approved uses of the loan include start-up costs, fixed assets, working capital, leasehold improvements, and franchise purchases.
The loan may also be used to acquire assets from a previous business if the transaction is at arm’s length and the purchase is at or below current market value.
Eligible business structures include sole proprietorships, limited companies, or partnerships where the majority of control resides with the new entrepreneur.
The business operation proposed must not negatively impact existing businesses in the area.
The business should have a reasonable expectation of economic viability and contribute to employment creation and/or maintenance in the community.

Who is eligible?

The CBDC Youth Loan is specifically available to young entrepreneurs aged 18-34 who are located in rural Atlantic Canada. The loan is intended for individuals who are seeking to start, expand, or modernize their business. Eligible applicants may include those running seasonal or year-round businesses and can be organized as sole proprietorships, limited companies, or partnerships, provided that the majority control is with the new entrepreneur. The business should be economically viable and capable of creating or maintaining employment within its community. Additionally, applicants may use the loan for various business expenses, including start-up costs, fixed assets, working capital, leasehold improvements, franchise purchases, or acquiring assets of a previous business under specific conditions. The intended business must not negatively impact existing area businesses, and in certain cases, financial assistance exceeding $150,000 may be available.

Who is not eligible

There are specific types of companies that are not eligible for the CBDC Youth Loan Program:

Business operations that have a negative impact on existing area businesses.
Companies that do not have a reasonable expectation of economic viability or employment creation in the community.

Eligible expenses

The CBDC Youth Loan supports young entrepreneurs in rural Atlantic Canada by providing the capital necessary for a successful business startup, expansion, or modernization. Eligible activities focus on various needs such as covering startup costs, acquiring business assets, or making leasehold improvements.

Covering startup costs for a new business venture.
Acquiring fixed assets necessary for business operations.
Providing working capital for day-to-day business expenses.
Facilitating leasehold improvements to business premises.
Purchasing franchises to establish new business opportunities.
Acquiring the assets of a previous business at market value.

Eligible geographic areas

This grant is targeted towards companies located in specific geographical regions within Atlantic Canada. The eligible areas are chosen to support rural business development and employment creation.

Businesses in rural areas of Atlantic Canada.

Eligibility criteria of the CBDC Youth Loan program

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

Available to Youth Borrowers in rural Atlantic Canada aged 18-34.
Eligible for business startup, modernization or expansion.
Seasonal and year-round businesses qualify.
Loans may be for a variety of business expenses: start-up costs, fixed assets and/or working capital.
Leasehold improvements and franchise purchases also qualify.
Intended business operations must not have a negative impact on existing area businesses.
The borrower’s business should have economic viability and contribute to employment creation and/or maintenance in their community.

How to apply to the CBDC Youth Loan program

Evaluate Eligibility

Ensure you meet the age criteria of 18-34 years.
Verify that your business plan fits the startup, modernization, or expansion category and targets rural Atlantic Canada.

Prepare Business Plan

Develop a detailed business plan outlining your startup or expansion strategy.
Include financial projections, market analysis, and expected economic impacts.

Gather Required Documents

Collect all necessary documentation such as identification, business registration, and financial statements.
Prepare any supplementary materials that support your loan application.

Contact Local CBDC

Locate your nearest CBDC office using their website or contact number.
Schedule a consultation or meeting with a CBDC advisor to discuss your application.

Complete Application Form

Fill out the CBDC Youth Loan application form provided during your consultation.
Ensure all information is accurate and complete.

Submit Application

Submit your completed application form along with all required documents to the CBDC office.
Ensure submission is done before any specified deadline if applicable.

Confirmation and Follow-Up

Receive confirmation of application receipt from CBDC.
Follow up with the CBDC for updates or additional requirements.

Additional information

Here are additional relevant details for this grant:

The CBDC Youth Loan may be combined with other types of financial assistance that CBDCs offer, potentially beyond the $150,000 threshold.
CBDCs might offer mentoring and coaching along with financial support, to guide young entrepreneurs through business management challenges.
Educational and training costs necessary for business management may be covered, aiding young entrepreneurs to strengthen their operational skills.
Loan terms can be customized, potentially offering greater flexibility based on the business's needs and repayment capability.
Loan recipients may gain access to a network of other young entrepreneurs and business professionals through CBDC programs.

Contact Community Business Development Corporations (CBDC)

1-888-303-2232

Apply to this program

Funding for early-stage businesses in Nova Scotia