CBDC Youth Loan
NS, Canada
Business loans for young Atlantic Canadians
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
- grant_single|allIndustries
grant_single|grantors
- Community Business Development Corporations (CBDC)
grant_single|status
grant_card_status|open
grant_single_labels|preview
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.
grant_single_labels|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.
grant_single_labels|projects
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.
grant_single|admissibleProjectsExample
$ 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
grant_single_labels|admissibility
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.
grant_eligibility_criteria|who_can_apply
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.
grant_eligibility_criteria|who_cannot_apply
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.
grant_eligibility_criteria|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.
grant_eligibility_criteria|zone
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.
grant_single_labels|criteria
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.
grant_single_labels|register
- Step 1: 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.
- Step 2: Prepare Business Plan
- Develop a detailed business plan outlining your startup or expansion strategy.
- Include financial projections, market analysis, and expected economic impacts.
- Step 3: Gather Required Documents
- Collect all necessary documentation such as identification, business registration, and financial statements.
- Prepare any supplementary materials that support your loan application.
- Step 4: 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.
- Step 5: Complete Application Form
- Fill out the CBDC Youth Loan application form provided during your consultation.
- Ensure all information is accurate and complete.
- Step 6: 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.
- Step 7: Confirmation and Follow-Up
- Receive confirmation of application receipt from CBDC.
- Follow up with the CBDC for updates or additional requirements.
grant_single_labels|otherInfo
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.
grant_single_labels|contact
1-888-303-2232
Apply to this program
Empowering Young Entrepreneurs in Atlantic Canada
The CBDC Youth Loan is a valuable financial tool for young entrepreneurs aged 18 to 34 in rural Atlantic Canada, offering funding to help establish, modernize, or expand their businesses. It aims to bolster economic growth by facilitating employment creation and business development in the region.
Detailed Overview of the CBDC Youth Loan Program
The CBDC Youth Loan Program is designed to address the unique challenges faced by young entrepreneurs in Atlantic Canada, especially those in rural areas where access to financial resources can be scarce. This initiative provides a crucial lifeline by offering repayable loans at competitive interest rates with flexible repayment terms, thus enabling young business owners to bring their innovative ideas to fruition.
At its core, the CBDC Youth Loan strives to foster economic development by supporting ventures that create and sustain employment in the community. This focus not only aids young entrepreneurs in obtaining the necessary capital for their business ventures but also ensures that these businesses contribute to the local economy. By facilitating job creation, the program significantly impacts the socio-economic landscape, making communities more vibrant and economically robust.
In addition to financial support, the program extends assistance for business management and training, acknowledging that the success of new ventures is hinged not only on capital but also on the entrepreneur's ability to effectively manage and grow their business. Such comprehensive support determines the program’s role not just as a lender but as a partner in the business's success journey.
Eligibility for the program is inclusive yet rigorous. It prioritizes businesses that demonstrate potential for economic viability and positive community impact without undue harm to existing local businesses. This criterion ensures a sustainable business ecosystem where new ventures coexist beneficially within the community. The diverse applicability of the loan—from start-up costs to working capital and leasehold improvements—highlights the program's versatility in meeting various business needs.
The CBDC Youth Loan also addresses broader economic goals by potentially exceeding $150,000 per eligible project, illustrating its commitment to substantial investments when the potential impact justifies it. Varying regionally, the program reflects the unique needs and opportunities within different parts of Atlantic Canada, allowing for tailored support that acknowledges regional economic dynamics.
This strategic grant mechanism supports entrepreneurship by reducing financial barriers, helping young business proprietors lay strong foundations for their enterprises. It empowers them to pursue ventures with the assurance of financial backing, potentially leading to innovations that serve not only the immediate community but contribute to broader regional development goals.
The CBDC Youth Loan is more than a financial product; it’s an enabler of dreams and ideas, fostering an entrepreneurial spirit that revitalizes communities and maintains dynamic economic growth. By investing in the youth, the program directly taps into a segment with fresh perspectives and the vigor needed to adapt and thrive in today's fast-paced economic environment.
As young entrepreneurs leverage this financial assistance, they not only step onto the entrepreneurial path with more confidence but also contribute to a cycle of opportunity and growth that endures beyond individual success. This approach translates into a vibrant and sustainable entrepreneurial ecosystem, allowing new ideas to flourish and fortifying the economic resilience of Atlantic Canada's rural communities.
