Impact Your Business — Expansion Financing
NB, Canada
Loans for young entrepreneurs in urban Atlantic Canada
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
- Impact Atlantic
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a low-interest loan of up to $25,000 to grow or expand your business if you are a young entrepreneur between 19 and 39 years of age in St. John's, Halifax, Moncton, Saint John, Fredericton or Charlottetown.
grant_single_labels|projects
This grant is available to companies located in urban Atlantic Canada as specified by the funding body. The aim is to support the growth and development of businesses within these targeted urban areas.
- Urban regions within Newfoundland and Labrador.
- Urban centers in Nova Scotia.
- Urban areas of Prince Edward Island.
- Cities and towns in New Brunswick.
grant_single|admissibleProjectsExample
$25,000
Opening a specialty coffee shop in downtown St John's with a focus on local artisan products
$25,000
Establishing a community arts center to host workshops and exhibitions for local artists
$25,000
Starting a delivery-only, healthy meal prep service catering to busy professionals
$25,000
Launching an online vegan skincare brand based with eco-friendly packaging
$25,000
Opening a sustainable fashion boutique selling eco-friendly clothing and accessories
$25,000
Developing an educational mobile app focused on STEM learning for high school students
grant_single_labels|admissibility
Eligibility for this loan program is determined by specific criteria related to the applicant's age, location, and business status.
- The applicant must be an entrepreneur located in urban Atlantic Canada.
- For start-up loans, entrepreneurs of any age can apply.
- For expansion financing, applicants must be established business owners aged between 19 and 39.
grant_eligibility_criteria|who_can_apply
Entrepreneurs of all ages in urban Atlantic Canada are eligible to apply for the Impact loan to start a new business. Additionally, established business owners aged between 19 and 39 years can apply for expansion financing. Candidates are individuals seeking to launch a business or enhance their current operations through flexible financial solutions offered by Impact.
grant_eligibility_criteria|eligible_expenses
This grant supports young entrepreneurs and established business owners in urban Atlantic Canada in their efforts to start or expand their businesses. The eligible activities focus on providing financial resources and skills development to help businesses thrive.
- Start-up funding for new businesses initiated by entrepreneurs of all ages.
- Expansion financing for established businesses owned by individuals aged between 19 and 39.
- Access to business skills development sessions for loan recipients.
grant_single_labels|criteria
The evaluation and selection criteria for projects under this grant are not explicitly detailed in the provided context, and therefore cannot be outlined in specific terms.
grant_single_labels|register
Below are the steps to submit an application for the Impact loan:
- Step 1: Determine Eligibility
- Review the age and business criteria for either the start-up or expansion loan category.
- Ensure your business is located in urban Atlantic Canada.
- Step 2: Prepare Application Documents
- Gather necessary documentation such as business plans and financial statements.
- Prepare a detailed description of your business idea or expansion plan.
- Step 3: Contact Impact for Application Form
- Reach out to Impact via their customer service contact to request the official application form.
- Clarify any questions regarding the application process and requirements.
- Step 4: Complete Application Form
- Fill out the application form with accurate business and personal details.
- Include all required documentation in the application package.
- Step 5: Submit Application
- Submit the completed application form and accompanying documents to Impact by email or postal mail, ensuring receipt before any deadlines.
- Verify the submission with a follow-up call or email if confirmation is not received.
- Step 6: Attend Interview or Provide Additional Information
- Be prepared to attend an interview or provide additional information if requested by Impact.
- Step 7: Application Review Process
- Wait for Impact to review your application and decide on your eligibility for the loan.
- Step 8: Receive Loan Offer and Accept Terms
- If approved, review the loan offer and accept the terms and conditions.
- Sign any agreements and provide any final documentation if requested.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- Impact loans offer more flexibility than traditional bank loans, accommodating varied credit histories and unconventional business ideas.
- Impact clients have access to ongoing business support and advisory services throughout their entrepreneurial journey.
- Training sessions offered by Impact cover essential business topics like marketing strategy, human resources, accounting, and planning.
- The application process is designed to be fast and straightforward, minimizing delays for entrepreneurs eager to advance their business goals.
- There is no penalty for early repayment of the principal, providing financial flexibility for borrowers.
Apply to this program
Empower Your Atlantic Canadian Business with Impact Loans
The Impact loan program offers financial support to new and expanding small and medium-sized businesses in urban Atlantic Canada. With low-interest loans up to $25,000, it provides entrepreneurs the resources and skills necessary to advance their ventures.
In-Depth Look at Impact Loan's Comprehensive Support
In the bustling economic landscape of urban Atlantic Canada, small and medium enterprises (SMEs) serve as a driving force behind innovation, employment, and regional economic stability. Recognizing the need to support these pivotal players, the Impact loan program emerges as a beacon of opportunity, offering tailored financial solutions that extend beyond traditional banking options. At the core of this initiative is a dedication to bolster the entrepreneurial spirit by providing accessible funding and invaluable business skills development.
The versatility of the Impact loan program is evident in its flexible eligibility criteria and terms. This program is meticulously crafted to empower business owners in various stages of their entrepreneurial journeys. For startups, this means having access to start-up loans that eliminate the daunting financial barriers typically faced during the initial phase of business development. For businesses seeking to expand, it offers expansion financing to help increase operational capacity, explore new markets, or introduce innovative products and services.
A distinguishing feature of the Impact loans is the inclusion of extensive business training support that goes hand-in-hand with financial aid. Entrepreneurs are not only able to secure capital but can engage with a suite of educational resources that address core business competencies such as marketing strategies, human resource management, and financial planning. This dual approach ensures that recipients have the financial backing and the critical knowledge needed to thrive in a competitive market landscape.
Furthermore, the application process reflects the program's commitment to ease and accessibility. By keeping the process straightforward and efficient, Impact loans facilitate faster decision-making and disbursement of funds. This responsiveness empowers entrepreneurs to swiftly implement their plans and seize market opportunities without the hindrances that can often accompany slower, more bureaucratic processes.
Beyond financial support, the program is designed to be an ongoing partner in the entrepreneurial journey, offering a holistic approach that encourages sustainable business growth. This includes developing personal business acumen and leveraging Impact's network for continued advice and guidance. The focus on long-term development ensures that businesses not only grow in size but also in their ability to innovate and adapt to changing economic conditions.
Additionally, Impact's accommodating approach allows a wide range of entrepreneurs to benefit, even those with varied credit histories or unconventional business ideas that may not fit into traditional financing models. By serving as a more flexible alternative to conventional bank loans, the program supports a diverse array of business types, from tech startups to artisanal crafts, offering a financial lifeline that is tailored to diverse entrepreneurial needs.
Ultimately, the Impact loan program is more than merely injecting financial capital into a business. It represents a comprehensive support system that invests in the potential of entrepreneurs, fostering a business environment where innovation is nurtured and economic impact is amplified. This approach not only ensures immediate access to financial resources but also establishes a foundation for enduring success in the competitive landscape of urban Atlantic Canada.
