Impact Your Business — Expansion Financing
Overview
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.
At a glance
Funding available
- Reduce the ecological footprint
- Marketing a product
- Maximum amount : 25,000 $
- Open continuously
Eligible candidates
- All industries
- Nova Scotia
- All legal structures
- All revenue ranges
- All organization sizes
- Canadians
- Startups
Activities funded
This grant primarily supports the expansion and growth of small and medium-sized businesses in urban Atlantic Canada. It is intended to provide financial assistance to help businesses achieve their goals and enhance their operational capabilities.
- Facilitation of business expansion through low-interest financing.
- Support for innovative business ideas that may not qualify for traditional bank loans.
- Provision of business skills development opportunities through training sessions.
- Assistance in building sustainable business practices with ongoing support and advice.
- Development of marketing strategies and human resources plans.
- Improvement of accounting and planning practices for business growth.
Eligibility
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.
Who is eligible?
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.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.
Eligible geographic areas
This grant is available to companies in urban Atlantic Canada. The funding aims to support regional business growth and skills development.
- Businesses located in urban Atlantic Canada.
Selection 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.
How to apply
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.
Prepare Application Documents
- Gather necessary documentation such as business plans and financial statements.
- Prepare a detailed description of your business idea or expansion plan.
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.
Complete Application Form
- Fill out the application form with accurate business and personal details.
- Include all required documentation in the application package.
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.
Attend Interview or Provide Additional Information
Application Review Process
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.
Additional information
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.
