Impact Your Business — Start-Up Loans
At a glance
- Max. $25,000
- Unspecified
Overview
Get a low-interest loan of up to $25,000 to start a business in St. John's, Halifax, Moncton, Saint John, Fredericton or Charlottetown.
Financing terms and conditions
This grant offers flexible financing modalities designed to aid small and medium-sized businesses in urban Atlantic Canada. The financing terms are structured to support both start-up ventures and expansion projects with favorable conditions for repayment.
- Provision of low-interest loans up to $25,000.
- Flexible repayment terms with no penalty for early repayment of the principal amount.
- Supports applicants with varied credit histories or unconventional business plans.
Activities funded
Impact Your Business Start-Up Loans support initiatives that facilitate the growth and development of small and medium-sized businesses in urban Atlantic Canada. The eligible projects include activities that focus on new business creation and expansion.
- Start-up activities for new businesses initiated by entrepreneurs of all ages.
- Business expansion projects for established owners aged 19 to 39 seeking growth financing.
- Initiatives that may involve innovative or unconventional business ideas.
- Participation in business skills development and training sessions offered by Impact.
Eligibility
Eligibility for the Impact loan is determined by specific criteria related to the applicant's business status and geographical location.
- The applicant must be an entrepreneur or business owner residing in urban Atlantic Canada.
- The business must be categorized as a small or medium-sized enterprise.
- Start-up loans are available for entrepreneurs of all ages.
- Expansion financing is available for established business owners aged between 19 and 39.
Who is eligible?
Entrepreneurs of all ages can apply for business start-up loans, making this opportunity available to those just beginning their entrepreneurial journey. Additionally, for expansion financing, business owners aged between 19 and 39 are eligible to apply. The program is designed to support both new and established businesses in urban Atlantic Canada.Eligible expenses
The Impact loan program aims to support entrepreneurial ventures and business growth in urban Atlantic Canada through financing and skill development opportunities. By providing low-interest loans and fostering business skills, these projects help entrepreneurs build successful and sustainable businesses.
- Financing for start-up businesses in urban Atlantic Canada.
- Expansion financing for existing businesses owned by individuals aged 19 to 39.
- Access to business skills development sessions including marketing, HR, accounting, and planning.
- Provision of flexible financing options for businesses with varying credit histories or unconventional business ideas.
- Ongoing business support and advisory services for entrepreneurs.
Eligible geographic areas
This grant targets businesses operating within urban areas of Atlantic Canada, allowing them to innovate and grow effectively. Urban Atlantic Canada is specifically highlighted to foster business developments in these regions.
- Urban areas in Newfoundland and Labrador.
- Urban regions in Prince Edward Island.
- Nova Scotia's urban centres.
- Urban parts of New Brunswick.
Selection criteria
There are evaluation and selection criteria for the Impact loan:
- Demonstrated need for financing and a viable business plan
- Evidence of entrepreneurial spirit and commitment to the business
- Potential for long-term business success and positive economic impact
- Ability to meet repayment terms and use funds responsibly
How to apply
Assess Eligibility
- Ensure the business is a small or medium-sized enterprise located in urban Atlantic Canada.
- Verify that the entrepreneur meets the age requirements for the specific financing option.
Gather Required Documentation
- Prepare a detailed business plan outlining your start-up or expansion strategy.
- Compile financial statements or forecasts to demonstrate business viability.
- Collect personal identification and proof of business location.
Complete Application Form
- Access the application form from the fund provider's official website.
- Fill out all required information accurately, ensuring all fields are completed.
Submit Application
- Review the application and attached documents for completeness and accuracy.
- Submit the application through the online portal or by mailing it to the specified address.
- Obtain a tracking or confirmation number to verify submission.
Follow-up
- Check emails or the application portal for any requests for additional information.
- Prepare for a potential interview or discussion with the funding body.
Additional information
Here are additional relevant details for this grant:
- Impact offers ongoing business support and advice beyond just financial assistance.
- Training sessions cover various topics, aimed at enhancing business competencies.
- The program is open to varied credit histories and unconventional business ideas.