Impact Your Business — Start-Up Loans
Canada
Loans for entrepreneurs in urban Atlantic Canada
grant_single|update January 24, 2025
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 start a business in St. John's, Halifax, Moncton, Saint John, Fredericton or Charlottetown.
grant_single_labels|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.
grant_single_labels|projects
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.
grant_single|admissibleProjectsExample
$ 25,000
Expand a digital marketing agency focusing on local businesses
$ 25,000
Start an artisanal coffee shop focused on local coffee roasters
$ 25,000
Establish a community wellness center in St John's focusing on mental health services
$ 22,000
Launch an eco-friendly boutique specializing in sustainable clothing and accessories
$ 25,000
Create a new tech startup focusing on cybersecurity software development
$ 25,000
Expand a local organic farm to include an on-site farmer's market
grant_single_labels|admissibility
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.
grant_eligibility_criteria|who_can_apply
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.
grant_eligibility_criteria|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.
grant_eligibility_criteria|zone
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.
grant_single_labels|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
grant_single_labels|register
- Step 1: 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.
- Step 2: 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.
- Step 3: 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.
- Step 4: 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.
- Step 5: 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.
grant_single_labels|otherInfo
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.
