Small Business Loan Guarantee Program
NS, Canada
Financing for Nova Scotia small businesses
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
- Nova Scotia Co-operative Council
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get loans, capital, or lines of credit of up to $50,000.
grant_single_labels|projects
This grant is available to companies located in any community within Nova Scotia serviced by a credit union. The eligible geographical areas are inclusive of both urban and rural regions across the province.
- Any community within Nova Scotia serviced by a credit union.
grant_single|admissibleProjectsExample
$50,000
Toronto
Expanding an urban farming social enterprise
$50,000
Halifax
Launching a mobile healthcare service for underserved communities
$50,000
Calgary
Initiating a renewable energy startup focusing on solar panel installations
$50,000
Ottawa
Creating an art therapy program for mental health support
$50,000
Vancouver
Developing a waste recycling facility utilizing innovative technologies
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant's profile and their mission-based objectives.
- The enterprise must be a start-up or involved in growth and expansion activities.
- The enterprise can be a not-for-profit, co-operative, or private business.
- The enterprise must have a positive impact on a social or environmental issue that addresses a community need or maximizes a community opportunity.
- Enterprises must be registered and based in Nova Scotia.
- Enterprises can be new or existing credit union members but must have a bank account with a local Credit Union at the time of fund disbursement.
- The enterprise must be in good standing with the Canada Revenue Agency.
grant_eligibility_criteria|who_can_apply
Eligible applicants for the Small Business Loan Guarantee Program include mission-based private businesses that have a positive impact on social or environmental issues and are based in Nova Scotia. These businesses must be committed to product development, profit, social responsibility, and sustainability. They need to be registered and members of a local credit union at the time of fund disbursement and in good standing with the Canada Revenue Agency. Both start-ups and growth/expansion stage enterprises can apply.
grant_eligibility_criteria|who_cannot_apply
The grant details do not explicitly mention any specific types of companies or industries that are ineligible. The primary requirement is that the enterprises must be mission-based and have a focus on social or environmental impact within Nova Scotia.
grant_eligibility_criteria|eligible_expenses
The Small Business Loan Guarantee Program is designed to support mission-based enterprises in Nova Scotia with a focus on start-ups or growth and expansion activities. Eligible projects should have a positive social or environmental impact and meet a community need.
- Start-up projects for mission-based private businesses.
- Projects aimed at expanding or growing existing mission-based enterprises.
grant_eligibility_criteria|zone
No specific eligible expenses are listed for this grant.
grant_single_labels|criteria
Yes, the grant has evaluation and selection criteria which applicants need to meet for their proposals to be considered. These criteria include aspects such as enterprise description, mission impact, business plan, community support, financial sustainability, and ability to service debt.
- Amount requested
- Information on the enterprise (description of the organization, leadership team, etc.)
- Description of the enterprise’s social and/or environmental mission and impacts
- Summary of the opportunity and how the investment will help the enterprise meet its objectives
- Business plan & community support
- Financial sustainability
- Ability to grow and expand impact and how this will be measured
- Ability to service debt and/or meet other financial obligations
- Description of other partners and additional financing leveraged
grant_single_labels|register
Here are the steps to submit an application for the Small Business Loan Guarantee Program and Impact Investing program:
- Step 1: Assess Eligibility
- Ensure your enterprise is mission-based, aiming for social or environmental impact while maintaining profitability and sustainability.
- Verify that your enterprise is registered and based in Nova Scotia.
- Ensure the enterprise is or can become a member of a local Credit Union.
- Step 2: Prepare Application Materials
- Determine the amount of funding requested.
- Compile comprehensive information on your enterprise, including a description of the organization, leadership team, and social/environmental mission and impacts.
- Create a business plan showcasing community support and financial sustainability.
- Prepare a summary of the opportunity, highlighting how the investment will aid in meeting objectives.
- Outline the enterprise's ability to grow and expand its impact and how this will be measured.
- Include details of your ability to service debt/meet financial obligations.
- List other partners and any additional financing leveraged.
- Step 3: Visit Local Credit Union
- Contact or visit your local participating credit union (e.g., Acadian Credit Union, Valley Credit Union, etc.).
- Discuss your enterprise’s fit for the program and the application process with credit union staff.
- Step 4: Submission Through Credit Union
- Submit the formal application and all required documents through the credit union.
- The credit union will refer fit enterprises to the Nova Scotia Co-operative Council for adjudication.
- Step 5: Await Decision and Confirmation
- Await the adjudication and decision-making process conducted by the Nova Scotia Co-operative Council.
- Receive confirmation regarding the application decision.
grant_single_labels|otherInfo
The Nova Scotia Co-operative Council offers the Small Business Loan Guarantee Program aimed at mission-based enterprises in Nova Scotia. Credit unions collaborate with the program, but the Nova Scotia Co-operative Council adjudicates the applications.
- Enterprises must be members of a local Credit Union at the time of fund disbursement.
- Applicants should be in good standing with the Canada Revenue Agency.
- Final investment decisions are made by NSCC, not the credit unions.
- Funds are available for start-ups and growth/expansion of mission-based enterprises.
- There are no regional allocations; decisions are based on the best proposals/opportunities.
- Ineligible uses include business planning, debt restructuring, or covering losses.
- Maximum investment per applicant is $50,000 until funds are exhausted.
- Applications need to include a detailed business plan, description of social/environmental impacts, leadership team information, financial sustainability, and community support.
grant_single_labels|contact
902-893-8966
Apply to this program
Small Business Loan Guarantee Program
The Small Business Loan Guarantee Program in Nova Scotia supports mission-based enterprises with loans of up to $50,000 to enhance social or environmental well-being. This initiative is a collaborative effort involving the Nova Scotia Co-operative Council, local credit unions, and the Province of Nova Scotia, aiming to empower small businesses with impactful missions.
Understanding the Small Business Loan Guarantee Program
The Small Business Loan Guarantee Program is a unique financing solution specifically designed to support mission-driven small enterprises in Nova Scotia. The program is a joint initiative by the Nova Scotia Co-operative Council, Atlantic Central, and local credit unions, backed by the Province of Nova Scotia. Its primary goal is to empower enterprises that aim to make a positive social or environmental impact while maintaining business profitability and sustainability. This initiative emphasizes the cooperative approach by involving credit unions, which are instrumental in the local financial ecosystem.Eligible businesses seeking to start, grow, or expand their enterprises can access a variety of financing options through this program. The available options include guaranteed loans, lines of credit, subordinated debt, equity investments, revenue sharing, or royalty agreements, with a funding cap of $50,000 per applicant. To foster regional inclusivity, the program is open to mission-based private enterprises across both urban and rural Nova Scotia regions served by a local credit union.However, the allocated funds have specific limitations. They must not be used for business planning, debt restructuring, or to cover business losses. Instead, they are intended to support innovative business activities that compound both economic and social benefits. This makes the program especially appealing to businesses that are dedicated to achieving sustainable development goals while contributing to their communities.To apply, businesses need to provide a formal application that outlines their mission, the impact of their operations, and how receiving financial support would enhance their ability to deliver their objectives. Applications should include details about the enterprise, a financial sustainability plan, and an explanation of how the investment will facilitate growth and amplify impact. Furthermore, applicants must demonstrate the ability to service debt, maintain good financial and operational standing, and potentially leverage additional financing or partnerships.It is important to note that while credit unions do not adjudicate applications directly, they play a vital role in the program by referring suitable applications to the Nova Scotia Co-operative Council for final adjudication and investment decision-making. This process ensures that funds are allocated based on the most promising business proposals and opportunities, rather than being divided regionally, which helps ensure that the most impactful businesses receive the support they need.Ultimately, this program not only offers financial backing but also promotes the sustainability and growth of mission-based enterprises, making Nova Scotia a vibrant hub for businesses that are aligned with achieving broader social and environmental goals. By participating in the Small Business Loan Guarantee Program, enterprises can tap into significant financial resources and, crucially, benefit from the local, cooperative approach which reinforces community ties and amplifies their positive impacts across the region.
