How much funding can be received?

Eligible enterprises for the Small Business Loan Guarantee Program include start-ups and/or growth and expansions, which have a positive impact on a social or environmental issue that meets a community need or maximizes a community opportunity.

Creating new start-up businesses with social or environmental missions
Expanding existing businesses to enhance positive social or environmental impacts

grant_single|admissibleProjectsExample

$50,000

Vancouver

Developing a waste recycling facility utilizing innovative technologies in Vancouver.

$50,000

Toronto

Expanding an urban farming social enterprise in Toronto.

$50,000

Halifax

Launching a mobile healthcare service for underserved communities in Halifax.

$50,000

Calgary

Initiating a renewable energy startup focusing on solar panel installations in Calgary.

$50,000

Ottawa

Creating an art therapy program for mental health support in Ottawa.

grant_single_labels|admissibility

The eligibility criteria for this grant focus on mission-based enterprises in Nova Scotia aiming to create a positive social or environmental impact.

Enterprises must be mission-based with a focus on positive social or environmental impact.
Eligible enterprises include start-ups or those seeking growth and expansion.
Can be not-for-profit, co-operatives, or private businesses.
Enterprises must be registered and based in Nova Scotia.
Enterprises can be either new or existing credit union members (must hold a bank account at a local Credit Union at the time of fund disbursement).
Applicants must be in good standing with the Canada Revenue Agency.

grant_eligibility_criteria|who_can_apply

Yes, there are eligible types of companies for this grant. Eligible enterprises include start-ups and/or growth and expansions that have a positive impact on social or environmental issues.

Not-for-profit organizations
Co-operatives
Private businesses
Enterprises registered and based in Nova Scotia
Enterprises that can be new or existing credit union members
Enterprises in good standing with the Canada Revenue Agency

grant_eligibility_criteria|eligible_expenses

Eligible expenses for the Small Business Loan Guarantee Program cannot be used for business planning, debt restructuring, or to cover losses. Investments can be in the form of term loans, working capital, and lines of credit.

Term loans
Working capital
Lines of credit

grant_eligibility_criteria|zone

Eligible enterprises for this grant must be located within Nova Scotia, regardless of whether they are in urban or rural areas.

Must be in Nova Scotia
Can be urban or rural
Must be serviced by a credit union

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

Step 1: Contact your local credit union branch.
Step 2: Discuss your enterprise, mission, and funding needs with the credit union representative.
Step 3: Complete and submit the formal application through the credit union. The application should include:
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
Step 4: Credit union refers eligible enterprises to the Nova Scotia Co-operative Council (NSCC) for adjudication.
Step 5: NSCC reviews the application and makes the final investment 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

Summary of the Small Business Loan Guarantee Program

The Small Business Loan Guarantee Program in Nova Scotia offers mission-based enterprises up to $50,000 in funding to support start-ups and business expansions with a focus on social and environmental impact. Credit unions facilitate this program, which is adjudicated by the Nova Scotia Co-operative Council.

Detailed Explanation of the Small Business Loan Guarantee Program

The Small Business Loan Guarantee Program is an impactful initiative spearheaded by the Nova Scotia Co-operative Council, in collaboration with Atlantic Central, local participating credit unions, and the Province of Nova Scotia. This program is specifically designed to aid small businesses that have a positive social and environmental impact while considering all stakeholders, thereby reinforcing the local economy and the community's well-being.

Program Overview

The objective of the Small Business Loan Guarantee Program is to provide financial backing to mission-based enterprises in Nova Scotia. These enterprises strive to address local social or environmental issues while maintaining a commitment to product development, profitability, social responsibility, and sustainability. Enterprises can apply for a maximum investment of $50,000, which can be in various forms such as a guaranteed loan, line of credit, subordinated debt, equity, revenue sharing, or a royalty agreement. Note that the funds provided cannot be utilized for business planning, debt restructuring, or to cover losses.

Application and Eligibility

To apply for the loan guarantee, enterprises must be registered and based in Nova Scotia. Eligible applicants include start-ups and enterprises aiming for growth and expansion. Both not-for-profit organizations and private businesses that engage in improving social or environmental issues are welcome to apply. Enterprises must also be in good standing with the Canada Revenue Agency at the time of the disbursement of funds.

To start the application process, businesses should contact their local credit union. The credit unions listed under this program include:

Acadian Credit Union
Caisse populaire de Clare
Coastal Financial Credit Union
Community Credit Union
CUA
Dominion Credit Union
East Coast Credit Union
Glace Bay Central Credit Union
iNova Credit Union
LaHave River Credit Union
New Ross Credit Union
Princess Credit Union
St Josephs Credit Union
Sydney Credit Union
Valley Credit Union
Victory Credit Union

Once the initial screening is completed by the credit union, they will refer qualified applicants to the Nova Scotia Co-operative Council for further adjudication. Final decisions rest with the Nova Scotia Co-operative Council and are based on the quality and potential of the proposal.

Investment Details

The investment funds offered through the program are domiciled within Nova Scotia, bolstering local enterprises and ensuring the economic benefits remain within the province. This initiative also aims to create and maintain rewarding career opportunities for Nova Scotians each year. It stands apart from other financing programs by offering access to working capital and lines of credit specifically tailored to start-ups and businesses aiming for growth and expansion.

Credit unions facilitate the disbursement of funds and can provide up to $500,000 in the form of term loans, working capital, and lines of credit. It's important to note that the program doesn’t involve any regional allocations, meaning that decisions are made solely based on the merit of the proposals, regardless of their geographic location within Nova Scotia.

Application Requirements

To complete a formal application, enterprises will need to provide the following information:

The amount of funding requested
Detailed information about the enterprise, including a description of the organization and its leadership team
A thorough description of the enterprise’s social and/or environmental mission and its impacts
A summary of the opportunity and how the investment will help the enterprise achieve its objectives
A business plan, including evidence of community support
Indicators of financial sustainability and the potential for growth and expanded impact
Details on the enterprise’s ability to service debt or meet other financial obligations
A description of other partners involved and any additional financing leveraged

At the time of fund disbursement, the enterprise must be a member of a local Credit Union, which involves having an account with the credit union in question.

Program Benefits

The Small Business Loan Guarantee Program offers several benefits to participating enterprises:

Providing capital that supports business growth and expansion
Facilitating positive social and environmental impacts through mission-based business models
Encouraging community engagement and support
Sustaining financial health and creating job opportunities within Nova Scotia

For enterprises looking to further their social and environmental missions while simultaneously growing their business, the Small Business Loan Guarantee Program provides an unparalleled opportunity for financial support and growth.

Contact Information

For more information and assistance with the application process, enterprises may contact the Nova Scotia Co-operative Council. The Council's business development officers are stationed across the province and ready to provide support for any challenges that applicants might face.

Contact details:

Email: info@novascotia.coop
Phone: 902-893-8966
Fax: 902-895-0109
Location: 339 Willow Street, Truro NS, B2N 5A6
Mail: PO Box 1872, Truro NS, B2N 6C7

In conclusion, the Small Business Loan Guarantee Program is a critical resource for Nova Scotia's mission-based enterprises, offering substantial financial support to drive social and environmental benefits. This program not only promotes local economic growth but also helps in tackling community challenges, contributing towards a sustainable and responsible business ecosystem in Nova Scotia.