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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|terms_and_conditions
The Small Business Loan Guarantee Program provides various financing modalities to support small businesses in Nova Scotia. These options are designed to accommodate different enterprise needs while ensuring fiscal responsibility.
- Guaranteed loan or line of credit.
- Subordinated debt.
- Equity investment.
- Revenue sharing arrangements.
- Royalty agreements.
- Financing up to $500,000 available through credit unions in the form of term loans, working capital, and lines of credit.
grant_single_labels|projects
The Small Business Loan Guarantee Program focuses on empowering small businesses in Nova Scotia to kickstart or expand their endeavors. The eligible projects primarily encompass setting up new businesses or growing existing ones with a mission-driven focus on social or environmental impact.
- Starting a new mission-based small business enterprise.
- Expanding a current enterprise to enhance its social or environmental impact.
- Investing in innovative business models that address community needs or opportunities.
- Fostering enterprise growth through sustainable business practices.
grant_single|admissibleProjectsExample
$ 50,000
Expanding an urban farming social enterprise
$ 50,000
Launching a mobile healthcare service for underserved communities
$ 50,000
Initiating a renewable energy startup focusing on solar panel installations
$ 50,000
Creating an art therapy program for mental health support
$ 50,000
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
This grant is available for enterprises regardless of their location within Nova Scotia. The eligibility is determined by membership in local credit unions serviced within the province.
- Businesses located in urban areas of Nova Scotia.
- Enterprises based in rural parts of Nova Scotia.
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
