Small Business Loan Guarantee Program
- Open continuously
Overview
Get loans, capital, or lines of credit of up to $50,000.
At a glance
Funding available
- Complete an acquisition or business transfer
- Renovate or expand facilities
- Maximum amount : 50,000 $
- Open continuously
Eligible candidates
- All industries
- Nova Scotia
- For-profit business
- Social economy enterprise
- Non-financial cooperative
- All revenue ranges
- All organization sizes
- Startups
Next Steps
Activities funded
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.
Eligibility
Who is eligible?
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.Who is not eligible
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.
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.
Eligible geographic areas
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.
Additional information
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.