Baffin Business Development — Business Counseling
Highlights
This program is designed for business owners like you who are looking to start, expand, or acquire a business in the Baffin region. It offers financial assistance through loans that are tailored to help your business grow and succeed. The loans are meant for commercially viable projects that will create jobs and increase business revenues and assets.
Why should you apply? This program provides not only the funds you need but also business counseling at all stages of your business cycle. The counseling services can help you maximize growth potential, develop strategic plans, and expand your operations. Additionally, the BBDC has partnerships with several organizations, which can offer further support and resources.
What’s in it for you? By being approved, you gain access to essential financing that is often more flexible and supportive than other loans. The program is designed to be accessible, making it easier for you to qualify and benefit from the resources provided. Contact BBDC at 867.979.1303 to learn more and start your application process.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan must be repaid within a specified term, typically ranging from 1 to 10 years.
- Interest rates are competitive and vary based on the loan amount and repayment period.
- Fixed and variable interest rate options are available.
Eligible Expenses:
- Business start-up costs
- Business expansion expenses
- Business acquisition costs
- Equipment purchases
- Leasehold improvements
- Working capital
Ineligible Expenses:
- Personal expenses
- Non-business-related activities
- Real estate purchases for non-commercial use
Fees:
- Application fee: $100
- Document preparation fee: $175
- No renewal fees for the loan term
This loan program is designed to support your business growth and development. It offers flexible repayment options and competitive interest rates to help you achieve your business goals.
Qualifications
- Must be a new or existing business.
- Must be capable of repaying loans.
- Must be based in the Baffin region.
- Must be commercially viable.
Must create benefits such as jobs and increased business revenues and assets.
Disqualifications:
- Businesses not based in the Baffin region.
- Businesses unable to demonstrate commercial viability.
- Businesses unable to create jobs or increase business revenues and assets.
Description
The Baffin Business Development Corporation (BBDC) offers financial assistance to help your business grow. You can borrow money to start, expand, or acquire a business. The projects must be based in the Baffin region and should create benefits like jobs and increased business revenues.
Here’s what you can use the money for:
- Starting a new business
- Expanding your current business
- Acquiring an existing business
The loans are designed to support commercially viable projects, ensuring they can repay the loan.
In addition to financial assistance, BBDC provides business counseling at all stages of your business cycle. They help you maximize growth potential, develop plans, and expand your business. They also offer referrals to other supportive organizations. This comprehensive support can be a game-changer for your business.
Program Steps
Contact BBDC for Application Form: Reach out to BBDC at 867.979.1303 to request the application form.
Prepare Business Documentation: Gather the necessary documents to support your application. These include:
- Financial statements
- Business plan
- Details of intended use of funds (e.g., quotes for equipment or renovation costs)
- Proof of commercial viability
- Evidence of job creation and increased business revenues or assets
Complete the Application Form: Fill out the application form with accurate and detailed information about your business and the project for which you are seeking funding.
Review Loan Terms and Repayment Options: Understand the loan terms, interest rates, and repayment options. Ensure that the terms align with your business's financial situation and future cash flow projections.
Submit the Application: Submit the completed application form along with the prepared documentation to BBDC.
Follow Up: Stay in contact with BBDC to check the status of your application. Be prepared to provide any additional information or documentation if requested.
Approval and Loan Disbursement: Upon approval, review the final loan terms, including the interest rate, repayment schedule, and any associated fees. Once agreed upon, the loan funds will be disbursed, allowing you to proceed with your business project.