Baffin Business Development — Financial Assistance
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 aimed at projects that are commercially viable and can create benefits such as jobs and increased business revenues.
Why should you apply?
- Access to Loans: Get the funding you need for business start-up, expansion, or acquisition.
- Business Counseling: Receive expert advice at all stages of your business cycle to maximize growth potential.
- Partnerships: Benefit from cooperative partnerships with key organizations to support your business.
What’s in it for you?
- Flexible Financing: Loans are designed to be repayable, ensuring you can manage your finances effectively.
- Growth Opportunities: Increase your business revenues and assets with the right financial support.
- Ease of Qualification: The program is accessible to businesses capable of repaying their loans, making it easier for you to qualify.
Contact BBDC at 867.979.1303 to learn more and start your application process today.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan must be repaid within a specified term, which will be detailed in your loan agreement.
- Interest rates are competitive and will be provided upon approval.
Eligible Expenses:
- Business start-up costs
- Business expansion expenses
- Business acquisition costs
Use of Funds:
- Funds can be used for any commercially viable project that creates benefits such as jobs, increased business revenues, and assets.
Restrictions on Use of Funds:
- Funds cannot be used for personal expenses or non-business-related activities.
Fees:
- There may be an application fee, which will be detailed during the application process.
- Other fees may apply, and these will be outlined in your loan agreement.
Qualifications
- Must be a new or existing business.
- Must be capable of repaying loans.
- Must be based in the Baffin region.
- Must create benefits such as jobs, increased business revenues, and assets.
Projects must be commercially viable.
Disqualifications:
- Businesses not based in the Baffin region.
- Projects that are not commercially viable.
- Businesses unable to repay loans.
Description
This program offers financial assistance to help your business grow. You can get loans for starting a new business, expanding your current one, or buying an existing business. The money can be used for projects that are commercially viable and based in the Baffin region. These projects should create benefits like jobs and increased business revenues.
Business counseling is also available at all stages of your business journey. This includes help with planning, growth strategies, and referrals to other resources. The goal is to maximize your business's potential and ensure its success.
The BBDC works with various partners to provide these services, including the Nunavut Business Credit Corporation and the Business Development Bank of Canada. This network of support can help you navigate the challenges of running a business and take advantage of new opportunities.
Program Steps
Contact BBDC for Application Form: Reach out to BBDC at 867.979.1303 to request an 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, expansion costs)
- Proof of commercial viability
- Evidence of job creation or increased business revenues and 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 Conditions: Understand the loan terms, including interest rates, repayment schedules, and any associated fees. Ensure these terms align with your business's financial situation and goals.
Submit the Application: Send the completed application form along with the prepared documentation to BBDC. You can submit it via mail, fax (867.979.1508), or in person.
Consult with a Business Counselor: Contact BBDC to schedule a session with a business counselor. They can provide guidance on your application, offer advice on business growth, and make necessary referrals.
Await Application Review: BBDC will review your application to ensure it meets all criteria and aligns with the program's objectives. They may request additional information or clarification during this process.
Approval and Loan Disbursement: If your application is approved, discuss the final loan terms with BBDC. Once agreed upon, the loan funds will be disbursed, allowing you to proceed with your business start-up, expansion, or acquisition project.