Business Development Program
Highlights
The Business Development Program (BDP) is designed to help your business grow and succeed in Atlantic Canada. This program offers interest-free, unsecured funding that can cover up to 50% of the capital needed for your business expansion or new venture. Additionally, you can receive support for various growth activities, with up to 75% of costs covered for staff training, efficiency studies, marketing, productivity improvements, quality assurance, and environmental management systems.
Why should you apply?
- Interest-free funding means you can invest in your business without the burden of interest payments.
- Unsecured loans mean no collateral is required, reducing your financial risk.
- High coverage rates (up to 75%) for essential business activities can significantly lower your out-of-pocket expenses.
What’s in it for you?
- Access to substantial financial support to help you launch, modernize, or grow your business.
- Enhanced competitiveness and productivity through funded activities.
- Easy qualification process, making it accessible for businesses like yours.
Contact your nearest ACOA office to discuss your project and start your application. This program is a valuable opportunity to take your business to the next level.
Financing Details
Type of Financing: Repayable Funding
Repayment Terms and Interest Rates:
- The funding is interest-free.
- There are no specific repayment terms mentioned, implying flexibility based on individual agreements.
Eligible Expenses:
- Staff training
- Efficiency studies
- Marketing and trade activities
- Productivity improvements
- Quality assurance
- Environmental management systems
Ineligible Expenses:
- The funds cannot be used for expenses not listed in the eligible expenses.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be located in Atlantic Canada (Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador).
- Must be an entrepreneur or a non-profit organization that supports business growth.
- Must be a small or medium-sized enterprise (SME) for non-profit support.
- Must be looking to start a new business, expand, or modernize an existing business.
Must be seeking funding for business growth activities such as staff training, efficiency studies, marketing/trade activities, productivity improvements, quality assurance, or environmental management systems.
Disqualifications:
- Businesses located outside Atlantic Canada.
Description
Through this program, your business can receive interest-free, unsecured funding to help you grow or start a new venture. You can get up to 50% of the capital you need for your business expansion or launch.
Additionally, you can receive funding to cover up to 75% of costs for activities that support business growth, such as:
- Staff training
- Efficiency studies
- Marketing and trade activities
- Productivity improvements
- Quality assurance
- Environmental management systems
This funding is a great opportunity because it allows you to invest in your business without the burden of interest, making it easier to focus on growth and improvement.
Program Steps
Contact Your Nearest ACOA Office: Reach out to your local Atlantic Canada Opportunities Agency (ACOA) office to discuss your project and get initial guidance.
Prepare Necessary Documentation: Gather the following documents to support your application:
- Business Plan
- Financial Statements
- Project Proposal
- Quotes for any planned purchases or services
- Details of intended use of funds
- Any other relevant documents that demonstrate the potential impact and feasibility of your project
Complete the Application for Financial Assistance: Fill out the Application for Financial Assistance form provided by ACOA. Ensure all sections are completed accurately and thoroughly.
Submit Your Application: Send your completed application and all supporting documents to your nearest ACOA office. You can submit these documents either online, by mail, or in person.
Follow Up: After submission, follow up with ACOA to confirm receipt of your application and to address any additional questions or requirements they may have.
Review and Approval: ACOA will review your application. Be prepared to provide additional information or clarification if requested.
Receive Funding: Upon approval, discuss the terms of the funding, including any conditions or reporting requirements. Once agreed upon, the funds will be disbursed to support your business project.