CBDC Business counselling
Highlights
This program is designed specifically for business owners like you. It offers up to $1,000,000 in financing to help you make crucial investments in your business. Additionally, you can receive an extra $150,000 for software or day-to-day operating costs. This financial support can be used for a variety of needs, including operating expenses, restorations, new equipment, and software.
What sets this program apart is that it is backed by the government, providing you with a sense of security and flexibility. You have the freedom to choose how you repay the loan, with terms extending up to 15 years. This makes it easier for you to manage your finances and focus on growing your business.
Qualifying for this program is straightforward, and being approved can significantly boost your business's potential. By applying, you gain access to essential funds that can drive your business forward, ensuring long-term success and stability.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan offers a competitive interest rate, which is determined based on the current market rates.
- Repayment terms are flexible, allowing up to 10 years to pay off the loan.
- Interest rates can be fixed or variable, depending on your preference and financial situation.
Eligible Expenses:
- Purchase of equipment and machinery.
- Leasehold improvements.
- Working capital to support day-to-day operations.
- Intangible assets such as patents and trademarks.
Ineligible Expenses:
- Personal expenses or non-business-related costs.
- Real estate purchases.
- Refinancing of existing debts.
Fees:
- There is a one-time application fee of $150.
- An annual administration fee of 1% of the outstanding loan balance is applicable.
- No prepayment penalties, allowing you to pay off the loan early without additional costs.
Qualifications
- Must be a business located in Atlantic Canada.
Must be a new or established business owner or entrepreneur.
Disqualifications:
- None specified in the provided context.
Description
This program offers financial support to businesses in Atlantic Canada. You can receive up to $1,000,000 to help your business grow. This money can be used for various purposes, such as:
- Buying new equipment
- Upgrading your facilities
- Covering operational costs
The program provides flexible repayment options. You can choose between a fixed or variable interest rate, and you have up to 15 years to pay back the loan. This gives you the time you need to invest in your business without immediate financial pressure.
The federal government guarantees 85% of the loan, which reduces your risk and makes it easier for you to secure the funding you need. This program is designed to help your business succeed and thrive in the competitive market.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These may include:
- Business plan
- Financial statements (balance sheet, income statement)
- Tax returns (personal and business)
- Proof of business registration
- Identification documents (e.g., driver's license, passport)
- Any other documents specified by the program guidelines
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately and thoroughly.
Contact a CBDC Representative: Reach out to your local Community Business Development Corporation (CBDC) for assistance. They can provide guidance on the application process and answer any questions you may have.
Submit Your Application: Once your application form and supporting documents are ready, submit them to the designated CBDC office. Ensure you meet any deadlines and follow submission guidelines.
Attend an Interview or Meeting: You may be required to attend an interview or meeting with a CBDC representative. Be prepared to discuss your business plan and how the program will benefit your business.
Review and Approval: Your application will be reviewed by the CBDC. They may request additional information or clarification during this process.
Receive Funding and Support: If approved, you will receive the financial support and business counselling services offered by the program. Use these resources to help grow and sustain your business.