CBDC Immigrant Loan program — Pilot Project
Highlights
This program is designed specifically for you. It offers loans of up to $20,000 to help you start or grow your business. Whether your business is seasonal, part-time, or full-time, this program can provide the financial support you need. The loan comes with a fixed interest rate at prime rate plus 3%, making it a competitive option compared to other financing sources.
What You Get:
- Access to training, advisory, and consulting services to help you succeed.
- Flexible eligibility across most sectors, so your business type is likely covered.
- Support for temporary residents, making it easier for you to establish your business in the area.
Applying for this program is straightforward, and qualifying is easier than you might think. Approval can provide you with the funds and resources to take your business to the next level.
Financing Details
Type of Financing: Loan
Loan Amount: Up to $20,000
Interest Rate: Fixed interest at prime rate plus 3%
Eligible Expenses:
- Starting a registered business
- Training, advisory, and consulting services
Ineligible Expenses:
- Any expenses not directly related to starting or operating the registered business
Fees: No additional fees associated with the program
Qualifications
- Must be a temporary resident.
- Must be 19 years of age or older.
- Must wish to start a registered business in the specified area.
- Seasonal and part-time businesses are acceptable.
Most sectors are eligible.
Disqualifications:
- None specified.
Description
This program offers loans of up to $20,000 to help you start a registered business. You can use this money for various business needs, whether you run a seasonal or part-time business. Most sectors are eligible, giving you flexibility in your business plans.
You will also have access to training, advisory, and consulting services. These resources can help you navigate the challenges of starting and running your business. This support can be invaluable as you grow and develop your business.
The loan comes with a fixed interest rate at the prime rate plus 3%. This predictable rate makes it easier to plan your finances. This program is a great opportunity to get the financial support and guidance you need to succeed.
Program Steps
Complete the Application Form: Download and fill out the application form available on the program's website.
Prepare Required Documentation: Gather the necessary documents to support your application. These include:
- Business Plan
- Financial Statements
- Identification Documents
- Proof of Temporary Resident Status
- Any other relevant business registration documents
Develop a Business Plan: Use the Business Plan Workbook provided to outline your business goals, strategies, and financial projections.
Create Financial Statements: Utilize the Financial Statement Template to prepare your business's financial statements, including income statements, balance sheets, and cash flow statements.
Review Loan Terms: Understand the loan terms, including the fixed interest rate (prime rate plus 3%), repayment schedule, and any conditions related to the loan.
Consult with Advisors: Access the training, advisory, and consulting services offered by the program to refine your business plan and financial statements.
Submit Your Application: Email the completed application form and all required documentation to [email protected].
Follow Up: After submission, follow up with the program contact to ensure your application has been received and to address any additional requirements or questions.
Await Approval: Wait for the review and approval of your application. Be prepared to provide any additional information if requested.
Receive Loan Funds: Upon approval, discuss the final loan terms and receive the loan funds to start or expand your business.