CBDC Kick$tart
Highlights
If you are an entrepreneur under 35 in Newfoundland and Labrador, the Kickstart Loan Program is designed for you. This program offers low-interest loans up to $10,000 to help you get the funding you need when other sources have turned you down. This is a fantastic opportunity to secure the financial support necessary to grow your business.
Why should you apply?
- Low-interest rates make it more affordable than many other financing options.
- Up to $10,000 can be used for essential business needs, from purchasing equipment to covering operational costs.
- Government-backed loans provide a level of security and trust that other loans may not offer.
What's in it for you?
- Flexible repayment terms tailored to your business's cash flow.
- Quick and straightforward application process ensures you can focus on running your business, not paperwork.
By getting approved, you will have the financial backing to take your business to the next level. This program is easy to qualify for, making it an accessible option for young entrepreneurs like you.
Financing Details
Type of Financing: Loan
Loan Amount: Up to $10,000
Interest Rate: Low-interest rate
Repayment Term: Detailed repayment terms will be provided upon approval, ensuring manageable monthly payments.
Eligible Expenses:
- Business start-up costs
- Equipment purchases
- Inventory
- Working capital
Use of Funds:
- Funds can be used for essential business expenses to help you start and grow your business.
Restrictions:
- Funds cannot be used for personal expenses or non-business-related activities.
Fees:
- No application fees
- No hidden charges
This loan program is designed to help young entrepreneurs like you get the financial support needed to start and grow your business.
Qualifications
- Must be an entrepreneur under the age of 35.
- Must be located in Newfoundland and Labrador.
Must have been unable to secure funding from other sources.
Disqualifications:
- Entrepreneurs aged 35 and older.
- Businesses located outside Newfoundland and Labrador.
- Businesses that have already secured funding from other sources.
Description
If you are under 35 and have struggled to get funding from other sources, this program offers a low-interest loan of up to $10,000. This money can help you start or grow your business in Newfoundland and Labrador.
You can use the loan for:
- Buying equipment
- Marketing expenses
- Working capital
- Other business needs
The loan comes with favorable terms. You get a low interest rate, making it easier to manage your finances. The payback period is flexible, giving you the time you need to succeed.
This program is a great opportunity to get the financial support your business needs.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. You will need:
- Business plan
- Financial statements
- Proof of age (under 35)
- Proof of residence in Newfoundland and Labrador
- Details of funding attempts from other sources
Complete the Application Form: Fill out the application form with your personal and business information. This includes your name, phone number, email address, province, community, and a message detailing your funding needs.
Submit the Application: Send the completed application form along with the required documentation to the appropriate contact point provided by the program.
Follow Up: After submission, follow up with the program's contact to ensure your application is being processed and to provide any additional information if requested.
Review Loan Terms: If your application is approved, review the loan terms, including the interest rate, repayment schedule, and any associated fees.
Sign Agreement: Sign the loan agreement to finalize the terms and conditions of the loan.
Receive Funds: Once the agreement is signed, the loan funds will be disbursed to your business account.
Utilize Funds: Use the loan funds as outlined in your business plan to support your business growth and operations.