CBDC Micro-Loan Program

Up to $5,000
Type
LOANS AND CAPITAL INVESTMENTS
Application Difficulty
EASY
Time To Complete4 weeksProgram Budgetno cap
See If You Qualify

Highlights

This program is designed for you if you need a financial boost for your small business. Whether you are starting out or need extra working capital, this program offers unsecured micro-loans from $500 to $5,000. The interest rates are set at 2% above prime, making it a competitive option compared to other financing sources.

Why Apply?

  • Flexible repayment terms tailored to your needs.
  • No collateral required, reducing your risk.
  • Quick access to funds to help you grow or stabilize your business.

Being approved for this program can provide the financial support you need to make important purchases, manage operating expenses, or invest in new equipment. The application process is straightforward, making it easier for you to qualify and get the funds you need promptly.

Financing Details

Type of Financing: Loan

Interest Rates and Repayment Terms:

  • Interest rates are set at 2% above the prime rate.
  • Flexible repayment terms are available to suit your business needs.

Eligible Expenses:

  • Funds can be used for startup costs.
  • Working capital for your business operations.

Ineligible Expenses:

  • Funds cannot be used for personal expenses.
  • Funds cannot be used for non-business-related activities.

Fees:

  • There are no fees associated with this loan program.

Qualifications

  • Must be a new entrepreneur or a small business owner.
  • Business must be seeking startup money or working capital.
  • Must be located in Shelburne, Atlantic Canada.
  • Eligible for unsecured micro-loans ranging from $500 to $5,000.
  • Must be able to comply with interest rates set at 2% above prime.
  • Must agree to flexible repayment terms.

  • Disqualifications:

    • None specified in the provided context.

Description

The CBDC Micro-Loan Program offers your business a chance to borrow between $500 and $5,000 without needing to provide collateral. This can be a great way to get the funds you need for various business expenses.

You can use this money for startup costs if you are just getting started, or for working capital if you need a financial boost. The interest rates are set at 2% above prime, and the repayment terms are flexible to suit your needs.

This program is designed to help small business owners like you get the financial support needed to grow and succeed. With the ability to borrow unsecured funds and flexible repayment options, it’s an excellent opportunity to strengthen your business.

Program Steps

  1. Gather Required Documentation: Prepare the necessary documents to support your application. These include:

    • Business plan
    • Financial statements (income statement, balance sheet)
    • Proof of business registration
    • Personal identification
    • Details of intended use of funds (e.g., quotes for equipment or renovation costs)
  2. Complete the Application Form: Obtain and fill out the application form for the program. Ensure all sections are completed accurately.

  3. Review Loan Terms and Conditions: Understand the interest rates, repayment terms, and any other conditions associated with the loan. Make sure these terms fit your business needs.

  4. Contact Your Local CBDC: Reach out to your local Community Business Development Corporation (CBDC) for assistance. They can provide guidance and answer any questions you may have about the application process.

  5. Submit the Application: Submit your completed application form along with all required documentation to your local CBDC.

  6. Attend an Interview or Meeting: Be prepared to discuss your business plan and financial needs in detail. This may involve an interview or meeting with a CBDC representative.

  7. Wait for Application Review: The CBDC will review your application and may request additional information if needed. This process ensures your business meets all criteria and the loan aligns with the program's objectives.

  8. Receive Approval and Loan Disbursement: Once approved, you will be informed of the loan terms and conditions. Upon agreement, the loan funds will be disbursed to your business.

  9. Begin Repayment: Start repaying the loan according to the agreed-upon schedule and terms. Ensure timely payments to maintain good standing.

Visit Program Website