CBDC Self Employment Assistance (Atlantic Region)
Highlights
The Self-Employment Benefit (SEB) Program is designed to support your business during its crucial early stages. You will receive financial assistance, which can be in the form of continued Employment Insurance (EI) benefits or a weekly allowance if you are not currently receiving EI. This ensures you have a steady income while you focus on growing your business.
What You Get:
- Financial support at a provincially established rate
- Counselling and technical advice to guide you through the initial phase
- Assistance in preparing a business plan to ensure your business has a solid foundation
Why Apply?
- Government-backed support means more stability and less risk
- Expert guidance to help you navigate the challenges of starting a business
- Easy qualification process with local coordinators to assist you every step of the way
Being approved for the SEB Program means you can focus on your business without worrying about immediate financial pressures. This program is tailored to help you succeed, making it an excellent opportunity for your business.
Financing Details
Type of Financing: Weekly Allowance
Repayment Terms and Interest Rates:
- There are no repayment terms or interest rates. The weekly allowance is provided without the need for repayment.
Eligible Expenses:
- The funds can be used to cover personal living expenses while you focus on starting and growing your business.
Ineligible Expenses:
- The funds cannot be used for business expenses such as purchasing equipment, inventory, or other business-related costs.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be an unemployed Atlantic Canadian.
- Must be receiving or have received Employment Insurance (EI) benefits within a certain timeframe.
- If not currently receiving EI benefits, must be approved for the SEB Program to receive a weekly allowance.
- Must contact Nova Scotia Works to discuss eligibility.
- Must meet with a local Self-Employment Benefit Coordinator.
- Must complete and submit an application form.
Must prepare a business plan demonstrating potential for success.
Disqualifications:
- Businesses that do not demonstrate potential for success in their business plan.
Description
The Self-Employment Benefit (SEB) Program offers financial assistance, counselling, and technical advice to help you during the early stages of your business. If you are currently receiving Employment Insurance (EI) benefits, you will continue to get these benefits until your claim ends. After that, you will receive support at a provincially established rate for the remaining time on the SEB Program.
If you are not receiving EI benefits but are approved for the SEB Program, you will get a weekly allowance at a provincially established rate. This financial support ensures you have the resources needed to focus on growing your business without worrying about immediate income.
The SEB Program is funded by the Government of Canada through the Canada-Provincial Governments Labor Market Agreements. This means you can trust the program is backed by reliable support, giving you the confidence to pursue your business goals.
Program Steps
Contact Nova Scotia Works:
- Reach out to Nova Scotia Works to discuss your interest in the Self-Employment Benefit (SEB) Program.
- They will refer you to a Self-Employment Benefit Coordinator.
Initial Meeting with SEB Coordinator:
- Schedule a meeting with the local Self-Employment Benefit Coordinator.
- Discuss your strengths and needs to determine if self-employment is a viable option for you.
Complete Application Form:
- Fill out the application form provided by the SEB Coordinator.
Prepare Business Plan:
- Develop a business plan that demonstrates potential for success.
- Your business plan should include:
- Executive summary
- Business description
- Market analysis
- Organization and management structure
- Service or product line
- Marketing and sales strategy
- Funding request
- Financial projections
Submit Application and Business Plan:
- Submit your completed application form and business plan to the SEB Coordinator.
Selection Process:
- Your application and business plan will be reviewed by a committee.
- The committee will evaluate your submission based on provincially established criteria.
Receive Notification:
- If your application is successful, you will be notified by your SEB Coordinator.
- You will receive information on the next steps to begin receiving support from the SEB Program.