CBDC Self Employment Benefit Program
Highlights
The Self-Employment Benefit (SEB) Program is designed to support new entrepreneurs like you. This program offers financial assistance, counselling, and technical advice during the crucial planning and start-up phases of your business. If you have received Employment Insurance (EI) benefits, you will continue to receive them until your claim ends. If not, you will receive a weekly allowance at a provincially established rate. This ensures you have the financial stability to focus on building your business.
Why should you apply?
- Financial Support: Continue receiving EI benefits or a weekly allowance.
- Expert Guidance: Access to counselling and technical advice.
- Tailored Assistance: The SEB Coordinator will help you assess your strengths and needs.
What’s in it for you?
- Sustained Income: Financial support while you start your business.
- Professional Advice: Guidance from experienced coordinators.
- Easy Qualification: The process is straightforward, starting with a meeting with the SEB Coordinator.
By being approved for this program, you will have the financial backing and expert advice needed to turn your business idea into a reality.
Financing Details
Type of Financing: Weekly Allowance
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Business planning and start-up costs.
- Operational expenses during the initial phase of your business.
Use of Funds:
- Funds can be used to cover living expenses while you establish your business.
- Funds cannot be used for personal non-business-related expenses.
Fees:
- No fees associated with the program.
Qualifications
- Must be an unemployed Atlantic Canadian.
- Must be receiving or have received Employment Insurance (EI) benefits within a certain timeframe.
- Must meet with the local Self-Employment Benefit Coordinator to determine eligibility.
- Must complete and submit an application form.
Must prepare a business plan that demonstrates potential for success.
Disqualifications:
- Not being an unemployed Atlantic Canadian.
- Not receiving or having received Employment Insurance (EI) benefits within the required timeframe.
- Failing to meet with the Self-Employment Benefit Coordinator.
- Inability to complete and submit an application form.
- Business plan lacking potential for success.
Description
The Self-Employment Benefit (SEB) Program is designed to help you start your own business. It offers financial support and coaching during the planning and start-up phases. This program is a great opportunity to turn your business idea into reality.
Financial Assistance:
- If you are currently receiving Employment Insurance (EI) benefits, you will continue to receive these benefits until your claim ends. After that, you will receive support at a provincially established rate for the remaining duration of the SEB Program.
- If you are not receiving EI benefits, you will get a weekly allowance at a provincially established rate.
Additional Support:
- Counselling and technical advice are available to help you succeed.
- A Self-Employment Benefit Coordinator will guide you through the process, from evaluating your business idea to preparing a business plan.
This program provides the resources and support you need to start your business with confidence.
Program Steps
Schedule an Initial Meeting: Contact your local Self-Employment Benefit (SEB) Coordinator to set up an initial meeting. This meeting will help determine your eligibility and assess if self-employment is a viable option for you.
Complete the Application Form: Fill out the application form provided by the SEB Coordinator. Ensure all sections are completed accurately.
Prepare Your Business Plan: Develop a comprehensive business plan that demonstrates the 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
Gather Required Documentation: Collect the necessary documents to support your application. These may include:
- Proof of Employment Insurance (EI) benefits
- Personal identification
- Financial statements
- Any other documents requested by the SEB Coordinator
Submit Application and Business Plan: Submit your completed application form and business plan to your SEB Coordinator. Ensure all required documentation is included.
Participate in the Selection Process: Your application and business plan will be reviewed by a committee. The SEB Coordinator will present your case, and the committee will evaluate it based on provincially established criteria.
Receive Notification of Acceptance: If your application is successful, you will be notified by your SEB Coordinator. They will provide you with details on the next steps and any additional support available to you.
Begin Program Participation: Once accepted, start participating in the SEB Program. This may include attending workshops, receiving financial assistance, and accessing counselling and technical advice to support your business start-up.