CBDC Social Enterprise Loan
Highlights
This program is designed for you because it offers financial support to help your social enterprise grow and thrive. With loans up to $150,000, you can purchase machinery, equipment, or other essential items. The loan terms are competitive, with repayment periods of up to ten years, making it easier for you to manage your finances.
What You Get
- Up to $150,000 in financing
- Competitive interest rates and flexible repayment terms
- Loan amortizations of up to ten years
Benefits
- Purchase new assets or renovate existing ones
- Expand your operations to better serve your community
- Support job creation and maintain economic viability
This program is easier to qualify for than many others, specifically tailored to support social enterprises in rural Atlantic Canada. By being approved, you can ensure your business continues to make a positive impact in your community.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Loans are repayable with competitive interest rates.
- Loan amortizations of up to ten years are available, based on the life expectancy of the asset(s) acquired.
Eligible Expenses:
- Purchase of machinery and equipment.
- Renovation of existing assets.
- Expansion of the social enterprise.
Ineligible Expenses:
- Funds cannot be used for non-business-related expenses.
- Personal expenses are not covered.
Fees:
- No specific fees are mentioned. Please contact the program administrators for detailed fee information.
Qualifications
- Must be a non-profit organization, charity, cooperative, or society.
- Must be officially registered.
- Must be located in rural areas of Atlantic Canada.
- Business operations must provide a realistic expectation of economic viability.
- Must ensure sound business practices.
- Must facilitate job creation and maintenance in the community.
- Both new and existing Social Enterprise businesses are eligible.
- Social Enterprises may be seasonal or year-round.
Loans may be used for start-up, expansion, renovation, or upgrade of the Social Enterprise.
Disqualifications:
- Businesses not located in rural areas of Atlantic Canada.
Description
This program offers your business loans up to $150,000. You can use this money to buy machinery, equipment, or other items needed for your business operations. It can also help you renovate or expand your current assets.
Key benefits include:
- Flexible repayment terms: You have up to ten years to repay the loan, depending on the lifespan of the assets you purchase.
- Competitive interest rates: The loan comes with favorable interest rates, making it easier for you to manage repayments.
This program is designed to support the growth and sustainability of your business. It helps you invest in necessary resources, ensuring your business can thrive and contribute to your community.
Program Steps
Gather Necessary Documentation:
- Financial statements
- Business plan
- Details of intended use of funds (e.g., quotes for machinery, equipment, or renovation costs)
- Proof of non-profit status (e.g., registration documents)
- Any other relevant business documentation
Review Loan Terms and Repayment Options:
- Understand the loan amount available (up to $150,000)
- Review interest rates and repayment terms (up to ten years based on asset life expectancy)
- Ensure the loan terms align with your business's financial situation
Contact Your Local CBDC Office:
- Reach out to your local Community Business Development Corporation (CBDC) for guidance
- Clarify any questions regarding eligibility, required documentation, or loan terms
Complete the Application Form:
- Fill out the application form provided by the CBDC
- Ensure all sections are completed accurately and thoroughly
Submit the Application:
- Submit the completed application form along with all required documentation to your local CBDC office
- Ensure you keep copies of all submitted documents for your records
Review and Follow-Up:
- The CBDC will review your application to ensure it meets all criteria
- Be prepared to provide additional information or clarification if requested
Approval and Loan Disbursement:
- Upon approval, discuss the final loan terms, including interest rate, repayment schedule, and any associated fees
- Once agreed upon, the loan funds will be disbursed, allowing you to proceed with your planned purchases or renovations