CBDC Youth Entrepreneurship Development Initiative
Highlights
This program is designed specifically for young entrepreneurs like you. It offers financial support to help you start or grow your business. By applying, you can access funds that can be used for various business needs, such as purchasing equipment, covering operating expenses, or investing in new technology.
Why Apply?
- Up to $1,000,000 in financing
- An additional $150,000 for software or day-to-day costs
- Flexible repayment options with up to 15 years to pay back
- Government-backed support, ensuring stability and trust
Being approved for this program can provide the financial boost your business needs to thrive. The application process is straightforward, making it easier for you to qualify and get the support you need.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan offers a competitive interest rate of 5% per annum.
- Repayment term is up to 10 years.
- Flexible repayment options include monthly or quarterly installments.
Eligible Expenses:
- Purchase of equipment and machinery.
- Leasehold improvements.
- Working capital.
- Intangible assets such as software and patents.
Ineligible Expenses:
- Personal expenses.
- Real estate purchases.
- Debt refinancing.
- Non-business-related activities.
Fees:
- Application fee of $150.
- Annual administration fee of 1% of the outstanding loan balance.
- No prepayment penalties.
Qualifications
- Must be aged 18 to 34 years.
Must be located within the CBDC Southwest service area, including the city of Fredericton.
Disqualifications:
- Applicants outside the age range of 18 to 34 years.
- Businesses located outside the CBDC Southwest service area, including the city of Fredericton.
Description
This program offers your business up to $1,000,000. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible expenses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or working capital, you can receive up to $150,000.
The federal government guarantees 85% of the loan, giving you a strong safety net.
Flexible repayment options are available. You can choose a variable interest rate, a fixed one, or a combination of both. You also have up to 15 years to pay back the loan, regardless of what you spend it on.
Program Steps
Gather Necessary Documentation:
- Business Plan
- Financial Statements
- Proof of Age (18-34 years)
- Proof of Residency within CBDC Southwest Service Area
- Identification Documents (e.g., Passport, Driver’s License)
Complete the Application Form:
- Visit the official program website.
- Download or access the application form.
- Fill out all required fields accurately.
Prepare a Detailed Business Plan:
- Include an executive summary.
- Outline your business goals and objectives.
- Provide market analysis and strategy.
- Detail your financial projections and funding needs.
Submit the Application:
- Attach all required documentation.
- Double-check for completeness and accuracy.
- Submit the application through the specified online portal or mail it to the provided address.
Contact a Startup Expert:
- Reach out to a startup expert for guidance.
- Use the provided contact number (1-888-303-2232) for assistance.
- Clarify any doubts or questions about the application process.
Attend an Interview or Meeting (if required):
- Be prepared to discuss your business plan.
- Answer any questions from the program administrators.
- Provide additional information if requested.
Wait for Application Review and Approval:
- The program administrators will review your application.
- You may be contacted for further information or clarification.
- Wait for the final decision on your application.
Receive Funding and Support:
- Upon approval, discuss the terms and conditions.
- Understand the funding disbursement process.
- Utilize the funds as outlined in your business plan.
Follow Up and Reporting:
- Maintain regular communication with the program administrators.
- Provide updates on your business progress.
- Submit any required reports or documentation as per the program guidelines.