CNBSC – Baffin, Nunavut
Highlights
This program is designed specifically for businesses like yours. It offers term loans that can help you make essential purchases and investments. You can use the funds for operating expenses, new equipment, software, and more. This flexibility allows you to address your business's unique needs.
What You Get:
- Up to $1,000,000 in financing
- An additional $150,000 for software or day-to-day operating costs
Why This Program Stands Out:
- Government-backed loans provide security and reliability.
- Flexible repayment options with up to 15 years to pay it back.
Applying for this program is straightforward, and qualifying is easier than you might think. Approval can provide the financial boost your business needs to thrive and grow. Contact us today to learn more and start your application process.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan has a fixed interest rate of 3.5% per annum.
- Repayment term is up to 10 years.
- Early repayment is allowed without penalty.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Working capital for day-to-day operations.
- Intangible assets such as patents, trademarks, and software.
- Expansion or renovation of existing facilities.
Use of Funds:
- Funds cannot be used for personal expenses.
- Funds cannot be used to refinance existing debts.
- Funds cannot be used for speculative investments.
Fees:
- Application fee of $150.
- Annual administration fee of 1% of the outstanding loan balance.
- No prepayment penalties.
Qualifications
- Must be located in one of the following communities: Cambridge Bay, Kugluktuk, Gjoa Haven, Kugaaruk, Taloyoak, Bay Chimo, or Bathurst Inlet.
Must be a business seeking assistance for start-up, expansion, funding resources, or advice on accounting or program software.
Disqualifications:
- None specified in the provided context.
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.
Examples of what you can purchase include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, you can receive up to $150,000.
The federal government guarantees 85% of the loan, providing a significant safety net for you.
This loan program is flexible. If you have made significant purchases in the last 365 days that fit the program guidelines, you can include them in this loan.
You have various options to pay back the loan. You can choose a variable interest rate, a fixed one, or combine your loan amount and interest into mixed payments.
You have up to 15 years to pay back the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation: Prepare the following documents to support your application:
- Business Plan
- Financial Statements (last two years)
- Personal Information Form
- Loan Application Form
- Proof of Business Registration
- Identification Documents (e.g., passport, driver’s license)
Complete the Loan Application Form: Fill out the loan application form with accurate and detailed information about your business and the purpose of the loan.
Fill Out the Personal Information Form: Provide all necessary personal details as required in the personal information form.
Review and Double-Check Your Documentation: Ensure all documents are complete and accurate. Double-check for any missing information or errors.
Submit Your Application: Submit your completed application along with all required documentation to the appropriate office or online portal.
Follow Up: After submission, follow up with the program office to confirm receipt of your application and to address any additional questions or requirements.
Prepare for Possible Interviews or Additional Requests: Be ready to provide further information or attend interviews if requested by the program administrators.
Await Decision: Wait for the program administrators to review your application and notify you of their decision.
Review Approval Terms: If approved, review the terms and conditions of the loan or assistance provided.
Sign Agreement and Receive Funds: Sign the necessary agreements and receive the funds to support your business needs.