Impact Your Business — Expansion Financing
Highlights
The Impact loan program is designed specifically for small and medium-sized businesses in urban Atlantic Canada. This program offers low-interest loans of up to $25,000 with flexible repayment terms and no penalty for early repayment. The application process is fast and straightforward, allowing you to focus on growing your business.
Why should you apply?
- Flexible Financing: Unlike traditional bank loans, Impact loans accommodate varied credit histories and unique business ideas.
- Business Support: Beyond financing, you gain access to business skills development opportunities. Training sessions cover essential topics like marketing strategy, human resources, accounting, and planning.
- Ongoing Guidance: Impact provides continuous support and advice throughout your entrepreneurial journey, ensuring you have the resources to succeed.
By being approved for this program, you can take your business to the next level with the financial support and knowledge you need. The process is easy to qualify for, making it an excellent opportunity for your business.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Low-interest loans up to $25,000.
- Flexible repayment terms.
- No penalty for early repayment of the principal.
Eligible Expenses:
- Business start-up costs.
- Expansion financing for established businesses.
Use of Funds:
- Funds can be used for various business-related expenses, including but not limited to:
- Equipment purchases.
- Marketing and advertising.
- Operational costs.
Restrictions on Use of Funds:
- Funds cannot be used for personal expenses.
- Funds are strictly for business-related activities.
Fees:
- No application fees.
- No hidden fees associated with the loan.
Qualifications
- Must be a small or medium-sized business.
- Business must be located in urban Atlantic Canada.
- Entrepreneurs of all ages can apply for a business start-up loan.
Established business owners must be between 19 and 39 years old to avail of expansion financing.
Disqualifications:
- Businesses located outside urban Atlantic Canada.
Description
The Impact loan is designed to support small and medium-sized businesses in urban Atlantic Canada. You can borrow up to $25,000 at a low-interest rate, with flexible repayment terms. There is no penalty for paying off the loan early, giving you the freedom to manage your finances as you see fit.
You can use this loan for starting a new business or expanding an existing one. The application process is quick and easy, so you can focus on growing your business. Flexible repayment options mean you can pay back the loan in a way that works best for you.
Beyond the financial support, the program connects you to valuable business skills development opportunities. You can attend training sessions on topics like marketing, human resources, accounting, and planning. This extra support helps you gain the knowledge you need to succeed.
Program Steps
Gather Required Documentation: Prepare the necessary documents for the application. You will need:
- Business plan
- Financial statements (e.g., income statement, balance sheet)
- Proof of business registration
- Personal identification (e.g., driver's license, passport)
- Details of intended use of funds (e.g., quotes for equipment, renovation costs)
Complete the Application Form: Fill out the application form available on the Impact Atlantic website. Ensure all sections are completed accurately.
Submit the Application: Submit your completed application form along with the required documentation through the Impact Atlantic online portal or by visiting a local office.
Attend an Interview: If required, attend an interview with an Impact Atlantic representative to discuss your business plan and how the loan will be used.
Review Loan Terms: Once your application is approved, review the loan terms, including interest rates, repayment schedule, and any other conditions.
Sign the Loan Agreement: Sign the loan agreement to finalize the process. Ensure you understand all the terms and conditions before signing.
Receive Funds: After signing the agreement, the loan funds will be disbursed to your business account, allowing you to proceed with your business plans.
Participate in Training Sessions: Take advantage of the business skills development opportunities provided by Impact Atlantic to enhance your business knowledge and skills.