Impact Your Business — Start-Up Loans
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 quickly access the funds you need to grow your business.
Why should you apply?
- Flexible Financing: Unlike traditional bank loans, Impact loans are more adventurous and can accommodate varied credit histories and unique business ideas.
- Business Support: Beyond just financing, Impact connects you to business skills development opportunities. You can attend training sessions on topics like marketing strategy, human resources, accounting, and planning.
- Ongoing Assistance: Impact provides ongoing business support and advice, helping you navigate your entrepreneurial journey.
By being approved for this program, you gain not only financial support but also valuable knowledge and resources to help your business thrive. The process is designed to be easy, ensuring you can focus on what matters most—growing your business.
Financing Details
Type of Financing: Low-Interest Loan
Loan Amount: Up to $25,000
Repayment Terms:
- Flexible repayment terms
- No penalty for early repayment of the principal
Eligible Expenses:
- Business start-up costs
- Business expansion costs
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 cannot be used for illegal activities
Fees:
- No application fees
- No hidden charges
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 start-up loan.
Established business owners must be between 19 and 39 years old to apply for expansion financing.
Disqualifications:
- Businesses located outside urban Atlantic Canada.
Description
The Impact loan is designed to help small and medium-sized businesses in urban Atlantic Canada. You can borrow up to $25,000 at a low interest rate. This money can be used for starting a new business or expanding an existing one. The loan offers flexible repayment terms and you won't face any penalties if you pay back the principal early.
Beyond the financial support, Impact connects you to business skills development opportunities. You can attend training sessions to learn about marketing strategy, human resources, accounting, and planning. This knowledge can be crucial in helping you manage and grow your business effectively.
Impact is more than just a loan. It offers ongoing business support and advice, making it easier for you to navigate your entrepreneurial journey. The application process is simple and quick, allowing you to focus on achieving your business goals.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (e.g., income statement, balance sheet)
- Proof of Business Registration
- Personal Identification (e.g., driver's license, passport)
- Credit History Report
- Details of Intended Use of Funds (e.g., quotes for equipment, renovation costs)
Complete the Online Application Form:
- Visit the Impact Atlantic website.
- Navigate to the "Apply Now" section.
- Fill out the required fields with accurate business and personal information.
Submit Documentation:
- Upload the gathered documentation to the online application portal.
- Ensure all documents are clear and legible.
Review Loan Terms and Repayment Options:
- Understand the interest rates and repayment terms.
- Consider the flexible repayment options and any early repayment benefits.
Attend a Business Skills Development Session:
- Register for an Impact training session.
- Participate in sessions covering topics like marketing strategy, human resources, accounting, and planning.
Submit the Application:
- Double-check all information and documentation.
- Submit the completed application through the Impact Atlantic website.
Follow Up:
- Monitor your email for any communication from Impact Atlantic.
- Be prepared to provide additional information if requested.
Approval and Loan Disbursement:
- Upon approval, review the final loan terms.
- Sign any necessary agreements.
- Receive the loan funds and begin using them to grow your business.
