Self-Employment Benefit — Workforce Expansion
Highlights
Hello,
Starting a new business is exciting, but it can also feel like a big leap. This program is designed to make that leap a little easier. You can receive financial assistance to help cover the initial costs of getting your business off the ground. This means you can focus more on building your business and less on worrying about finances.
What's in it for you? Coaching and technical advice tailored to your needs. Imagine having a team of experts guiding you through business plan development, accounting, and marketing. It's like having a mentor by your side, helping you navigate the business world with confidence. Plus, this support is available to all sectors in New Brunswick, so your business idea, no matter the size or revenue, can benefit from these resources.
Applying is straightforward, and once approved, you'll have access to a network of support that can make a real difference. This program offers a unique blend of financial backing and expert advice, setting you up for success from the start. It's a great opportunity to turn your business idea into reality with the right support and resources.
Financing Details
Grant: The program offers financial assistance in the form of a grant, meaning it does not need to be repaid. This is particularly beneficial as it reduces financial pressure while you focus on establishing your business.
Eligible Expenses: The grant can be used towards various startup costs including but not limited to business plan development, marketing, and essential operational expenses. This ensures you have the foundational support needed to build your business effectively.
Use of Funds: It is important to note that the funds should not be used for non-business related expenses or to clear existing debts. This ensures that the grant is fully utilized towards growth and development initiatives that directly impact your business.
Fees: There are no application or processing fees associated with this grant. This makes the program even more accessible as it lowers the entry barrier for new entrepreneurs.
By focusing on these key financial aspects, you can better plan and utilize the support offered to maximize your business's potential during its critical early stages.
Qualifications
- The applicant must be unemployed at the time of application.
- The business proposal must be for a new business, not an existing one.
- The applicant must meet with a local Self-Employment Benefit Coordinator.
- The business plan must be prepared with the assistance of the Self-Employment Benefit Coordinator.
- The application and business plan must be evaluated by a committee according to provincially established program criteria.
- The applicant must not start the business until they receive written approval and sign a contract.
- The applicant must receive a Letter of Offer from the Department to be officially accepted into the program.
Description
Starting a new business can be challenging, but this program is here to help. You can receive financial assistance to get your business off the ground. This support is designed to cover the initial development phase, making it easier for you to focus on building your business.
Coaching and technical advice are also part of the package. Think of it as having a team of experts by your side. Whether you need help with your business plan, accounting, or marketing, you'll get guidance tailored to your needs. This means you won't be navigating the business world alone.
The program is available to all sectors in New Brunswick, with no restrictions on the size or revenue of your business. It's a great opportunity to turn your business idea into reality with the right support and resources.
Program Steps
Meet with the Self-Employment Benefit Coordinator
Schedule an appointment with your local coordinator to discuss your business idea and assess your strengths and needs.Prepare Your Business Plan
Work with the coordinator to develop a comprehensive business plan. This plan should outline your business goals, target market, and financial projections.Gather Required Documentation
Collect the necessary documents to support your application. You will need:- Proof of identity (e.g., driver's license or passport)
- A detailed business plan
- Financial statements (if applicable)
- Any relevant licenses or permits
- A resume or summary of your work experience
Submit Your Application
Complete and submit your application along with the prepared business plan and required documentation to the coordinator.Await Evaluation
Your application and business plan will be reviewed by a committee based on established program criteria.Receive Approval
If approved, you will receive a written confirmation and a Letter of Offer from the Department.Sign the Contract
Review and sign the contract to officially join the program before starting your business.Begin Your Business Journey
Once everything is in place, you can start your business with the support of financial assistance and coaching.
