Black Business Initiative Financial Assistance

Overview of the Black Business Initiative Financial Assistance program:

If you’re a new or existing Black-owned business in Nova Scotia, Prince Edward Island, New Brunswick, and Newfoundland you may be eligible for a loan. We offer three types of loans: Capital Equipment Acquisition, Working Capital, or Short-term receivable financing.

Benefits of the Black Business Initiative Financial Assistance program:

• Term Loan
• 10% equity from client of total project cost
• Interest rate based on risk assessment
• $25,000 maximum
• Repayment terms vary
• Requires board approval
• $100 administration fee
• The first year is interest-free, paid by the BBI
• Micro Loan
• $5,000 or less
• Same conditions apply as regular loan programs
• Requires only approval of micro loan committee made up of CEO and two board members
• $100 administration fee
• The first year is interest-free, paid by the BBI

Eligibility criteria of the Black Business Initiative Financial Assistance program:

• Your business must be a registered proprietorship, partnership, or limited company.
• Your business must have a viable business plan with a two-year cash flow projection, a suitable management strategy, and the ability to repay the loan.
• The owner(s) of your business must self-identify as Black. If the business has multiple owners, the founders or leadership team have one of three individuals who self-identify as Black (33% at a minimum).