CBDC First-Time Entrepreneur Loan

Overview of the CBDC First-Time Entrepreneur Loan program:

To encourage small business activity in rural Atlantic Canada by offering loans for use as an investment in eligible new businesses.

Benefits of the CBDC First-Time Entrepreneur Loan program:

• Qualified applicants will be given access to loans of up to $150,000. Funds from the loan may be used towards the start-up of a new business or for the purchase of an existing business. Funds may go towards fixed assets, land, building, working capital, leasehold improvements, purchase of a franchise, equipment, machinery, vehicles, furniture, and fixtures.

Eligibility criteria of the CBDC First-Time Entrepreneur Loan program:

• Entrepreneurs or businesses purchasing a new or existing company in rural Atlantic Canada;
• Expanding an existing business;
• An existing company in need of working capital;
• Both year-round and seasonal businesses are eligible;
• Eligible business expenses may include start-up, land and buildings, fixed assets, machinery and other equipment, fixtures, and furniture. In some cases, vehicles strictly for business uses may also qualify;
• Franchise purchases and Leasehold improvements are also eligible;
• Potential borrowers must show a legitimate chance of economic viability. Employment creation and/or maintenance without negatively impacting existing area businesses is also a necessity.