CBDC General Business Loan

Overview of the CBDC General Business Loan program:

The CBDC General Business Loan is designed to provide flexible financing solutions for entrepreneurs and business owners located in rural Atlantic Canada. This program helps individuals and companies access capital when traditional lenders, such as banks, may not be an option. The loan supports a wide range of business activities including starting a new venture, purchasing an existing business, expanding operations, or improving facilities and equipment. With loan amounts up to $150,000 (and potentially more in special cases), businesses can use the funds for eligible expenses such as land and building purchases, machinery, equipment, furniture, fixtures, vehicles for business use, leasehold improvements, or working capital. The loans offer competitive interest rates and repayment terms from 1 to 10 years, helping entrepreneurs grow their business sustainably while managing their financial commitments effectively. The program aims to encourage economic development and job creation in rural communities across Atlantic Canada by supporting viable business ideas and helping entrepreneurs succeed.

Benefits of the CBDC General Business Loan program:

• Provides loans up to $150,000 (and higher in some cases) with competitive interest rates and repayment terms of 110 years. Funds can support start-up costs, expansion, working capital, or the purchase of fixed assets, machinery, buildings, or franchises.

Eligibility criteria of the CBDC General Business Loan program:

• CBDCs General Business Loan may be offered to businesses that meet the following qualifications:
• 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.