Newcomer Loan Program (CBDC)
The Newcomer Loan Program provides repayable loans of up to $20,000 to newcomers in Newfoundland and Labrador who are ineligible for other support due to residency status. The funding can be used to start or buy a business in any sector eligible for CBDC lending. Loans may be secured and have a term of up to 10 years. In addition to financing, CBDC offers training and counselling to help clients build self-sufficient and profitable businesses.
- Community Business Development Corporation (CBDC)
Overview of the Newcomer Loan Program (CBDC) program:
The Newcomer Loan Program is designed to provide financing to newcomers who are ineligible to receive support because of their residency status. CBDC also offers training and counselling services to help our clients become self-sufficient and profitable business owners. The program offers repayable loans of up to $20,000 for newcomers to start a new business or purchase an existing business in Newfoundland and Labrador. All sectors that are eligible for CBDC lending are eligible under this program. All loans will be secured where appropriate. The term of the loan can be up to ten years, giving clients time to strengthen their business without being financially stressed.
Benefits of the Newcomer Loan Program (CBDC) program:
- The program offers repayable loans of up to $20,000 for newcomers to start a new business or purchase an existing business in Newfoundland and Labrador.
Eligibility criteria of the Newcomer Loan Program (CBDC) program:
- The Newcomer Loan is offered to applicants who meet the following conditions:
- 19 and older.
- Non-permanent residents or citizens of Canada at the time of application.
- Living in Newfoundland & Labrador.
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