CBDC Nova Scotia: Complete Guide to the Community Business Development Corporation for NS Entrepreneurs
Nova Scotia boasts a vibrant entrepreneurial landscape, bolstered by the Community Business Development Corporation (CBDC), which is dedicated to empowering local entrepreneurs through a variety of targeted programs.
This guide covers CBCD programs specifically designed for Nova Scotia businesses, highlighting the resources available to help entrepreneurs thrive in this unique economic environment.
What is the Community Business Development Corporation (CBDC)?
The Community Business Development Corporation (CBDC) is a nonprofit organization dedicated to providing financial assistance, resources, and support to small and medium-sized enterprises (SMEs) in rural areas of Nova Scotia. With a mandate to enhance the province’s economy, CBDC works with entrepreneurs at all stages of business development, from startups to established companies looking to expand.
CBDC Offices in Nova Scotia
There are 13 CBDC offices in Nova Scotia. Below we list all of the offices (click the office name to be taken their website):
CBDC Programs Overview for Nova Scotia Entrepreneurs
1. Financial Assistance Programs
Access to capital is vital for any entrepreneur. CBDC offers various funding options to support Nova Scotia businesses, including:
- Business Loans: Customized loan options designed to meet the specific needs of businesses, covering startup costs, equipment purchases, and operational expenses.
- Microloans: Smaller loans for startups and micro-enterprises, catering to entrepreneurs with limited access to traditional financing.
- Grants and Subsidies: Non-repayable funding opportunities for specific projects, training, and initiatives that drive economic development in the province.
2. Business Advisory Services
CBDC provides comprehensive advisory services tailored to the unique challenges faced by Nova Scotia entrepreneurs:
- Business Planning Support: Assistance in developing robust business plans that include market research, financial projections, and strategic planning tailored to the Nova Scotia market.
- Mentorship Programs: Connecting entrepreneurs with seasoned mentors who can share invaluable insights and local knowledge.
- Workshops and Training: A variety of workshops focusing on critical areas such as marketing, financial management, and regulatory compliance, specifically designed for the Nova Scotia business context.
3. Networking Opportunities
Building a strong network is crucial for business success. CBDC offers numerous networking opportunities for Nova Scotia entrepreneurs to:
- Connect with Peers: Engage with other business owners to share experiences and explore potential collaborations that can enhance local economic growth.
- Engage with Industry Leaders: Participate in panel discussions and events featuring industry experts who can provide guidance and insights relevant to Nova Scotia’s economy.
- Showcase Local Businesses: Opportunities to present products and services at community events, helping entrepreneurs increase their visibility within the province.
4. Sector-Specific Support
Understanding that different industries in Nova Scotia have unique needs, CBDC offers targeted support tailored to various sectors:
- Agriculture and Fisheries: Dedicated programs to assist entrepreneurs in these vital industries with funding, training, and resources designed to navigate sector-specific challenges.
- Technology and Innovation: Support aimed at tech startups and innovative businesses, providing funding for research and development and strategies for market entry within Nova Scotia.
- Tourism and Hospitality: Resources to help businesses in the tourism sector enhance their offerings and customer experiences, capitalizing on Nova Scotia’s natural beauty and cultural heritage.
Getting Started with CBDC
Entrepreneurs interested in leveraging CBDC programs can follow these steps:
- Contact Your Local CBDC Office: Reach out to your nearest CBDC office in Nova Scotia to discuss your specific business needs and explore available resources.
- Complete the Application Process: If applying for financial assistance, fill out the necessary application forms and provide the required documentation to facilitate the review process.
- Participate in Workshops and Networking Events: Engage in the various programs and events offered by CBDC to build your skills and connect with other entrepreneurs in Nova Scotia.
List of CBDC Programs for Nova Scotia Entrepreneurs
Entrepreneurial Training Fund (ETF)
The Entrepreneurial Training Fund (ETF) offers entrepreneurs funding to cover up to 90% of the costs associated with business management skills training, with the exact percentage varying by the CBDC office. Clients are typically required to contribute at least 10% of the training cost under normal conditions. This fund is designed to help entrepreneurs enhance their overall business management capabilities through targeted training and counseling.
Consultant Advisory Services (CAS) Program
The Consultant Advisory Services program is offered by ACOA with CBDCs handling the administration and counselling involved. The program gives CBDCs the ability to offer Consultant Advisory Services to small and medium-sized businesses and not-for-profit organizations in Atlantic Canada. New and existing clients of CBDCs and ACOA will be able to access technical and financial assistance by engaging consultants to assist them with various issues, opportunities, and challenges.
Self-Employment Benefit (SEB) Program
The Self-Employment Benefit (SEB) is a program that provides various types of support to eligible unemployed Atlantic Canadians during the initial phase of their business, including financial assistance, counselling and technical advice.
First-Time Entrepreneur Loan
The CBDC First-Time Entrepreneur Loan provides up to $150,000 to qualified borrowers in Atlantic Canada, catering to sole proprietors, limited companies, and partnerships where the majority control is held by the new entrepreneur. These loans are repayable and feature competitive interest rates and repayment terms, with financing options that may include term loans, demand loans, loan guarantees, or equity investments.
Youth Loan
The CBDC Youth Loan provides qualified applicants with financial assistance in the form of repayable loans, featuring competitive interest rates and repayment terms. Funding options include demand and term loans, equity investments, or loan guarantees. Additionally, the program offers support for young entrepreneurs to cover the costs of business management training and other related programs, ensuring their ventures start off successfully.
Innovation Loan
The CBDC Innovation Loan provides qualified borrowers with funding of up to $150,000. These loans are repayable and feature competitive interest rates and repayment terms.
The financing options include term loans, demand loans, loan guarantees, and equity investments. Innovation Loans can be utilized for acquiring new equipment, software, processes, licenses, and other technologies that enhance business operations.
Eligible expenses also encompass infrastructure changes, installation costs, and maintenance related to the new technology’s implementation. Furthermore, the program offers support for training employees in the application and use of this new technology.
Social Enterprise Loan
The CBDC offers Social Enterprise Loan that provides applicants with loans of up to $150,000. These loans are repayable and come with competitive interest rates and repayment terms. They can be utilized for purchasing essential machinery, equipment, or other items necessary for the ongoing operations of a social enterprise. Loan amortizations can extend up to ten years, reflecting the expected lifespan of the assets financed. This flexibility allows social enterprises to manage their finances effectively while investing in vital operational resources.
General Business Loan
The CBDC General Business Loan is the most flexible commercial business loan offered. Eligible applicants can secure loans of up to $150,000, with all loans being repayable and accompanied by competitive repayment terms and interest rates. Financing options may include demand or term loans, loan guarantees, or equity investments. These loans are secured and can have a repayment period ranging from one to ten years, allowing businesses to grow without immediate financial pressure. This flexibility enables entrepreneurs to focus on developing their business sustainably.
Tariff and Customs Advisory Program
The Tariff and Customs Advisory Program (TCAP) offers Atlantic Canadian companies expert guidance to manage tariffs, optimize supply chains and stay compliant with trade regulations.
Business Counselling
The CBDC offers business counselling, advice and other assistance to both new and established business owners and entrepreneurs. Counselling and advice is a major part of CBDC’s mandate and we work hard to help businesses to succeed.
Business Management Skills Training
The CBDC offices across Atlantic Canada offer many different types of training programs all intended to help business people and entrepreneurs improve their business management skills so they can improve their businesses or build new ones. We provide business skills training on lots of different and business topics, such as market development, feasibility studies, bookkeeping, finance, business analysis and more. For more information, don’t hesitate to contact us through the website or pay us a visit at one of 41 CBDC offices across Atlantic Canada.
Self Employment Program
The Self-Employment (SE) is a program which provides various types of support to eligible unemployed Atlantic Canadians during the initial phase of their business, including financial assistance, counselling and technical advice.
Immigrant Loan Program
The CBDC Immigrant Loan Program is a financial initiative designed to assist immigrants in Canada who are starting or expanding their businesses. This program recognizes the unique challenges faced by immigrant entrepreneurs, such as limited access to traditional financing and a lack of established credit histories in Canada.
This service is available through CBDC Coastal Business.
Line of Credit
The CBDC Line of Credit is a flexible financial solution provided by Community Business Development Corporations (CBDCs) in Canada to support small businesses and entrepreneurs.
The Line of Credit allows businesses to borrow up to a specified limit as needed, with interest only charged on the amount drawn. This makes it a cost-effective short-term financing option, ideal for improving cash flow management. It provides quick access to funds for operational needs, such as covering cash flow gaps or purchasing inventory.
Additionally, businesses can repay and borrow again as required, making it a versatile resource. Customized terms are tailored to meet individual business needs, positioning the CBDC Line of Credit as a valuable tool for small enterprises looking to achieve financial stability and explore growth opportunities.
This service is available through South Shore Opportunities Inc: Line of Credit Pilot
Community Development Fund
The Community Development Fund Loans offer Additional financial assistance up to $225,000 in the form of repayable loans to businesses and offers financial assistance in terms of loans or bridge financing to non-profit associations.
This service is available through CBDC Guysborough County
Consulting Advisory Services
The Consulting Advisory Services provides current businesses with consulting services from a qualified person(s) to, among other things, conduct a diagnostic assessment of your business; to assess market readiness; to develop a business plan for an expanding or repurposing business. The Program provides up to 75% of the costs of the work to a maximum program participation of $5,000.
This service is available through CBDC NOBL
Partnership with Mentoring Plus Strategy
The Partnership with Mentoring Plus Strategy clients to one-on-one support from retired people who have had successful careers in the business world. This is a no cost program which is helping businesses in the northern region, both new and existing, with different business situations/issues.
This service is available through CBDC NOBL
Specific business management tools training
The program provides training on different areas of business management to up to 121 businesses at a time. The courses are certificated and consist of 10 4-hour sessions on assorted topics from social media to Human Resource Management to financial literacy.
This service is available through CBDC NOBL
General Loans
The General Loan is an Investment Fund which we use to support the start-up, maintenance, and expansion of small businesses. Our guidelines allow us to lend up to $150,000 (larger amounts on a case-by-case basis) to qualifying businesses. Loan repayment terms depend on the security offered, and the business’s ability to repay. We provide flexible administration on our loan portfolio.
This service is available through CBDC NOBL
Micro-Loan Program
The CBDC Shelburne offers unsecured Micro-loans from $1,000 to $10,000
This service is available through CBDC Shelburne
Online Presence Micro Loan
The CBDC Online Presence Micro-Loan offers small businesses up to $2,500 +HST for the set up of their website (inclusive of E-Commerce). This micro-loan has a $500 forgivable training portion and interest rate is prime +2, with flexible repayment terms and no application fees. Grant portions of the loan are limited, so please apply as soon as possible.
This service is available through CBDC Yarmouth.
Your Next Steps
CBDC offices in Nova Scotia are a valuable resource to aspiring and existing business owners in Nova Scotia, but many entrepreneurs aren’t aware of the funding and in-kind services that they provide.
Use this guide to do two things:
- Shortlist the funding programs that you may be eligible for; and
- Find the CBDC Nova Scotia office that’s nearest you and contact them to get started.
About the author
Maurice
