Black Business Initiative Term Loan
$25,000.00
Loan
Description:
The Term Loan provides up to $25,000 in financial assistance to new or existing Black-owned business in Nova Scotia, Prince Edward Island, New Brunswick, and Newfoundland. Loans can be used for capital equipment acquisition, working capital, or short-term receivable financing.
Comments on Funding:
Funding is up to $25,000.
The interest rate is based on risk assessment, repayment terms vary and there is a $100 administration fee. The first year is interest-free.
Continuous Intake
Eligibility:
The applicant must:
1. be a new or existing Black-owned business in Nova Scotia, Prince Edward Island, New Brunswick, and Newfoundland.
2. be a registered proprietorship, partnership or limited company,
3. have a viable business plan, with two year cash flow projections, the ability to repay the loan and a suitable management strategy.
Application Steps:
Applicants must contact BBI for further details.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
About the author
Maurice
