Small Business Loan Guarantee Program
$50,000.00
Loan Guarantee
Description:
The Small Business Loan Guarantee Program delivers better financial assistance for the start-up and expansion of small businesses in Nova Scotia by providing them loan guarantees.
Credit unions are the only financial provider to offer access to the financing program and they can provide financing up to $500,000 in the form of term loans, working capital and lines of credit . No other financing programs provide access to working capital or lines of credit to individuals who would like to start or purchase a small business and/or grow and expand an existing business.
Comments on Funding:
Funding will take the form of a guaranteed loan or line of credit, subordinated debt, equity, revenue sharing or royalty agreement. A maximum investment of $50,000 will be granted to successful applicants, until the funds are all invested.
Continuous Intake
Eligibility:
Applicants must:
1. be start-ups and/or growth and expansions;
2. be not-for-profit, co-operatives or private businesses that have a positive impact on a social or environmental issue that meets a community need or maximize a community opportunity;
3. be registered and based in Nova Scotia;
4. be in good standing with the Canada Revenue Agency.
Application Steps:
Applicants must contact their local credit union branch for details.
Documentation Needed:
Applicants must submit a formal application.
Other Things to Note:
About the author
Maurice
