CBDC NL: Complete Guide to the Community Business Development Corporation for Newfoundland and Labrador Entrepreneurs

Newfoundland and Labrador’s resilient and resourceful entrepreneurial spirit is supported by a network of Community Business Development Corporations (CBDCs) that focus on fostering economic growth in rural communities across the province. These locally governed organizations offer financing, business counseling, and skills development programs designed to meet the needs of small business owners and aspiring entrepreneurs in Newfoundland and Labrador.

This guide outlines the CBDC programs specifically available in the province, helping entrepreneurs access the tools and support required to launch, manage, or expand their businesses in a variety of sectors and regions.

What is CBDC in Newfoundland and Labrador?

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 Newfoundland and Labrador. Funded by the Atlantic Canada Opportunities Agency (ACOA), CBDCs play a vital role in strengthening local economies through business loans, training, and advisory services.

Each CBDC is independently operated and guided by a volunteer board of directors made up of local residents, ensuring that programs are tailored to the specific needs and priorities of their communities. From coastal towns to inland regions, CBDCs help drive entrepreneurship and create jobs across Newfoundland and Labrador’s diverse and often remote landscapes.

CBDC Offices in Newfoundland and Labrador

There are 16 CBDC offices in Newfoundland and Labrador. Below we list all of the offices (click the office name to be taken their website):

Avalon WestBurin PeninsulaCabot
CelticCentral NewfoundlandEastern
EmeraldGander AreaGateway
HumberLabradorLong Range
NORTIPSouth CoastTrinity Conception
Metro Business Opportunities

CBDC Programs Overview for Newfoundland and Labrador Entrepreneurs

1. Financial Assistance Programs

Access to capital is vital for any entrepreneur. CBDC offers various funding options to support Newfoundland and Labrador 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 Newfoundland and Labrador entrepreneurs:

  • Business Planning Support: Assistance in developing robust business plans that include market research, financial projections, and strategic planning tailored to the Newfoundland and Labrador 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 Newfoundland and Labrador business context.

3. Networking Opportunities

Building a strong network is crucial for business success. CBDC offers numerous networking opportunities for Newfoundland and Labrador 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 Newfoundland and Labrador’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 Newfoundland and Labrador have unique needs, CBDC offers targeted support tailored to various sectors:

  • Technology and Innovation: Through innovation adoption programs and innovation-focused advisory services, CBDCs help businesses in various sectors embrace technology to improve efficiency and competitiveness.
  • Retail, Food & Services: Small retail shops, food service providers, personal service businesses, and consumer-facing entrepreneurs can benefit from flexible financing and training to enhance marketing, inventory, customer service, and operations.
  • Tourism and Hospitality: Given the rural focus of CBDC Newfoundland and Labrador, the tourism sector is a major beneficiary. Loans and training support help accommodations, attractions, cultural ventures, and hospitality businesses modernize services, expand operations, and improve customer experiences.

Getting Started with CBDC in NL

Entrepreneurs interested in leveraging CBDC programs can follow these steps:

  1. Contact Your Local CBDC Office: Reach out to your nearest CBDC office in Newfoundland and Labrador to discuss your specific business needs and explore available resources.
  2. 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.
  3. 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 Newfoundland and Labrador.

List of CBDC Programs for Newfoundland and Labrador 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. 

Newcomer Loan Program

The CBDC 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.

Business Valuation and Succession Planning

The CBDCs in Newfoundland and Labrador have a pilot business valuation program available for commercial businesses. Professional valuators will be engaged directly by CBDCs and small businesses in rural communities to estimate the economic value of an owner’s interest in a business. These valuations can be used to help businesses determine the sale price of an existing business. Succession planning and the successful transfer of businesses is an integral part of community development. CBDCs strive to ensure that existing businesses can be prepared for the transition, and potential business owners are aware of new opportunities.

Entrepreneurial Opportunities Program (EOP)

The CBDC Entrepreneurial Opportunities Program (EOP) is designed to support individuals who are receiving or eligible to receive Provincial Income Support. This program helps participants transition into self-employment by offering a comprehensive suite of services. These include business plan guidance, business counselling, and general business training to build foundational skills. In addition, eligible participants may receive financial assistance of up to $5,000 to help launch their business ventures. The EOP empowers aspiring entrepreneurs to take control of their financial futures through targeted support and 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.

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.

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.

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. 

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.

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.

Consultant Advisory Services (CAS)

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 Assistance

The Self Employment Benefits (SEB) Program is designed to help participants in Atlantic Canada to continue to receive their Employment Insurance Benefits while going through the process of launching a new business. SEA provides assistance in the form of coaching, on-going technical advice and financial support for a maximum of 52 weeks.

KICK$TART Loan Program

Kick$tart loans provide youth access of up to $10,000 for the start-up or expansion of a business. For example, Kick$tart can help 13-year-old purchasing an existing business, full-time post-secondary student researching R&D for a new product and youth entrepreneur expanding a roadside business.

This service is available through CBDC Cabot, CBDC Celtic, CBDC Central Newfoundland and CBDC Trinity Conception.

Futurpreneur

Futurpreneur Canada is the only national non-profit that provides resources, financing and mentoring to aspiring business owners ages 18 to 39. Since 1996, we have supported over 12,000 young entrepreneurs and launched over 10,000 Canadian businesses in every province and territory across the country, 42% of which are women led. Mentoring is at the core of what we do, as we match every entrepreneur that we finance with a business expert from a network of 3,000 volunteer mentors.

This service is available through Cabot, Celtic, Trinity Conception.

Youth Ventures Program

Youth Ventures empowers students aged 12-29 to start and run their own enterprises across Newfoundland and Labrador.

This service is available through CBDC Central Newfoundland.

Your Next Steps

CBDC offices in Newfoundland and Labrador are a valuable resource to aspiring and existing business owners in NL, but many entrepreneurs aren’t aware of the funding and in-kind services that they provide.

Use this guide to do two things:

  1. Shortlist the funding programs that you may be eligible for; and
  2. Find the CBDC NL office that’s nearest you and contact them to get started.
Maurice

About the author

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Canada to identify and maximize funding to grow their business.

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