Nunavut Business Credit Corporation: Line of Credit
Line of credit: A line of credit provides working capital for a business to “smooth” cashflow requirements during an annual business cycle. A line of credit is expected to “revolve”.
Offered by Nunavut Business Credit Corporation (NBCC)
Amount
No fixed amount
Quick eligibility check
Who can apply
Applicants must:
- Be business enterpirse carrying on business in Nunavut that is:
a. A company or corporation registered or incorporated under the Business Corporations Act;
b. A co-operative association registered or incorporated under the Co-operative Associations Act;
c. A partnership for which a declaration is registered under the Partnership Act; or
d. A corporation incorporated under Part II of the Canada Corporations Act and commonly known as a community futures organization; or
e. An individual
- Be eligible to apply for a loan if:
a. t is or would likely be unable to obtain a loan from a financial institution on reasonable terms and conditions; or
b. There is not a financial institution or branch of a financial institution in a community in which the business enterprise carries on business.
- Be prepared to provide security. Security can consist of:
a. A mortgage on real property;
b. A pledge on personal property;
c. A personal or general guarantee from the principals of the business enterprise; or
d. Any combination of the above.
About the funding
Line of credit: A line of credit provides working capital for a business to “smooth” cashflow requirements during an annual business cycle. A line of credit is expected to “revolve”.
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| Canada Small Business Financing Program (CSBFP) | Loan, Loan Guarantee | Maximum loan amount of $1.15 million per borrower: up to $1,000,000 for term loans (no more than $500,000 for leasehold improvements and equipment, of which a maximum of $150,000 for intangible assets and working capital costs) and up to $150,000 for lines of credit | Open |
| FCC Financing Food and Beverage | Loan | No fixed amount | Open |
| BDC Commercial real estate loan | Loan | Typically starts at $100,000 and can go up to several million dollars | Open |
| BDC Small business loan | Loan | Up to $350,000 per BDC Small Business Loan: up to $100K (up to 6 months interest-only payments, 5-year amortization) or over $100K and up to $350K (up to 12 months interest-only payments, up to 8-year amortization) | Open |
