BITS Bucks

By mmuise
Description:

BITS Bucks is a flexible and affordable micro-financing program that provides loans and grants that will help young people take their business to the next level.


Comments on Funding:

Funding is up to $5,000 in micro-financing loans and grants.
There is an one-time administration fee of 3% based on the loan amount the applicant is approved. This varies from $30-$75 and will be subtracted from the loan. The applicant is also required to open a business account with Alterna in which to hold the loan and grant funds.The cost of this account is $5/month.

Deadline: Continuous Intake
Eligibility:

The applicant must:

  • be 18 to 34 years old entrepreneurs,
  • be legally a resident in the Greater Toronto Area,
  • have annual income or assets amount to less than $35,000,
  • have previously completed a BITS Boot Camp and have a feasible business plan that has been approved by BITS staff and Loan Review Committee.
Application Steps:

Applicants must:

1. graduate from the Boot Camp program;

2. receive a notification by email when BITS Bucks applications are open;

3. complete the application form;

4. following review of the application, the LRC will book an interview with the applicants to better understand their plans and goals;

5. be introduced to Alterna Savings, if accepted.

Documentation Needed:

Applicants must submit:
1. copy of Master Business License;
2. business Plan (this is the application you submit through BITS);
3. CCRA Personal Notice of Assessment from the most recent year;
4. photo IDs – 2 pieces required;
5. Bank Statement or Utility Bill.

Other Things to Note:

BITS also offers the Boot Camp virtual business training. The program works with emerging entrepreneurs to develop an actionable plan for existing businesses and it also provide access to BITS Bucks $5,000 Micro Finance Program.

About the author
mmuise