Student Entrepreneurship
$3,000.00
Loan
Description:
The Student Entrepreneurship component provides an interest-free loan of up to $3,000 to help students start a summer business that will create at least one full-time student summer job and provide the applicant with a valuable business experience.
Comments on Funding:
Funding is up to $3,000. If the loan has been repaid in full, students may be reimbursed up to 1/3 of the loan, provided that all program regulations and requirements have been met.
Continuous Intake
Eligibility:
Applicants must:
1. be students,
2. be returning to full-time studies in the fall. Priority will be given to students who will be attending a post-secondary institution in the fall.
3. be 16 or older. Applicants under 18 will need the signature of a guarantor acceptable to the bank in order to obtain the loan.
4. have established New Brunswick residency or lived in the province during the last six months and be returning to full-time studies in New Brunswick in the fall. Long-term New Brunswick residents remain eligible even if they are studying outside the province.
5. operate the business in New Brunswick.
An individual may have only one Student Entrepreneurship loan outstanding at any time during the program period, either as a sole proprietor or as a partner
The business:
1. must fall under generally accepted definitions of an independent business. That means the student should have a large measure of independent control over business operations. Under this criterion, certain types of product distributorships may not be eligible (i.e., where the applicant is essentially a commissioned salesperson for a manufacturer or distributor).
2. must create one or more full-time summer jobs and provide the student with business experience on a daily basis (minimum of 30 hours per week),
3. has to operate for at least 6 weeks.
4. must be able to demonstrate independence from the family-owned operation if operating on family-owned premises or businesses.
Application Steps:
The applicants should pick up application booklets at their local Department’s Regional Office, Service New Brunswick Centre or Enterprise Agency. The booklet provides directions on how to prepare a business plan and advice on the steps to take to form a business.
Documentation Needed:
The application must include a business plan that shows how the business will be able to pay back the loan by October 15.
Other Things to Note:
The Student Entrepreneurship component of the Student Employment and Experience Development Program (SEED) is a unique part of the Government of New Brunswick’s summer employment programming.
About the author
Maurice
