CBDC Grants for Atlantic Canadian Entrepreneurs: Everything You Need to Know
Are you an entrepreneur in Atlantic Canada looking for help with your business? Look no further than the Community Business Development Corporation (CBDC). With support from the Atlantic Canada Opportunities Agency (ACOA), CBDC offers a range of programs and services to help businesses of all sizes succeed. Whether you need help with planning, financing, or training, CBDC has the resources to support you.
CBDC Overview
CBDC is a non-profit organization that provides support to small businesses in Atlantic Canada. They offer a range of services, including business planning, training, consulting, and financing.
One of the main goals of CBDC is to help entrepreneurs access the resources they need to succeed. They work closely with other organizations, such as ACOA, to provide funding and other forms of support. CBDC also has a network of offices throughout the region, making it easy for entrepreneurs to get the help they need no matter where they are located.
Benefits of CBDC
If you’re an Atlantic Canadian entrepreneur, you may be wondering what benefits the Community Business Development Corporation can provide for your business. Here are some of the benefits of working with CBDC:
Access to Financing
One of the primary benefits of working with CBDC is access to financing. CBDC offers a variety of loan programs for entrepreneurs and small businesses, including the General Business Loan, which can be used for start-up costs, land and buildings, fixed assets, machinery and other equipment, fixtures, and furniture. Additionally, CBDC can help you access other sources of financing, such as government grants and loans.
Business Planning and Training
CBDC can also provide business planning and training services to help you start or grow your business. These services may include market research, financial planning, and business plan development. Additionally, CBDC can provide training in areas such as marketing, sales, and management.
Consulting Services
CBDC provides consulting services to help entrepreneurs and small businesses overcome challenges and achieve their goals. These services may include assistance with business planning, financial management, and marketing. Additionally, CBDC can provide advice on legal and regulatory compliance.
Networking Opportunities
Working with CBDC can also provide networking opportunities for entrepreneurs and small businesses. CBDC hosts events and workshops throughout the year, providing opportunities to connect with other entrepreneurs, industry experts, and potential customers.
Limitations of CBDC
As an Atlantic Canadian entrepreneur, you may face some challenges when working with CBDCs. Here are a few potential issues that you should be aware of:
Limited Funding Availability
One of the biggest challenges that you may face when working with CBDCs is limited funding availability. While CBDCs offer a variety of financing options, including loans, grants, and equity investments, the amount of funding available may be limited. This means that you may need to look for other sources of financing to fully fund your business.
Strict Eligibility Requirements
Another challenge that you may face when working with CBDCs is the strict eligibility requirements. To qualify for financing or other assistance from a CBDC, you may need to meet certain criteria, such as having a viable business plan, a good credit score, and collateral to secure the loan. If you do not meet these requirements, you may not be eligible for financing or other assistance from a CBDC.
Limited Geographic Coverage
CBDCs are primarily focused on serving rural areas and small communities in Atlantic Canada. This means that if you are located in a larger urban center, you may not be able to access the services and support offered by CBDCs. In this case, you may need to look for other resources and support networks to help you grow your business.
Limited Industry Coverage
CBDCs may also have limited industry coverage, which means that they may not be able to support businesses in certain sectors. For example, if you are working in a highly specialized or niche industry, you may not be able to find the support you need from a CBDC. In this case, you may need to look for other resources and support networks that are specific to your industry.
CBDC Grants & Loans
As an Atlantic Canadian Entrepreneur, you have access to a range of programs offered by CBDCs that can help you start, expand, or improve your business. Here are some of the current CBDC grants and loans:
CBDC First Time Entrepreneur Loan
The CBDC First Time Entrepreneur Loan provides financing up to $150,000 for a business start-up, or to help buy an existing business, or for a variety of other purposes, including fixed assets, working capital, and more
CBDC Entrepreneurs Training Fund
The Entrepreneurs Training Fund is designed to help train businesspeople on specific aspects of business management. CBDCs can provide up to 75% of a trainer’s expense to a maximum of $1,500 for a $2,000 engagement.
CBDC Self-Employment Assistance (SEA)
If you are unemployed and want to start your own business, the CBDC Self-Employment Assistance program can help you. It provides you with financial assistance and training to help you develop your business plan, access financing, and more. You can receive up to 52 weeks of financial assistance, as well as business training and support.
CBDC General Business Loan
CBDC’s General Business Loan provides financing for a wide range of expenses, including start-up costs, land and buildings, fixed assets, machinery and other equipment, fixtures and furniture. You can receive up to $150,000 in financing.
CBDC Innovation Loan
The CBDC Innovation Loan encourages business productivity and effectiveness in the communities of rural Atlantic Canada by advancing the adoption of technologies for business. Funding is up to $150,000 per eligible borrower.
ACBDC Youth Loan
CBDC’s Youth Loan Program provides financial assistance to young entrepreneurs aged 18-34 for business startup, expansion or modernization. Funding is up to $150,000 (with the potential for a higher amount).
CBDC Micro Loan
CBDC’s Micro Loan program is offered by CBDC Shelburne and provides unsecured micro-loans from $500 to $5,000 to new entrepreneurs looking for startup money or to small business owners who could use a boost in working capital.
CBDC Clean Technology Loan
The Clean Technology Loan provides flexible financing up to $150,000 in support of the adoption, adaption and/or commercialization of clean technology.
CBDC Social Enterprise Loan
The CBDC Social Enterprise Loan (up to – you guessed it – $150,000) can be used to purchase machinery, equipment or other items necessary for continued business operations
CBDC Advisory Services and Training Programs
Besides grants and loans, CBDC offices across Atlantic Canada offer a number of “in-kind” services such as advice and training:
- Consulting advisory services
- Mentoring
- Business management tools training
- Business management skills training
- Business counselling for new and established businesses
How to Get Started with CBDC
If you’re an entrepreneur in Atlantic Canada looking to start or grow your business, the CBDC (Community Business Development Corporation) is a great resource to help you achieve your goals. Here’s how to get started:
- Research CBDC programs: The CBDC offers a variety of programs to help entrepreneurs, including loans, training, and mentorship. Visit their website at cbdc.ca to learn more about their programs and see which ones might be right for you.
- Contact your local CBDC office: Each region in Atlantic Canada has its own CBDC office. Find your local office on the CBDC website and contact them to set up an appointment. They can help you determine which programs you’re eligible for and guide you through the application process.
- Prepare your business plan: Many CBDC programs require a business plan as part of the application process. You can check out the CBDC business plan template, or your local office can provide you with resources and guidance to help you create a strong business plan that outlines your goals, strategies, and financial projections.
- Apply for funding: Once you’ve determined which CBDC programs you’re eligible for and have prepared your business plan, you can begin the application process. Your local CBDC office can help you with the application and provide you with any necessary forms and documents.
- Attend training and mentorship sessions: In addition to funding, the CBDC also offers training and mentorship programs to help entrepreneurs develop their skills and grow their businesses. Take advantage of these resources to learn from experienced business owners and gain valuable insights into running a successful business.
CBDC Case Studies
The CBDC website has a bunch of inspirational case studies that you should check out to get motivated! Here are links to two success stories:
Dandy Dan’s Seafoods
Dandy Dan’s Seafoods is a successful seafood business located in Placentia, Newfoundland and Labrador. The business is owned and operated by Dan and Geraldine Meade, who received support from CBDC NL to start their business. CBDC NL provided them with financing and guidance on business planning, marketing, and financial management.
The Nova Scotia Soap Company
The Soap Dispensary is a woman-led small business located in Guysborough, Nova Scotia. CBDC Nova Scotia provided the business with financing and guidance on marketing and e-commerce.
These case studies demonstrate the ways in which CBDC can provide valuable support and guidance to Atlantic Canadian entrepreneurs. Whether you’re starting a new business or looking to expand an existing one, CBDC can provide financing, guidance, and resources to help you succeed.
