Type of Program:
The Impact loan provides funding to SMEs in urban Atlantic Canada. Entrepreneurs of all ages can apply for a business start-up loan, while established business owners between 19 and 39 can avail of expansion financing.
Comments on Funding:
Funding of up to $25,000 with flexible repayment terms and no penalty for early repayment of the principal is available. Typical repayment terms are between 12 and 60 months.
When It Ends:
Applicants must complete the Impact loan application online, or by contacting the partner organization delivering the loan in their area.
Applicants must submit to the Loans Officer at the partner organization in their area the required documentation. The Loans Officer will complete an assessment of the business plan and financing needs and will submit it to a loan review committee for a final decision.
Applicants must complete the legal documents, if approved. Disbursement of loan funds usually follows quickly.
Applicants must submit the following:
- 1personal contact details, personal assets and liabilities, a description of the business, any current business assets and liabilities, listing of principal owners, and projected business start-up (or expansion) costs and sources of financing, as part of the online application.
- 2a copy of their business plan, resume, driver’s license, projected financial statements, answers to additional questions, and permission to conduct a credit check to their Loans Officer.
Other Things to Note:
The partner organizations delivering the Impact loan program in the Atlantic Region are:
New Brunswick: in Dieppe, Moncton, and Riverview: 3+ Corporation,
New Brunswick: in Fredericton: Ignite Fredericton,
New Brunswick: in Saint John: Economic Development Greater Saint John,
Newfoundland and Labrador: in Mount Pearl, and St. John’s: Metro Business Opportunities,
Nova Scotia: in Bedford, Dartmouth, and Halifax: CEED,
Prince Edward Island: in Charlottetown, Cornwall, and Stratford: CBDC Central PEI.
Programs and services delivered by CBDCs may vary by region.
Impact is funded by the Atlantic Canadian Opportunities Agency (ACOA)