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Term Loan

by Maurice | February 5, 2023

Amount:

$25,000.00

Type of Program:

Loan


Description:

The Term Loan provides up to $25,000 in financial assistance to new or existing Black-owned business in Nova Scotia, Prince Edward Island, New Brunswick, and Newfoundland. Loans can be used for capital equipment acquisition, working capital, or short-term receivable financing.

Comments on Funding:

Funding is up to $25,000.
The interest rate is based on risk assessment, repayment terms vary and there is a $100 administration fee. The first year is interest-free


When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  • be a new or existing Black-owned business in Nova Scotia, Prince Edward Island, New Brunswick, and Newfoundland.
  • be a registered proprietorship, partnership or limited company,
  • have a viable business plan, with two year cash flow projections, the ability to repay the loan and a suitable management strategy,

Application Steps:

Applicants must contact BBI for further details.

Documentation Needed:

No specific documentation has been identified

Other Things to Note:

No other details available.

Program Contact:

Financial Assistance: Black Business Initiative

Related posts:

Business Investment Fund – Business Investment Program
Investment Attraction Fund
Equity Investment Program (EIP) – Development Program
“Fast Tracktor” – Equipment Financing

About Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Atlantic Canada to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

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