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 is up to $25,000 are available, and is a low-interest loan with flexible repayment terms and no penalty for early repayment of the principal. Typical repayment terms are between 12 and 60 months.
When It Ends:
complete the Impact loan application online, or by contacting the partner organization delivering the loan in their area.
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.
complete the legal documents, if approved. Disbursement of loan funds usually follows quickly.
Applicants must submit the following:
Other Things to Note:
The partner organizations delivering the Impact loan program in the Atlantic Region are:
New Brunswick: Dieppe, Moncton, Riverview: 3+ Corporation,
New Brunswick: Fredericton: Ignite Fredericton,
New Brunswick: Saint John: Economic Development Greater Saint John,
Newfoundland and Labrador: Mount Pearl, St. John’s: Metro Business Opportunities,
Nova Scotia: Bedford, Dartmouth, Halifax: CEED,
Prince Edward Island: Charlottetown, Cornwall, Stratford: CBDC Central PEI.
Programs and services delivered by CBDCs may vary by region.