Impact Atlantic Program - Atlantic Canada Business Grants

Amount:

$25,000.00

Type of Program:

Loan

Description:

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:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must:

be SMEs,
be startups,
be established businesses whose owners are aged 19 to 39,
be located in urban Atlantic Canada.

Application Steps:

Applicants must:

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.

Documentation Needed:

Applicants must submit the following:

personal 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.
a 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: 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.

Program Contact:

Impact Atlantic Program | CBDC

Impact Atlantic website

FAQ | Impact Atlantic

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