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Line of Credit – Pilot Program

by Maurice | February 4, 2023

Amount:

$20,000.00

Type of Program:

Loan


Description:

South Shore Opportunities CBDC is offering on a pilot basis Line of Credit loan for eligible business activity with a base of operations in Queens County or Lunenburg County, Nova Scotia. The loan can be used to finance inventory purchase, bridge financing and other uses at the discretion of the Board of Directors.

Comments on Funding:

Funding is up to $20,000, with no minimum loan. Interest rate starts at bank Prime plus 3.0% and can raise or lower (dependent upon risk assessment). The maximum term is 1 year. The upfront service fee is 4.5% of the approved limit of the loan.  


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be a sole proprietorship, a partnership, or a limited company,
  • be operating in Queens County or Lunenburg County, Nova Scotia,
  • have strong personal credit.

Application Steps:

1

Applications can be made through one of the CBDC's Business Officers by emailing sso@cbdc or telephone 902-354-2616.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

This loan product is being offered on a pilot basis by South Shore Opportunities Incorporated. For more information on the Line of Credit loan, please email sso@cbdc.ca, or call South Shore Opportunities cbdc at (902) 354-2616.

Program Contact:

LINE OF CREDIT (pilot)

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Related posts:

Nova Scotia Small Business: Complete Guide for Entrepreneurs
How to Start a Business in Nova Scotia (2023): Step-by-Step Guide for New Entrepreneurs
Incorporating a Business in Nova Scotia: Step-by-Step Guide for New Entrepreneurs
How to Register a Business in Nova Scotia: Step-by-Step Guide for New Entrepreneurs

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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