Nova Scotia Small Business Loan Guarantee Program

Amount:

$500,000

Type of Program:

Loan Guarantee

Description:

The Small Business Loan Guarantee Program delivers better financial assistance for the start-up and expansion of small businesses in Nova Scotia by providing them loan guarantees.

Credit unions are the only financial provider to offer access to the financing program and they can provide financing up to $500,000 in the form of term loans, working capital and lines of credit . No other financing programs provide access to working capital or lines of credit to individuals who would like to start or purchase a small business and/or grow and expand an existing business.

Benefits of the NS Small Business Loan Guarantee Program:

Access to capital: The program provides financing up to $500,000 in the form of term loans, working capital and lines of credit. This can help small businesses with big ideas get the funding they need to start and grow their enterprise.
Lower interest rates: The program offers lower interest rates than traditional loans, which can help small businesses save money on interest payments.
Flexible repayment terms: The program offers flexible repayment terms, which can help small businesses manage their cash flow and repay the loan on their own terms.
No collateral required: The program does not require collateral, which can make it easier for small businesses to get the funding they need without putting up their assets as collateral.
Fast approval process: The program has a relatively fast approval process, which can help small businesses get the funding they need quickly and efficiently.

Comments on Funding:

Funding will take the form of a guaranteed loan or line of credit, subordinated debt, equity, revenue sharing or royalty agreement. A maximum investment of $500,000 will be granted to successful applicants, until the funds are all invested.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must:

be start-ups and/or growth and expansions;
be not-for-profit, co-operatives or private businesses that have a positive impact on a social or environmental issue that meets a community need or maximize a community opportunity;
be registered and based in Nova Scotia;
be in good standing with the Canada Revenue Agency.