Black Business Initiative

Micro Loan

Amount:

$5,000.00

Type of Program:

Loan

Description:

The Micro Loan provides up to $5,000 in financial assistance to new or existing Black Nova Scotian-owned Business.

Comments on Funding:

Funding is up to $5,000.
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 Nova Scotian-owned Business (ownership must be 33% black),
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:

1

Applicants must contact BBI for further details.

Program Contact:

Financial Assistance - BBI

Term Loan

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 Nova Scotian-owned Business. 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 Nova Scotian-owned Business (ownership must be 33% black),
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,
have 10% equity of total project cost.

Application Steps:

Applicants must contact BBI for further details.

Program Contact:

Financial Assistance: Black Business Initiative