Atlantic Canada Business Grants

Healthcare

Nova Scotia Small Business Loan Guarantee Program

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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.

Application Steps:

1

Applicants must contact their local credit union branch for details.

Documentation Needed:

Applicants must submit a formal application.

Program Contact:

Small Business Loan Guarantee Program

Co-op Education Incentive (CO-OP)

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Amount:

No Fixed Amount

Type of Program:

Subsidy

Description:

The Co-op Education Incentive (CO-OP) provides wage assistance to organizations that offer career-related work experiences for university and college co-operative students. Agreements run from 12 to 16 consecutive weeks per term, depending on the requirements of the cooperative program. 

Comments on Funding:

Funding is a subsidy of $7.50 an hour ($9.00 if the student is a member of designated diversity group) for the wages the applicant pays the student.

When It Ends:

Ongoing

Deadline:

January 16, 2023
May 15, 2023

Eligibility:

The applicant must:

  • be private-sector, 
  • be government-funded
  • be non-profit, or charitable organization
  • be a social enterprise
  • be a municipality
  • want to hire a co-operative education student for a work term of 12-16 weeks
  • pay the student at least $15 per hour, plus vacation pay, for 32.5 to 40 hours of work per week.

The student must be enrolled in a co-operative education program at a Nova Scotia university or college. 

The work placement must be endorsed in advance by a university or college Coop Coordinator.

Application Steps:

1

Applicant must register in the online Labor Market Programs Support System (LaMPSS),

2

Applicant must complete the online application form,

3

Applicant must submit a separate application for each county, if he wants to hire co-op students in more than one county.

Documentation Needed: 

Applicants must:

  • provide their organization’s Registry of Joint Stocks number, Canada Revenue Agency charities number, or a copy of legal documentation or legislative act that identifies how assets will be distributed upon dissolution of the organization,
  • describe your organization and the role you want to fill,

If the application is approved, the applicant needs to:

  • return a signed contract,
  • provide information about the student he hires, including proof that they’re currently enrolled in a Co-operative Education program at a Nova Scotia university or college,
  • have his student sign a waiver to let the Nova Scotia's Department of Labor and Advanced Education use his information.

At the end of the program, the applicant needs to:

  • provide proof of the wages he paid the student—use the Payroll Record form and send a copy of the student’s Record of Employment,
  • complete a feedback survey,
  • have his student complete a feedback survey.

Other Things to Note:

Apply between 15 December 2022 and 16 January 2023 for the Summer 2023 co-op term.
Apply between 15 April and 15 May 2023 for the Fall 2023 co-op term.

Program Contact:

Co-operative Education Incentive

Coop_Education_Incentive_Book.pdf

Graduate to Opportunity (GTO)

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Amount:

No Fixed Amount

Type of Program:

Subsidy

Description:

Graduate to Opportunity (GTO) is helping to build a stronger workforce and retain young people in Nova Scotia with a salary incentive that makes it easier to hire recent graduates. 

Comments on Funding:

Funding is 25% of the first year’s salary – 35% if the new graduate is a member of designated diversity group – and 12.5% of the second year’s salary.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  • be a small business with fewer than 100 employees,
  • be a start-up company incorporated within two years of the application date,
  • be a social enterprise, not-for-profit organization, or registered charity with recognized standing,
  • open a new position, permanent, full-time and pay at least $35,000 a year,
  • not receive funding from any other government employment program for this position.

The graduate he hires must have successfully completed a post-secondary program within one year from the day the application is submitted.

The program can’t consider graduate-employees who have been working for the employer on a permanent basis before the GTO application is approved.

Apprentices in registered trades aren’t eligible for Graduate to Opportunity.

Application Steps:

1

Applicant must register in the online Labor Market Programs Support System (LaMPSS),

2

Applicant must complete the application form and submit it electronically.

Documentation Needed: 

Applicants must submit:

  • the application form,
  • a description of their organization and its mandate,
  • a job description for the new position you wish to create, as well as its location
  • a T4 Summary for the organization or other documentation to show the number of employees. 

Other Things to Note:

Issue Date: November 2022 (Guidelines)

Program Contact:

Graduate to Opportunity

Graduate_to_Opportunity_Guidelines.pdf

LaunchPad

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Amount:

No Fixed Amount

Type of Program:

Grants, Incubator

Description:

LaunchPad PEI is a non-profit incubator managed by Innovation PEI that supports the growth of innovative companies in Prince Edward Island. LaunchPad PEI is a designated incubator for the Start-up Visa Program and engages a network of partners to offer access to a Business Development Office, office and/or laboratory space, and other services to assist local and immigrant entrepreneurs to overcome challenges in PEI. 

Comments on Funding:

An eligible business may access support for eligible costs related to: offsetting operating costs, offering office rental incentive, or balancing financial risk (this list is representative, not exhaustive).

No details concerning the amount are available.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be a new business starting in Prince Edward Island or an established business from outside the province intending to actively operate in Prince Edward Island,
  • demonstrate the potential to create new jobs and wealth in Prince Edward Island,
  • operate within one of these strategic sectors: advanced manufacturing and processing, aerospace and defense, bioscience, information and communications technology, renewable energy and clean technology, and first-of-its-kind exportable goods or services in other sectors may be considered such as: battery storage, financial technology (FinTech), healthcare technology, and biotechnology,
  • not have a defaulted outstanding debt obligation on file in the Province’s Central Default Registry is ineligible for assistance from Innovation PEI.

Application Steps:

1

are encouraged to consult with an Innovation PEI Business Development Officer for guidance on the suitability of the project and the application process, 

2

can apply through two streams:

  • apply as a PEI Start-up by submitting a business plan to saconrad@gov.pe.ca
  • apply as an immigrant entrepreneur at Start-Up Visa

Documentation Needed: 

The applicant must submit: 

  1. 1
    an outline of the history and a detailed description of the business,
  2. 2
    detailed Financial Statements for the previous two years, if an existing business,
  3. 3
    a completed business plan, if a new businesses,
  4. 4
    description of the proposed project or activity in relation to the products and/or services delivered by the business,
  5. 5
    a detailed description of the economic benefits to the organization and to Prince Edward Island,
  6. 6
    explanation of the business's current market position and projected market, outlining any increases in market share,
  7. 7
    a list of all shareholders and key management personnel.

Other Things to Note:

No other details available.

Program Contact:

LaunchPad | Government of Prince Edward Island

ChangeMaker Funding Program – Ignition Fund

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Amount:

$10,000.00

Type of Program:

Grants

Description:

The Ignition Fund is designed to help early-stage changemakers kick-start their validated idea into business model development and for mvp prototype development. 

Comments on Funding:

Funding for entrepreneurs and companies is up to $10,000.
Funding for fail forward applicants is up to $10,000.
Funding awards are taxable.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must:

  • be entrepreneurs/companies who have previously received & successfully completed Catalyst Funding or PDC programming and who are invited to apply,
  • reside in New Brunswick or Prince Edward Island (subject to discretion of PDC Executive Board). In the case of corporations, the majority of shareholders must reside in the eligible province and the registered office must be in the eligible province. In the case of partnerships, the majority of partners and ownership must reside in the eligible provinces. 
  • focus on the following key priority areas: Health & Wellness, Immigration & Retention, Poverty Reduction,
  • have completed early-stage market validation,
  • have developed preliminary business model canvas.

For entrepreneurs who qualify for other PDC programs, all or part of the Ignition Funding might be connected to acceptance and successful participation in these programs.

Application Steps:

Applicants:

1

must submit the online application form,

2

who have been short-listed will be notified by email and will be contacted for an appointment to discuss next steps and preparation for a pitch presentation with the Funding Committee which will make the final decision on the funding application,

3

will be asked to submit proof of residency for the company/entrepreneur, if successful. 

Once due diligence is completed, a Letter of Award and Terms & Conditions Contract will be issued.

Documentation Needed: 

Applicants must submit:

  • the online application form,
  • proof of residency for the company/entrepreneur, if the application is successful.

Other Things to Note:

The ChangeMaker Funding Program is NOT about the funding. While the funding helps early-stage entrepreneurs and innovators test ideas and build sustainable business models, this program is designed to help build success through providing on-going support and opportunities.

The fail forward applicants are entrepreneurs and innovators who have experienced the failure of an idea or venture and they are ready to do an overhaul or pivot, or have an entirely new idea and are passionate about building a sustainable business. They are courageous entrepreneurs, whose ideas, dreams or ventures have failed (usually at least 4-6 months previously), who have learned from the experience, and who are committed to starting over.

Program Contact:

Ignition Funding

FAQs - Funding Awards