Atlantic Canada Business Grants

Small Business

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

New Small Business Tax Deduction

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Amount:

No Fixed Amount

Type of Program:

Tax Credit

Description:

Nova Scotia corporate tax reduction for new small businesses is a tax reduction that applies to the first three tax years of an eligible corporation.

Comments on Funding:

New small businesses have their first three years income tax reduced. The tax reduction is based on the portion of an eligible corporation's taxable income earned in the year in Nova Scotia.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must:

  • be a Canadian-controlled private corporation incorporated in Nova Scotia, or be a corporation incorporated outside the province, but inside of Canada, that:
  • pays at least 25% of its wages to employees who are resident in the province,
  • has its head office in the province,
  • be eligible for the federal small business deduction for the tax year, 
  • have at least two employees, one of whom must be full-time and unrelated to any shareholder, for the specified taxation year,
  • not be associated with another corporation(s),
  • not be in a partnership or a joint venture with an ineligible corporation(s),
  • not be a beneficiary of a trust where any beneficiary is ineligible,
  • not be a previous active business with essentially the same owner(s) or related owner(s),
  • not be a professional practice of an accountant, dentist, lawyer, medical doctor, veterinarian or chiropractor,
  • not be a business carrying on the same, or substantially the same, business activity as was carried on as a sole proprietorship, partnership or corporation. However, if the sole proprietorship or partnership carried on the same or substantially the same business for 90 days or less before incorporation, the corporation can apply to the Minister for a certificate of eligibility.

Application Steps:

Applicants must:

1

Applicants must file their corporate income tax return and Schedule 341 with the Canada Revenue Agency (CRA).

2

Applicants must complete the application form (applicants can apply annually for up to 3 years).

3

Applicants must include their company's corporate income tax return for the relevant taxation year (including Schedule 341).

4

Applicants must send the completed application and supporting documents by email to the New Small Business Tax Deduction Administrator.

5

Applicants must adjust their corporate income tax return to claim the New Small Business Tax Deduction after they get their Eligibility Certificate.

Applicants can apply at the end of each of their corporation's first 3 tax years or they can apply for up to 3 years after their corporation's year end for the specified tax years.

Documentation Needed: 

The applicant must submit:

  • the corporate income tax return and Schedule 341;
  • the completed application form;
  • the eligibility certificate.

Other Things to Note:

Page last updated 2019-08-13 - Source 1
Date modified: 2022-09-26 - source 2

Program Contact:

New Small Business Tax Deduction (Corporate Tax Holiday)

Nova Scotia corporate tax reduction for new small businesses

Business Valuation and Succession Planning

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Amount:

$7,500.00

Type of Program:

Grants

Description:

The Business Valuation and Succession Planning is available for commercial businesses in Newfoundland and Labrador. Professional valuators will be engaged directly by CBDCs and small businesses in rural communities to estimate the economic value of an owner's interest in a business in order to help businesses determine the sale price of an existing business. 

Comments on Funding:

Funding is 75% of eligible costs to a maximum of $7,500 to conduct business valuations.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must:

  • be small businesses operating in a CBDC governed region in Newfoundland and Labrador, that are actively preparing to transfer ownership of the business,
  • be businesses in good standing with CRA, ACOA and Government of NL
  • work with a qualified consultant,
  • agree to share the opportunity on businessatlantic.ca.

Application Steps:

Applicants must:

1

contact the CBDC personnel for further details,

2

pay an application fee of 3%, to a maximum of $300.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

No other details available.

Program Contact:

Business Valuation and Succession Planning | CBDC

Small Business Lighting Program

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  • This program is currently closed.

Amount:

$100,000.00

Type of Program:

Grants

Description:

The Small Business Lighting Program provides financial incentives to New Brunswick small businesses for energy efficient lightning. 

Comments on Funding:

The financial incentive offered is $0.17/kWh saved as a result of eligible upgrades to lighting systems and lighting controls, to a maximum of $10,000 (excluding HST) per business location.

When It Ends:

Closed

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  • be an NB Power General Service I or II customer or a commercial entity as categorized by Saint John Energy, Edmundston Energy, or Perth-Andover Light Commission with an account in good standing,
  • have building electricity consumption less than 150 MWh/yr and the building must be at least two years old,
  • must own, manage or lease the building.

Application Steps:

The applicant must:

1

complete the online application form,

2

contact a qualified Service Provider, after his application is approved. The Service Provider will provide a Statement of Work and all of the necessary information on the lighting project. NB Power will review it and confirm the proposed measures.

3

complete the lighting project in 120 days after NB Power approves the work,

4

sign a completion notification form and send by email to NB Power with the signed Request for Payment form and supporting documents.

Documentation Needed: 

The applicant must submit:

  • the online application form,
  • the Statement of Work provided by the Service Provider,
  • the signed completion notification form,
  • the signed Request for Payment form and supporting documents.

Other Things to Note:

As of November 4, 2021, the Small Business Lighting Program is not accepting new registrations.

Program Contact:

​Small Business Lighting Program

​Guidelines​​​