Small Business

Small Business Lighting Program

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:

complete the online application form,

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.

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

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

Business Valuation and Succession Planning

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:

contact the CBDC personnel for further details,

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

Program Contact:

Business Valuation and Succession Planning | CBDC

New Small Business Tax Deduction

Amount:

No Fixed Amount

Type of Program:

Tax Deduction

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:

Applicants must apply annually to the Nova Scotia Minister of Finance and Treasury Board for a certificate of eligibility and must do so within three years of the tax year-end for which they are claiming the reduction.

Documentation Needed:

The applicant must:

enter the taxable income from line 360 of the T2 return, if the corporation has a permanent establishment only in Nova Scotia or in the offshore area of Nova Scotia,
Otherwise, enter the total of the taxable incomes allocated to both jurisdictions in Nova Scotia (the province itself and the offshore area) from column F in Part 1 of Schedule 5.

Program Contact:

New Small Business Tax Deduction (Corporate Tax Holiday)

Nova Scotia corporate tax reduction for new small businesses

Small Business Loan Guarantee Program

Amount:

No Fixed Amount

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.

Special financing streams for immigrant entrepreneurs and social enterprises as well as the forestry and high-risk sectors are also available.

Comments on Funding:

Loans may be granted for a term of up to of 10 years.
The maximum guarantee supplied by the Province of Nova Scotia will be 90% of the value of all term loans.
The guarantee will remain at 75% on lines of credit but a 90% guarantee may be available to those that qualify under our special financing streams.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must:

be startups,
be small businesses,
be all types of businesses, except residential and commercial real estate, beverage rooms and taverns, or any venture of a questionable ethical or legal nature.

Application Steps:

Applicants must contact their local credit union branch for details.

Program Contact:

Small Business Loan Guarantee Program