Atlantic Canada Business Grants

Startups

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

Self Employment (SE) Program

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Amount:

No Fixed Amount

Type of Program:

Grants

Description:

The Self Employment (SE) program provides entrepreneurial support and financial assistance to Labor Market Development Agreement (LMDA) eligible, unemployed Nova Scotia participants starting their own business. The maximum duration of an agreement with a participant is 40 weeks. 

In addition to financial support, the Self Employment (SE) Benefit program offers training and support to help participants start and grow their businesses, including mentorship opportunities and business planning workshops.

Mentorship Opportunities

Participants can access mentorship opportunities through the program’s partnership with the Centre for Entrepreneurship Education and Development (CEED). CEED provides one-on-one mentorship to help participants develop their business plans, identify potential customers, and develop marketing strategies.

Business Planning Workshops

The Self Employment Benefit Program offers business planning workshops to help participants develop their business plans. These workshops cover a range of topics, including market research, financial planning, and marketing strategies.Workshops are led by experienced business professionals who can provide guidance and feedback as participants develop their plans.

Comments on Funding:

The applicant currently receiving Employment Insurance, may continue to receive his regular Employment Insurance benefits until the end of your benefit period, after which he may be eligible to receive a living allowance to the end of his Self-Employment agreement.

If the applicant is not in receipt of Employment Insurance benefits, he may be eligible to receive financial assistance for living expenses. Temporary financial assistance may be provided in exceptional circumstances to cover all or part of the following costs related to participation (e.g., dependent care, disability needs, tuition costs, transportation and accommodation).

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  • be a Canadian Citizen or Permanent Resident who is currently a resident of Nova Scotia,
  • be unemployed or considered employed less than 20 hours per week (on average over the past year),
  • have a current Employment Insurance (EI) claim,
  • have had an EI claim that ended within the last 60 months,
  • have been employed with gross insurable earnings of $2000 or higher annually, in at least 5 of the last 10 years,
  • be starting their own business,
  • have had received benefits under the Canada Emergency Response Benefit (CERB),
  • work in conjunction with a Self Employment Service Provider who must approve his Business Concept as well as his Business Plan,
  • contribute $3,300, or 100% of the investment required to launch and operate the business if less than $3,300.

Application Steps:

1

Applicant must visit a Nova Scotia Works Centre in his local area who will advise him on his options and help him with the Self-Employment application process.

2

Applicant must receive an employment assessment and develop a Return to Work Action Plan with a case manager. The case manager's decision is required before Employment Nova Scotia can assess your application.

3

Applicant must submit the application.

Documentation Needed:

The applicant must provide proof to Employment Nova Scotia of the required client contribution amount (a bank statement, loan evidence, statement of ownership, etc.)

Other Things to Note:

Individuals who have received a payment under the Canada Emergency Response Benefit (CERB) are now eligible to apply for employment programs that are delivered by Employment Nova Scotia.

Program Contact:

Self Employment | Employment Nova Scotia

Self Employment Benefit Worksheet Employment Nova Scotia

Self-Employment Assistance – Individuals

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Amount:

No Fixed Amount

Type of Program:

Grants

Description:

Self-Employment Assistance is an employment program that provides financial and entrepreneurial assistance to eligible individuals to help them create jobs for themselves by starting a business. The maximum duration of an agreement with a participant is 52 weeks, and 78 weeks for persons with a disability.

Comments on Funding:

The applicant currently receiving Employment Insurance benefits, may continue to receive these benefits until the end of his benefit period, after which he may be eligible to receive a living allowance to the end of his Self-Employment Assistance agreement. The living allowance rate for Self-employment Assistance participants is set at $524 per week.


If the applicant is not in receipt of Employment Insurance benefits, he may be eligible to receive financial assistance for living expenses.
Assistance may be provided in exceptional circumstances to cover all or part of the following costs related to participation (e.g., dependent care, disability needs, transportation and accommodation). 

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • be an unemployed individual,
  • have a current EI claim or for whom a benefit period is established or whose benefit period has ended within the previous 60 months,
  • be a resident of the Newfoundland & Labrador province,
  • be a Canadian citizen or permanent resident legally entitled to work in Canada,
  • participate in employment plan development with referral to Self-employment Coordinator,
  • have a preliminary business concept validated by Self-employment Coordinator,
  • have an Employment Plan that identifies Self-employment Assistance as an appropriate intervention for them. 

The self-employment business shall be:

  • a business that will not result in putting another individual out of business,
  • full-time, which means participants must devote at least 35 hours per week to developing and/or implementing their business plan. Fewer hours may be approved for a person with a disability that necessitates part-time employment,
  • either a new business, or an existing business in which the eligible participant had no prior ownership.

Application Steps:

1

Applicant must complete the application form,

2

Applicant must submit it to his local Immigration, Population Growth and Skills office.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

Those in St. John's and Mount Pearl interested in beginning the Self-Employment Assistance Program can do it with Metro Business Opportunities. See the details at Self Employment Assistance .

Program Contact:

Self-Employment Assistance

Self-employment Assistance Guidelines

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

Nova Scotia First Fund

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Amount:

No Fixed Amount

Type of Program:

Investment

Description:

The Nova Scotia First Fund provides financing for emerging venture-grade technology companies with high growth potential and attractive risk-return prospects. Target industries include information technology, life sciences, clean technology and ocean technology.  

Comments on Funding:

The fund co-invests with institutional, private sector and angel investors from across Canada and beyond.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicant must be:

  • early stage companies,
  • emerging venture-grade technology companies with high growth potential and attractive risk-return prospects,
  • located in Nova Scotia.

Application Steps:

The applicant must:

1

present the founders of the company and the investment opportunity to Innovacorp's investment team;

2

if selected, present a pitch to Innovacorp investment team for the opportunity to have the deal recommended for further approval;

3

if selected, deliver a pitch to Innovacorp's investment committee;

4

if approved, sign the closing documents.

Documentation Needed:

No specific documentation has been identified.

Program Contact:

Investment | Innovacorp

Innovacorp Early Stage Venture Capital: Investment Process

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