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Financing Info-GuideLast Verified:
2006-03-16
This Info-Guide is a document designed to help you navigate through the different government programs, services and regulations and to identify those of interest. The selected items provide a helpful overview, but not all sources of financial assistance are listed here. For specialized financial assistance (aquaculture, arts & culture, environmental, farming, tax credits, research and development assistance, wage subsidies, young entrepreneur, etc.) contact the Canada/Nova Scotia Business Service Centre. Further information can be obtained by contacting the organization directly or by contacting the Canada/Nova Scotia Business Service Centre at 426-8604 or 1-800-668-1010 or visiting our web site, http://www.cbsc.org/ns. IntroductionIt is recommended that you speak with your local bank or credit union before contacting the organizations below. Government grants are not as common as they once were and many government programs now take the form of loans. For further information on this matter, please take a look at our Fact Sheet, The Truth About Grants. Aboriginal Business CanadaAboriginal Business Canada provides support to Aboriginal entrepreneurs seeking to start or expand their own businesses or to improve existing ones by giving them access to financing and information that will help them enhance their management skills. Canadian Status Indians and Non-Status Indians, Métis and Inuit entrepreneurs are eligible for this program, as are partnerships, for-profit and non-profit groups, and other entities that are majority-owned or controlled by aboriginal persons. Visit the web site: http://strategis.ic.gc.ca/epic/internet/inabc-eac.nsf/en/home For further information, contact: See the document Aboriginal Business Canada Black Business InitiativeThis organization offers loans of up to $25,000 and business training, guidance and assistance to African-Canadian entrepreneurs in Nova Scotia. BBI has representatives for all regions of Nova Scotia. Visit the web site: http://www.bbi.ns.ca For further information, contact: See the document Black Business Initiative Business Development ProgramThrough its Business Development Program, ACOA provides interest-free, unsecured business loans to certain business types: information technology and knowledge-based businesses, manufacturing and processing, aquaculture, tourism and businesses that provide a service to business. It does not finance retail, wholesale, purchase of an existing business, services of a personal nature, real estate or government services. Representatives are located throughout the Province. For further information, contact: In Cape Breton, ACOA's programs are delivered by the Enterprise Cape Breton Corporation. See listing below. See the document Business Development Program Business Development Bank of Canada (BDC)The Business Development Bank of Canada (BDC) is Canada's small business bank. BDC plays a leadership role in delivering timely and relevant financial and management services, with a particular focus on the emerging and exporting sectors of the economy. BDC offers flexible term financing for a variety of commercially viable projects, including expansion projects, plant overhauls, the purchase of existing businesses and the acquisition of fixed assets. In some cases, financing may be used to reconstitute working capital depleted by capital expenditures or to finance sales growth. There are four locations in Nova Scotia. For further information, contact: Canada Small Business Financing Program (CSFB)The CSBF Program, under the Canada Small Business Financing Act, can assist businesses in obtaining term loans and capital leases of up to $250 000 to help finance fixed asset needs. The loans are made directly by a qualified lender (chartered banks, caisses populaires, Alberta Treasury Branches, most credit unions, many trust, loan and insurance companies) and the leases are issued by participating lessors. The CSBF Program seeks to increase the availablity of loans and capital leases for establishing, expanding, modernizing and improving small businesses in Canada. Visit the web site: http://strategis.ic.gc.ca/epic/internet/incsbfp-pfpec.nsf/en/Home See the document Canada Small Business Financing (CSBF) Program Cape Breton Growth FundFinancial assistance may be in the form of contributions, loans, or equity. Generally funding for commercial projects will be repayable, while assistance for non-profit groups is usually not repayable. Funding will only be available in priority areas which include; oil and gas, tourism development, environmental remediation, arts and culture development, infrastructure, and knowledge based sectors. Note: The Cape Breton Growth Fund (CBGF) is coming to the end of its five-year mandate. Beginning December 2004, the CBGF will continue accepting applications for the next four to six months. Visit the web site: http://www.cbgf.ca/e/Home/default.asp Capital Leasing Pilot ProjectThe Capital Leasing Pilot Project, under the Canada Small Business Financing Act (CSBFA) assists small businesses in obtaining capital leasing up to $250 000 for new or used equipment. Capital leases are made directly by participating leasing companies (lessors). Most small businesses starting up or operating in Canada -- excluding farming, charitable and religious enterprises -- are eligible as long as their estimated annual gross revenues do not exceed $5 million during the fiscal year in which they apply for a capital lease. Businesses may be operated as sole proprietorships, partnerships or incorporated companies. Contact participating lessors to find out more about the capital leasing pilot project. (The list of participating leasing companies will be available in the near future.). Visit the web site: http://strategis.ic.gc.ca/epic/internet/incsbfp-pfpec.nsf/en/la00068e.html See the document Capital Leasing Pilot Project Community Business Development Corporations (CBDC)These organizations are found in rural areas of Nova Scotia. CBDCs provide technical services and financial assistance in the form of loans, loan guarantees and equity assistance to a maximum of $75,000 or $125,000 (depending on location) per business. CBDCs are located in Bridgetown, Sheet Harbour, Sydney, Amherst, Digby, Church Point, Guysborough, Canso, St. Mary's, Mulgrave, Kentville, Windsor, Inverness, Louisdale, Port Hawkesbury, New Glasgow, Antigonish, Truro, Sydney Mines, Shelburne, Barrington, Clarks Harbour, Lockeport, Bridgewater, Liverpool and Yarmouth. Visit the web site: http://www.cbdc.ca For further information, contact: See the document Community Business Development Corporations (CBDCs) Enterprise Cape Breton CorporationEnterprise Cape Breton Corporation (ECBC) assists in the financing and development of industry on Cape Breton Island and a portion of mainland Nova Scotia in and around the town of Mulgrave. The Corporation is charged with the responsibility for promoting and assisting the financing and development of industry in the region, providing employment outside the coal-producing sector and broadening the base of the local economy. Visit the web site: http://www.ecbc.ca/e/default.asp For further information: Nova Scotia Business Inc.NSBI provides loans and loan guarantees mainly to manufacturing, processing and technology based industries, although businesses in many other sectors are also eligible. Not eligible are: charitable clubs and organizations; residential or rental accommodation, except for tourist facilities; lending, financial and insurance businesses; real estate development; retail, wholesale and construction; taverns, lounges, billiard halls and similar establishments. Visit the web site: http://www.novascotiabusiness.com/services/advisory/index.html For further information, contact: See the document
Business Financing Seed Capital ProgramThe Seed Capital Program offers repayable, unsecured personal loans up to $20,000 to launch, expand or update your business. There is no age restriction for start-up loans. Expansion loans are available for entrepreneurs up to and including age 34. If you are under the age of 19, you'll require the co-signature of a parent/guardian. Visit the web site: http://www.acoa.ca/e/financial/capital.shtml For further information, contact: See the document
Seed Capital Program Self Employment (SE) ProgramThe Self-employment (SE) benefit provides eligible individuals with financial support for a fixed period, and supports clients interested in starting a business with coaching, and technical and other forms of assistance. (Participation in the program is subject to the availability of resources at the local level). For further information, contact a Human Resources Development Centre (see Blue Pages of your telephone book). Visit the web site: http://www.hrsdc.gc.ca/en/epb/sid/cia/grants/self-emp/desc_self-emp.shtml See the document Self-employment Program - SE Small Business Financing ProgramThe Small Business Financing Program provides financing for start-up and expansion for all types of business, except residential and commercial real estate, beverage rooms, taverns and any other venture of a questionable ethical or legal nature. This program is delivered exclusively through credit unions in Nova Scotia and offers financing up to $150,000. Terms of the loan will be negotiated between you and your credit union. Visit the web site: http://www.nscreditunions.ca/businessloanprogram.html For further information, contact: See the document Small Business Financing/ Loan Guarantee Program Venture CapitalIf you need information on sources of venture capital, please refer to ACOA's publication entitled "Venture Capital". Call the C/NSBSC for a copy (1-800-668-1010) or visit the web site: http://www.acoa.ca/e/financial/venture_capital.shtml
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