The Atlantic Canada Opportunities Agency has established a $7-million Technology Development Fund to stimulate the adoption and use of technology by small and medium enterprises (SMEs) in rural Atlantic Canada. The fund is administered by the Atlantic Association of Community Business Development Corporations in Atlantic Canada.
Small and medium enterprises in rural Atlantic Canada.
Eligible activities include:
This initiative provides loans to SMEs, to a maximum of $150 000, for a period of up to five years. These loans will enable SMEs to purchase and incorporate current technology into their businesses and to improve business processes and increase productivity. This will make firms in rural Atlantic Canada more competitive and will open up new markets for their products. It also supports loans to entrepreneurs for the development and commercialization of projects dealing with intellectual property, such as software development.
These loans fund the purchase and installation of hardware, the purchase or development of software, and counselling/training/viability assessments where appropriate. Each project will be required to demonstrate a favorable impact on productivity and/or profitability by either improving revenues, reducing expenses, expanding the client base, streamlining business processes, or becoming more competitive locally or globally.
As administrator of the program, the Association provides funds to individual Community Business Development Corporations (CBDCs) to make loans to local entrepreneurs. The SMEs will repay the loan to the CBDCs, who in turn, will repay the Association, thus ensuring the funds revolve for additional lending to other SMEs throughout Atlantic Canada.
New Brunswick Contact(s):
CBDC Chaleur
Community Business Development Corporations
Suite 212-J
275 Main Street
Bathurst, New Brunswick
E2A 1A9
Telephone: 506-548-5951
Fax: 506-548-5008
Web site:
http://www.cbdc.ca/index.php?rid=6