CBDC Youth Loan Program

Overview of the CBDC Youth Loan Program program:

The CBDC Youth Loan Program is designed to support young entrepreneurs in Canada who are looking to start or expand their own businesses. Managed by the Community Business Development Corporations (CBDC), this program provides financial assistance in the form of loans to help young business owners achieve their entrepreneurial goals. This initiative is particularly beneficial for those who may find it challenging to secure funding through traditional banking channels.

Benefits of the CBDC Youth Loan Program program:

• Financial Support: Eligible applicants can receive loans of up to $20,000 to start or grow their business. This funding can be used for various business needs, including purchasing equipment, inventory, or other startup costs.
• Flexible Repayment Terms: The program offers flexible repayment options, making it easier for young entrepreneurs to manage their finances as they grow their businesses.
• Business Guidance: In addition to financial support, the program provides access to business advisory services, helping young entrepreneurs navigate the challenges of starting and running a business.

Eligibility criteria of the CBDC Youth Loan Program program:

• As with all our of loan programs, the CBDC has certain criteria that must be met for you to qualify for the Youth Loan Program:
• Available to Youth Borrowers in rural Atlantic Canada aged 18-34;
• Eligible for business startup, modernization or expansion;
• Seasonal and year-round businesses qualify;
• Loans may be for a variety of business expenses: start-up costs, fixed assets and/or working capital.
• Leasehold improvements and franchise purchases are also qualify;
• May be used to acquire assets of a previous business, so long as the transaction is at arms length and the business assets are bought at or below current market value;
• Eligible borrowers may be a sole proprietorship, a limited company or a partnership (majority of the care and control must reside with the new entrepreneur);
• The intended business operations must not have a negative impact on existing area businesses.
• The borrowers business should have a reasonable expectation of economic viability, as well as employment creation and/or maintenance in their community.