Innovation Loan

Overview of the Innovation Loan program:

Technology changes at a remarkable pace these days. This can have a serious impact on the continued success of business. Being a technological leader is an important part of maintaining a vibrant, growing economy in Atlantic Canada. Do you have an idea for a new product or service or maybe an idea to modify an existing one? To help in the development of our knowledge-based economy and advance the adoption of technologies for business, the Community Business Development Corporation (CBDC) has designed the CBDC Innovation Loan. The loan is designed to encourage business productivity and effectiveness in the communities of rural Atlantic Canada. New technologies may include existing methods that have been adapted or repurposed for commercial applications. The loan could also be used for financing for new products or services and training, as well as financial support.

Benefits of the Innovation Loan program:

• WHATS COVERED BY THE CBDC INNOVATION LOAN?
• CBDC offers up to $150,000* per qualified borrower. All loans are repayable and have competitive interest rates and repayment terms. Financial options include term loans and demand loans, loan guarantees, or equity investments.
• CBDC Innovation Loans may be used for a variety of things: the acquisition of equipment, software, processes or licenses, and other things that are clearly defined as new technology that will improve business operations. Expenses for infrastructure changes or installation, as well as maintenance due to implementation and utilization of new technology also qualify. We can also assist with costs for training employees in the application and use of the new technology.

Eligibility criteria of the Innovation Loan program:

• Rural based businesses across Atlantic Canada meeting the following criteria may qualify for CBDCs Innovation Loan:
• Available to new and existing entrepreneurs;
• Both the business and the borrower must be located in rural areas;
• Year-round and seasonal businesses are acceptable.
• The business should have a realistic prospects of economic viability. Employment creation and/or maintenance in the community is also a key factor. Applications will also be judged on revenue potential, as well as the Borrowers commitment and dedication to the project.
• The business must be based in Hants-Kings
• The project must create employment for at least one Hants-Kings resident.
• Applicants should be providing adequate equity in the business project.
• Applicants requesting financial assistance must have exhausted other conventional sources of loans.
• The business proposal must be sound and viable in the market place.
• The existence of any or all of the above criteria does not in itself guarantee approval by the Board of Directors.*