That’s where your Community Business Development Corporations (CBDCs) Youth Loan Program comes into play. Our objective is to improve access to capital opportunities and financial leveraging abilities for business start-up, expansion, or modernization for youth and to create and maintain jobs in Atlantic Canada.
The Next Step is Yours
We know that going into business can sometimes be a daunting step for our youth. That’s why CBDC NOBL are committed to assisting you in taking the right steps to ensure your business’s future.
If you’re between the ages of 18 and 34 and need financial assistance to create your business, call or visit our office in your area.
* Please note that programs and services delivered by CBDCs may vary by region.
How CBDC NOBL can help you
The CBDC NOBL Youth Loan can offer financial assistance to eligible borrowers, in the form of a repayable loans, while offering competitive interest rates and repayment terms.
Financing can be in the form of a term loan, demand loan, loan guarantee, or equity investment. We also can assist with the costs of providing valuable training to ensure that your business starts off on the right foot.
Eligibility Criteria
As with all our programs, CBDC NOBL has created guidelines that outline what business activities are eligible for the Youth Loan Program. Here are the main criteria necessary to apply:
- Business activities including start-up, expansion or modernization of a commercial activity for a Youth Borrower between the ages of 18 – 34;
- The business may be either a year-round or seasonal business activity;
- Loan may be used to finance any costs of the business including fixed assets, start-up costs, and/or working capital. Leasehold improvements and franchise purchases are also eligible;
- The Youth Loan can also be used to purchase assets of a former business provided the purchase transaction is at arm’s length and the business assets are purchased at or below their current market value;
- A borrower can be a sole proprietorship, a partnership (where the majority of the care and control is vested with the new entrepreneur), or a limited company;
- The proposed business activity should not have a negative impact on existing businesses. The borrower’s business activity should demonstrate a reasonable expectation of economic viability, as well as job creation and/or maintenance in their community.
