ABOUT CBDC:
market opportunities. Banks and other traditional lending institutions can often be unavailable to you. At the Community Business Development Corporation (CBDC) we might be able to help! The most flexible commercial business loan we offer, the CBDC General Business Loan was made just for these situations. Loans up to $150,000 may be available to eligible applicants. All loans are repayable and offer competitive repayment terms and interest rates. Financing can include a demand or term loan, a loan guarantee, or equity investment. Loans will be secured, and can be from one to ten years, giving you the chance to develop your business while being free from financial burden. Qualifying applicants are entrepreneurs or businesses purchasing a new business in rural Atlantic Canada, those expanding a current business, existing companies in need of working capital, and more. CBDCs lend to both seasonal and year-round businesses in all sectors.
owners between 19 and 39 can avail themselves of expansion financing. Low-interest loans of up to $25,000 are available, with flexible repayment terms and no penalty for early repayment of the principal. The application process is fast and straightforward, so entrepreneurs can reach their goals more quickly and take their business to the next level.
Community Business Development Corporations (CBDCs) are not-for- profit high-risk niche lenders. We do not compete with conventional lenders – we work with entrepreneurs who have difficulty securing capital through traditional sources. The 41 CBDCs across the Atlantic region are staffed with trained professionals who work to assist in the creation of small businesses and the expansion and modernization of existing businesses. We provide financial assistance, business counselling and advice, entrepreneurship development and training and technical services to entrepreneurs. Investment decisions are made by an independent Board of Directors comprised of volunteers who are professionals from the local community. These directors are our strength; they are dedicated to helping make their community a better place to live and work. CBDC programs include General Business Loan, Youth Business Loan, First Time Entrepreneur Loan, Social Enterprise Loan, Consultant Advisory Service, Business Counselling, Innovation Loan, Self-Employment Benefit, and Business Management Skills Training. During the COVID-19 pandemic, CBDCs were asked by the Government of Canada through the Atlantic Canada Opportunities Agency to help deliver the Regional Relief and Recovery Fund, as well as assist provincial level program deliveries. CBDCs are here to help, during the pandemic and beyond.
RRRF/UMSLI:
RRRF(Regional Relief and Recovery Fund) and UMSLI (Urban Main Street Loan Initiative) provide funding to support SMEs (Small and Medium- Sized Enterprises) that have not been approved or are ineligible for supports through CEBA. These emergency working capital relief funds provide interest-free loans of up to $60,000 to help cover operating costs during periods when revenues have been temporarily reduced due to the economic impacts of COVID-19. UMSLI is for SMEs in the Greater Charlottetown Area (GCA), delivered by the CBDC Central PEI office located in Summerside. The RRRF is for rural business owners and is offered by all three Island CBDCs (CBDC Eastern PEI, CBDC Central PEI and CBDC Western PEI). RRRF/UMSLI are COVID-19 relief loans, and available for a limited time only.
TO GET STARTED ON THE APPLICATION PROCESS, YOU CAN:
• Reach out to your local CBDC.
• Complete our Business Loan application.
• Complete our Fillable Business Plan. Register your business.
IMPACT PROGRAM:
CBDC East 540 Main Street, Montague 902.838.4030 CBDC Central PEI 11 Water Street, Summerside 902.888.3793 West Prince Ventures Ltd. 455 Main St, Alberton
GENERAL BUSINESS LOAN:
The Impact Loan Program helps foster small and medium-sized
businesses in urban Atlantic Canada. In PEI, CBDC Central PEI offers this program to the Greater Charlottetown Area (Charlottetown, Stratford, and Cornwall). With Impact, entrepreneurs of all ages can apply for a business start- up loan, while established business
From small businesses to even larger ones, there are many times when a business may need a commercial loan. Perhaps you need to procure new machinery or equipment? Maybe it’s time to upgrade your facilities or buildings. Or perhaps a loan is the only way for you to improve or expand your business to tap new
902.853.3636 www.cbdc.ca
SUMMER 2021 www.pei-living.ca
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