General Business Loan
General Business Loan is a financing and loans offered by CBDC Blue Water for entrepreneurs and small businesses in Atlantic Canada (Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador).
Repayable business loans up to $300,000 for eligible applicants in rural HRM, with competitive interest rates starting at 7.45% and flexible repayment terms. Financing can include demand or term loans, loan guarantees, or equity investment.
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Program details
From small businesses to larger ones, the General Business Loan provides commercial financing when traditional lenders are unavailable. Loans can be used for start-up costs, purchasing new or existing companies, expanding an existing business, working capital, land and buildings, fixed assets, machinery and equipment, fixtures and furniture, business vehicles, franchise purchases, and leasehold improvements. Loans are secured and can be for multiple years. The board meets twice per month to make investment decisions. No prepayment penalties; lump sum payments accepted at any time.
Who qualifies
Entrepreneurs or businesses purchasing a new or existing company in rural HRM; expanding an existing business; an existing company in need of working capital. Both year-round and seasonal businesses are eligible. Potential borrowers must show a legitimate chance of economic viability. Employment creation and/or maintenance without negatively impacting existing area businesses is a necessity.
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