Co-operatives and credit unions enjoy the respect which results from many years of commitment to their local communities. The Nova Scotia Government recognizes this and that's why we're working in partnership to create the Small Business Loan Guarantee Program. We want to help establish new businesses and empower entrepreneurs with the support they need to create employment for themselves and others. That's our interest, that's our commitment.
The Small Business Loan Program is a joint initiative of the Nova Scotia Co-operative Council, Credit Union Central of Nova Scotia, local credit unions, and the Nova Scotia Office of Economic and Rural Development.
Who Can Apply for a Small Business Loan?
Residents of Nova Scotia who wish to start a small business.
Companies and co-operatives in the province who intend to grow their business.
How do I Apply?
Visit the local credit union in your area. To find the credit union nearest to you, visit
www.ns-credit-unions.com.
How Much Can I Borrow?
Under this program, the maximum amount that can be borrowed is $150,000.
What Kind of Financing Does This Program Cover?
The program can cover loans that are of a traditional debt nature, for working capital or lines of credit.
Will I Need to Give Personal Security or Guarantees to the Credit Union?
The credit union will evaluate your loan request by following regular credit lending criteria. This will include an assessment of your personal net worth. If your application does not fit normal lending criteria, but the credit union feels your business has potential for success, the credit union can apply for a loan guarantee to offset this risk. The maximum amount of the loan guarantee supplied by the Nova Scotia Office of Economic and Rural Development to offset their risk will be seventy-five percent of the value of the loan, up to a maximum of $150,000.
Is There Support if I Need Help Putting my Business Plan Together?
The Nova Scotia Co-operative Council can assist you with accessing the technical assistance you require to strengthen your plan.
For more information on the Small Business Loan Guarantee Program, please contact Dianne Kelderman, or visit your local credit union.
