CBDC NORTIP offers individuals, under the age of 35, small business start-up and expansion financing to a maximum of $150,000. Up to $2,000, by way of non-repayable contribution, MAY also be available for training and business counselling. This program is similar to the regular CBDC NORTIP program in that it provides financing in the form of fully repayable loans for clients who intend to start their own business.
Financial Assistance

• The Youth Loan offers financing up to a maximum of $150,000 in fully repayable loans.
• Youth Loan offers under-secured personal loans, for investment into a business..
• Equity is not necessarily required for a Youth Loan.
• The interest rate on Youth Loans is prime + 2% to 5%.
• The maximum repayment term is seven years.
• The interest rate and repayment terms are flexible due to the nature and circumstances of the businesses.
• A limited term of no interest and/or principal payments can be obtained for a maximum of three months.
• Clients may be able toaccess business counselling or training up to a maximum of $2,000.

Youth Loan Eligibility Criteria

• Clients have to be residents of the area serviced by CBDC NORTIP, Norris Point to L'Ance aux Meadows and the White Bay Central region.
• Clients between the ages of 18 and 34 inclusive (applicants under 19 need a co- signature of an adult) may be new start-ups or expansion..
• Youth Loans have to be invested in the start up, expansion or modernization of a business. Clients must have majority ownership of the business.
• Most business sectors are eligible including retail and seasonal enterprises.
• The loan is intended as a long-term investment in the financing of any costs of the business including fixed assets, start up costs and working capital.
• The loan may be used as equity to attract other investors.
• Youth Loans cannot be used to purchase an existing business or to refinance existing debts or business restructuring.