
CBDC NORTIP offers financial assistance in the form of fully repayable small business loans to organizations wanting to start or expand a small business. .
Funding from the CORPORATION can be used to start a new business that will create and maintain permanent employment. NORTIP's loans can also be used to purchase, refinance, expand or modernize an existing business.
The criteria for loan guarantees is the same as for a term loan with the following exceptions:-
The Corporation will only guarantee a chartered bank's authorized line of credit, or overdraft protection to the approved limit established by the Board of Directors.
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The loan guarantee will be made only for a specific period of time, usually one to five years.
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The Corporation will charge an administration fee of 5% per year for the guarantee.
