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CBDC NORTIP: Small to Medium Business Financial Assistance


CBDC NORTIP offers individuals, under the age of 35, small business start-up and expansion financing to a maximum of $20,000. 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 assistance in that it provides financing in the form of fully repayable loans for clients who intend to start their own business.

Financial Assistance

  • The CBDC Youth Loan offers financing up to a maximum of $20,000 in fully repayable loans.
  • CBDC Youth Loan offers low security loans to invest into a business.
  • Equity is not necessarily required for a CBDC Youth Loan.
  • The interest rate on CBDC Youth Loans range from prime + 2% to +4%
  • The maximum repayment term is seven years.
  • The interest rate and repayment terms are flexible due to the nature and circumstances of the businesses.
  • The payment schedule is tailored to the needs of the young entrepreneur, periods of interest only can be included in the schedule to offset months that have low cash flow.
  • Clients may be able to access business training up to a maximum of $2,000.
CBDC 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.
  • CBDC 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 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.
  • CBDC Youth Loans cannot be used to refinance existing debts or business restructuring.