BBN Labs — Better Business Network

Business Investment Program: Term Loan

Availability variesLoanChecked

This is a repayable term loan from Newfoundland and Labrador's Department of Jobs, Growth and Rural Development. Interest is set at the Bank of Canada rate plus 0.5%, so you pay back the principal plus interest.

Know a business owner this could help?
“Personal Net Worth Statement for all shareholders and key management personnel (loans only).”

From the official program page

At a glance

Maximum supportRepayable term loans at an interest rate equal to the Bank of Canada rate + 0.5% (the department's base rate has been cited at 2.45%; interest rates are subject to change). The official page does not list a maximum loan amount.
Issued byGovernment of Newfoundland and Labrador, Department of Industry, Energy and Technology
Administered byGovernment of Newfoundland and Labrador, Department of Jobs, Growth and Rural Development (JGRD)
RegionNewfoundland and Labrador

Subject to program rules, available funding, and approval. Confirm current details with the official program administrator.

Check if this program applies to you

Takes 2 minutes. You see the programs that may match your business. No account. No cost.

Take the 2-minute check →

Is this for you?

  • You are an SME in Newfoundland and Labrador with fewer than 100 employees and under $10 million in annual sales.
  • You operate in a strategic growth sector identified by JGRD or have a clear plan to enter or expand into export markets.
  • You need capital to complement conventional funding and can show you have the ability to complete your proposed project.

Probably not the right fit if

  • You are not based in or operating within Newfoundland and Labrador.
  • You are not in good standing with the Government of Newfoundland and Labrador.
  • You cannot demonstrate the ability to access the financial capital required to complete the project alongside this loan.

How much you'd realistically get

The official page does not list a maximum loan amount. Ask the program office before you apply.

What may be supported

  • Projects in strategic growth sectors identified by JGRD.
  • Initiatives to enter or expand into external export markets.
  • Capital base increases to leverage new private-sector investment.

How applying works

Effort: moderateYou must complete a fillable PDF application and demonstrate financial capacity and project viability to the Department of Jobs, Growth and Rural Development.

  1. 01Review the eligibility criteria to ensure you are an SME in a strategic sector or have export potential.
  2. 02Prepare your project proposal and financial documentation to demonstrate your ability to complete the work.
  3. 03Download and complete the 'Application for Commercial Programs' fillable PDF.
  4. 04Submit the completed application to the Department of Jobs, Growth and Rural Development.

Who to ask: Email: economicdevelopment@gov.nl.ca; Phone: 1.709.729.2480; P.O. Box 8700, St. John's, NL A1B 4J6

Documents commonly required

  • Completed 'Application for Commercial Programs' fillable PDF.
  • Project proposal detailing the work to be undertaken.
  • Financial documentation demonstrating the ability to access required capital.
  • Proof of good standing with the Government of Newfoundland and Labrador.

What to know before you count on it

  • This is a repayable loan, not a grant; you must pay back the principal plus interest.
  • Interest is charged at the Bank of Canada rate plus 0.5%, which is subject to change.
  • The official page does not list the loan term, the repayment schedule or the eligible cost categories. Ask the program office before you apply.

What are your odds?

Approval depends on showing that your business is in a strategic growth sector or has export potential, and that your project is financially sound. Approval is not guaranteed.

Frequently asked questions

What is the interest rate?

The interest rate is equal to the Bank of Canada rate plus 0.5%. The department's base rate has been cited at 2.45%, but interest rates are subject to change.

Is there a maximum loan amount?

The official page does not list a maximum loan amount. Ask the program office.

What costs are eligible?

The loan supports three kinds of projects: projects in strategic growth sectors named by the Department of Jobs, Growth and Rural Development (JGRD), projects to enter or grow in export markets, and projects that increase your capital base to attract new private investment. Ask the program office which specific costs it will pay for.

How do I apply?

Apply using the 'Application for Commercial Programs' fillable PDF and submit it to the Department of Jobs, Growth and Rural Development.

More funding by what it pays for

Funding for Export and New Markets

Grants and loans that may help pay for trade shows, research and translation.

Funding for Websites

Grants and loans to help you build or improve your business website.

Funding for Manufacturing

Grants and loans that may help pay for automation and productivity tools.

What you can combine it with

This loan is intended to complement conventional funding sources where a need has been demonstrated.

Related programs

Availability variesGrant

Business Growth Program

Up to $200,000

This program provides non-repayable contributions to help you start, innovate, or scale your business.

Checked

Worth reading before you apply

Get alerted when this changes

Programs open and close, budgets run out, rules change. We send one short email when something changes that matters for this program.

By subscribing you agree to receive program alerts from BBN Labs Inc. by email. Unsubscribe anytime with one click. It takes effect right away.

Page last updated ; status and deadline checked . Source: official program page.