CBDC Innovation Loan
Get up to $150,000 in repayable financing to modernize your rural Atlantic Canadian business with new technology. Terms are set by your local CBDC.
“CBDC offers up to $150,000* per qualified borrower.”
From the official program page
Before you spend any money
The official page does not list when or how the loan money is paid out. Ask your local CBDC before you apply.
At a glance
Subject to program rules, available funding, and approval. Confirm current details with the official program administrator.
Is this for you?
- You run a business in a rural area of Atlantic Canada.
- You need capital to buy new technology, software, or equipment that improves your productivity.
- You are an entrepreneur with a realistic plan for economic success.
Probably not the right fit if
- Your business is located in an urban center or outside of Atlantic Canada.
- You are looking for a grant or free money since this is a repayable loan.
- You cannot show a clear plan for how the technology will help your business or support jobs.
How much you'd realistically get
Up to $150,000 per qualified borrower, though some CBDCs may offer financing above this cap in certain situations.
What may be supported
- Purchase of new equipment, software, or processes.
- Infrastructure, installation, and maintenance costs for new technology.
- Training staff to work with new technology.
- Development of new products or services.
How applying works
Effort: moderateYou must contact your local CBDC for a consultation and arrange financing through them.
- 01Identify your local Community Business Development Corporation (CBDC) via https://cbdc.ca/locations/.
- 02Contact your local CBDC office to schedule a consultation.
- 03Prepare a proposal demonstrating how the new technology will enhance your business and maintain/create employment.
- 04Submit your application and financing arrangement through the local CBDC.
- 05Ask your CBDC advisor about the interest rate, repayment terms, and when the money is paid out.
Who to ask: Contact your local CBDC office through https://cbdc.ca/locations/ or https://cbdc.ca/contact/.
Documents commonly required
- Business plan or proposal detailing the new technology adoption.
- Proof of rural location for both the business and the borrower.
- Financial statements demonstrating economic viability.
- Details on how the technology will enhance productivity or create/maintain employment.
What to know before you count on it
- This is a repayable loan with competitive interest rates and repayment terms.
- Both the business and the borrower must be located in rural areas.
- Funding is contingent on the business having realistic prospects of economic viability and a commitment to employment creation or maintenance.
- The official page does not list interest rates or repayment terms. Ask your local CBDC before you apply.
What are your odds?
Approval depends on the economic viability of your project and your commitment to the community; confirm specific criteria with your local CBDC.
Frequently asked questions
Is this money a grant or a loan?
It is a repayable loan. Options include term loans, demand loans, loan guarantees, or equity investments.
What is the interest rate?
The program offers competitive interest rates. The official page does not list the rates. Ask your local CBDC before you apply.
Can I use this for staff training?
Yes, costs of training staff who will work directly with the new technology are eligible.
Do I have to be in a rural area?
Yes, both the business and the borrower must be located in rural areas of Atlantic Canada.
More funding by what it pays for
Funding for Automation
Loans and grants to help you automate business workflows and tasks.
Funding for Cybersecurity
Some digital grants and technology loans may help pay for cybersecurity measures.
Funding for Training
Grants to help you train staff and adopt new digital tools.
Funding for Websites
Grants and loans to help you build or improve your business website.
What you can combine it with
Related programs include the CBDC General Business Loan, First-Time Entrepreneur Loan, and Youth Loan.
Related programs
ACOA Regional Economic Growth through Innovation: Business Scale-up and Productivity
ACOA provides interest-free repayable contributions to help Atlantic Canadian businesses expand operations and adopt new technology.
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Canada Small Business Financing Program
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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.
Page last updated ; status and deadline checked . Source: official program page.