CBDC Newcomer Loan Program
Get up to $20,000 in repayable financing to launch or buy a business in Newfoundland and Labrador. This loan is designed for newcomers who cannot access other funding due to residency status, with terms up to 10 years.
“The program offers repayable loans of up to $20,000 for newcomers to start a new business or purchase an existing business in Newfoundland and Labrador.”
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 office 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 are a newcomer to Canada without permanent resident status and need capital to start or buy a business in Newfoundland and Labrador.
- You need $20,000 or less and are comfortable managing repayments over a term of up to 10 years.
- You are open to engaging with CBDC training and counselling as part of the application process.
Probably not the right fit if
- You already have permanent resident status or citizenship, since this program is specifically for those who cannot access other support due to residency.
- You are located outside of Newfoundland and Labrador, as this funding is restricted to that province.
- You need more than $20,000, because the loan limit for this program is $20,000.
How much you'd realistically get
Up to $20,000.
What may be supported
- Starting a new restaurant, retail store, salon, clinic, or contracting business.
- Purchasing an existing small business in Newfoundland and Labrador.
- Covering initial equipment or inventory costs for a new venture.
How applying works
Effort: moderateYou must contact a local CBDC office and likely participate in training and counselling sessions before or during the application process.
- 01Contact your local CBDC office in Newfoundland and Labrador to discuss your eligibility.
- 02Prepare your business plan and financial projections for the new or existing business.
- 03Participate in the required training and counselling sessions provided by CBDC.
- 04Submit your application through the local CBDC office.
- 05Confirm the interest rate and repayment schedule before signing the loan agreement.
Who to ask: Contact a local CBDC office in Newfoundland and Labrador, or call the general CBDC line at 1-888-303-2232.
Documents commonly required
- Proof of identity and residency status in Canada.
- Business plan for the new or existing business.
- Financial projections or personal financial statements.
- Details of the business purchase or startup costs.
What to know before you count on it
- This is a repayable loan, not a grant, and you must repay the principal plus interest.
- The official page does not list the interest rate. Ask your local CBDC office for the exact rate before you apply.
- The official page does not say if you need collateral. Ask your local CBDC office before you apply.
- You must be ineligible for other support due to your residency status to qualify.
What are your odds?
Approval depends on your business plan and ability to repay; confirm specific eligibility criteria with your local CBDC office.
Frequently asked questions
Is the interest rate fixed or variable?
Ask your local CBDC office whether the rate is fixed or variable, and confirm the rate and repayment schedule before you sign the loan agreement.
Do I need collateral?
Ask your local CBDC office whether you need collateral before you apply.
Can I use this loan for any business type?
All sectors are eligible, provided you are starting a new business or purchasing an existing one in Newfoundland and Labrador.
More funding by what it pays for
What you can combine it with
This program is for people who cannot get other support. Ask CBDC if you can combine it with other programs for newcomers.
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.