Social Enterprise Loan
Social enterprise development has always been one of the primary objectives of the CBDCs. Central to strong and sustainable community development is the creation of active and vibrant rural communities where people can live, work, and enjoy social activities right where they live. CBDC Blue Water is proud to support the development and growth of Social Enterprises by helping to arrange loans and financing and by providing access to other business development services and resources.
What is a Social Enterprise?
A Social Enterprise is a business or organization that produces and/or sells goods and services to generate income to support and sustain social and community development goals. A social enterprise may take a variety of forms: a non-profit organization, a cooperative or a membership organization. They are defined by their entrepreneurial spirit: the production of goods/services and revenue generation beyond that coming from public grants.
How we can help?
CBDC Blue Water’s Social Enterprise Loan is available to non-profits, including charities, cooperatives, or societies in need of business support (in the form of a loan or loan guarantee). Financing will be used to buy assets, renovate existing ones or to expand a social enterprise. CBDC Social Enterprise Loans are specifically intended to provide financial support for revenue generating business operations of officially registered non-profit organizations.
The loans can be up to $150,000 per eligible applicant. Loans are repayable with competitive interest rates and repayment terms.
The Social Enterprise Loan may be used to purchase machinery, equipment or other items necessary for continued business operations.
Loan amortizations of up to ten years are available. This is based on the life expectancy of the asset(s) the Social Enterprise is using the funds to acquire.
Do you qualify?
If your Social Enterprise meets the following guidelines, then the CBDC Social Enterprise Loan may be for you.
- Both new and existing Social Enterprise businesses are eligible to apply for this loan.
- The Social Enterprise may be seasonal or year-round.
- The Social Enterprise and its operations must be located in rural areas of HRM.
- Loans may be used to Start-up a new Social Enterprise or to expand, renovate, or upgrade of an existing one.
- The Social Enterprise’s business operations should provide a realistic expectation of economic viability, ensure sound business practices, and facilitate job creation and maintenance in your community.