Young entrepreneurs can access capital for business start-up, expansion, or modernization.
The Youth Loan is available as a repayable loan with competitive interest rates and repayment terms. We can also help young entrepreneurs cover the cost of business management and other training to make sure that your business venture gets off on the right track.
Do you qualify?
As with all loan programs, CBDC Blue Water has certain criteria that must be met for you to qualify for the Youth Loan Program:
- Must be between the ages 18-34.
- Eligible for business start-up, modernization, or expansion.
- Seasonal and year-round businesses qualify.
- Loans may be for a variety of business expenses: start-up costs, fixed assets and/or working capital.
- Leasehold improvements and franchise purchases also qualify.
- May be used to acquire assets of a previous business, so long as the transaction is at arm’s length and the business assets are bought at or below current market value.
- Eligible borrowers may be a sole proprietorship, a limited company or a partnership (majority of the care and control must reside with the new entrepreneur).
- The intended business operations must not have a negative impact on existing area businesses.
- The borrower’s business should have a reasonable expectation of economic viability, as well as employment creation and/or maintenance in their community.