Business Innovation
Innovation Loan
This loan is to assist in the development of the knowledge-based economy in the adoption and commercialization of technology by rural businesses.

Advances in technology occur almost daily, and it's important for business owners to adapt to new methods and ways of producing their products and/or services if they wish to remain competitive in today's marketplace. Got an idea for a new to market product/service or an idea to modify an exiting product/service?

To help promote the development of the knowledge-based economy and aid in the adoption or commercialization of technology, the CBDC Labrador offers the CBDC Innovation Loan, which encourages business productivity and effectiveness in rural Atlantic Canada. New technologies may include existing methods that have been adapted or repurposed for commercial applications, as well as financing for new products or services, training, counselling as well as financial support.
We can provide up to $150,000 per eligible borrower, in the form of a repayable loan with competitive interest rates and repayment terms. Financing can be in the form of a term loan, demand loan, or a loan guarantee. Equity investment may also be considered.

The CBDC Innovation Loan can be used to finance any costs of the purchase of equipment, software, processes, licenses, and other items that are clearly identifiable as "new" technology that will enhance the business. Infrastructure, installation, and maintenance costs associated with the implementation and utilization of new technology are also included, and we can assist with the costs of training staff who will be working directly with the new technology as well.

Oftentimes change is a good thing, and adopting new technology is a way to keep up with potential competitors and ensure your company's reputation as a cutting edge business.

Rural based businesses that meet the following criteria are encouraged to apply for the CBDC Innovation Loan:

  • Business activities can include new and existing entrepreneurs;
  • The borrower and the business activity must be located in rural areas;
  • The business activity should demonstrate a reasonable expectation of economic viability, as well as job creation and/or maintenance. However, applications will be judged on the Borrower's commitment and dedication to the project as well as earning potential;
  • Year-round and seasonal businesses are acceptable.

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