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Immigrant business loan pilot program to be launched in Cape Breton

Jan. 5, 2021 - In cases where the processing time exceeds expected processing times, an applicant can regularly and easily check their application status online. If they don’t see an update, they can contact IRCC using the Web form.
An immigrant loan pilot program is now available to those without permanent residence who wish to start a business in Cape Breton. STOCK IMAGE
SYDNEY, N.S. —

An immigrant loan pilot program is now available to those without permanent residence who wish to start a business in Cape Breton.

The Coastal Business CBDC program will provide access to capital and advisory assistance beginning with $250,000 in available funding and loans of up to $20,000 to those planning to start a business.

“Immigration is critical to growing the economy of Cape Breton,” said Patricia MacNeil, executive director of Coastal Business, in a news release.

“Supporting newcomers to start and build businesses is one way to encourage immigrants to settle here, which will lead to increased population and job creation.”

Loans will be available to applicants 19 and older who do not yet have permanent residence status. Proceeds can be used to finance business costs including fixed assets, startup costs and working capital. Recipients will also be given advisory services, training seminars and consulting services through the program.

As part of these efforts to encourage more current international students and recent graduates to remain in Cape Breton, Cape Breton University and Coastal Business will sign a memorandum of understanding to facilitate creativity, growth and innovation.

Through this agreement, information on the loan pilot program will be made readily available to temporary residents looking to settle down in Cape Breton communities.

“At Cape Breton University, we are proud of the work we do to bring international students to Cape Breton and welcome them into our communities,” said David Dingwall, CBU president, in the release.

“This pilot project will allow more of our students, graduates and their family members to remain here in Cape Breton, starting and growing businesses that will contribute to the sustainability of the Island.”

Visit https://www.cbdc.ca/en/programs/immigrant-loan-program-pilot-project to learn more or to apply for a loan.

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