About CBDC Hants-Kings
Mandate
We are a Community Business Development Corporation (CBDC) established in August 1988, and funded by Service Canada and Atlantic Canada Opportunities Agency. A non-profit, community based centre, we assist Hants and Kings County residents in the establishment of new and expansion of existing enterprises.
We are an independent body, employing full-time staff and governed by a ten member Board of Directors. In addition to having business experience in major sectors of our economy, the Directors represent the key geographical areas of both counties.
Purpose
Our purpose is to create and maintain private sector employment through providing counselling, technical, and financial assistance to qualified business projects. Specific programs to do so include CBDC loans, SEED loans, CYBF Loans, SIB loans, and self-employment assistance (Hants & Kings Self-Employment Benefit Programs).
Counselling Assistance
This is the most common type of assistance and is usually in the form of advice to the new entrepreneur, as well as the established business person. When particular problems arise, solutions and plans of action are specially designed to deal with them.
If while counselling the client it is determined that the services of other agencies are required, arrangements are made to obtain those services. In order to ensure a complete counselling program, every attempt is made to follow-up the initial call or visit.
Technical Assistance
CBDC Hants-Kings also assists in the preparation of complete business plans essential to the success of any business venture, including helping new and existing businesses in preparing loan and grant applications. The aim is to promote maximum client participation in the evaluation of a project so the client must agree to take an active part in his / her study.
Financial Assistance
The maximum amount of funding available to a borrower is $150,000 under the CBDC loan program, $20,000 under the SEED loan program, and $5,000 under the SIB loan program. The minimum interest rate for CBDC loans is eight percent, while SEED loans are set to two percent above the prevailing prime rate and SIB loans are interest free. A training allowance of $2,000 is also available to successful SEED applicants. Please note that SEED loans are available to start-up applicants only, except in the case of applicants under 35 years of age, who can also use the funds to expand or modernize their business. SIB loans are for "returning" students only. Last, but, not least, to qualify the proposed business project must satisfy certain criteria:
- The business must be based in Hants-Kings.
- The project must create employment for at least one Hants-Kings resident.
- Applicants should be providing adequate equity in the business project.
- Applicants requesting financial assistance must have exhausted other conventional sources of loans.
- The business proposal must be sound and viable in the market place.
The existence of any or all of the above criteria does not in itself guarantee approval by the Board of Directors.
CBDC Hants-Kings is also a community partner of the Canadian Youth Business Foundation and thus assists with local applications.
Self-Employment Benefit Assistance
The Self-Employment Benefit (SEB) Program is a tool designed to encourage an entrepreneurial spirit in unemployed persons. It is the form of income, counselling, training, and technical assistance. Service Canada funds the program and determines eligibility, referring local applicants to the CBDC Hants-Kings for assistance directly or indirectly via an external case manager.
Applicants complete their proposal, including a number of self-assessment tools and a summary of their business concept, with the assistance of an assigned business counsellor. The proposal is assessed and a recommendation made as to the proposal's viability. CBDC monitors and assists each individual throughout their participation in the program
