Province Supports Small Businesses with Expanded Credit Union Loan Program
Small businesses across the province will now have access to larger loans, with more time to pay them back, through the Credit Union Small Business Loan Program.
These and other changes to the program announced today, Sept. 30, will better address financing concerns for contractors and other qualifying small businesses, including those in the Strait area.
"We need to do all we can to help ensure a more prosperous future for the people and businesses of the Strait area," said Premier Darrell Dexter. "These changes will give businesses, in Port Hawkesbury and across the province, the resources and time they need to grow stronger."
Amendments to the program increase the maximum loan amount from $150,000 to $500,000, and extend the amortization from seven to 10 years. The province is also offering an initial guarantee of 90 per cent, up from 75 per cent, for commercially viable, perceived higher-risk sectors.
The Credit Union Small Business Loan Program is a partnership between the province, the Nova Scotia Co-operative Council and local credit unions. It is highly successful, supports important businesses in Nova Scotia, and contributes to job growth and economic prosperity.
"These enhancements to our business financing programs will allow local credit unions to meet their business members' financing needs on a larger scale, as they pursue growth opportunities, create jobs and stimulate economic activity in all areas across the province," said Dianne Kelderman, president and CEO of the Nova Scotia Co-operative Council.
The province recently increased the total amount available under the program by $5 million, to $25 million. The planned changes were announced earlier this month as part of the 7-point Woodlands Plan, but the loan program is available to small businesses in all industries throughout the province.
For more information, or to find a participating credit union branch, go to www.nsco-opcouncil.ca or www.ns-credit-unions.com .