Right Now - Emergency Working Capital Loan Program
Community Business Development Corporations (CBDCs) understand the difficulties the COVID-19 pandemic has caused businesses in our communities. As a result, CBDCs are providing Small Businesses with much need relief through the Right Now Emergency Working Capital Loan Program.
Small business owners impacted by the COVID-19 pandemic can apply for working capital loans up to $25,000 through the RIGHT NOW Emergency Working Capital Program.
Examples of eligible small businesses include restaurants, seasonal tourism operators, service sectors, and self-employed business owners impacted directly by the pandemic.
Businesses will not be required to pay interest for the first three months. Interest payments will be required in months 4-12. Principal and interest payments will begin in month 13.
Small business owners should first (1) speak to their Financial Institution regarding options, (2) look for federal programs (3) and put cash flow projections together for 3 months to assess Working Capital needs.
General Details:
- For existing small businesses engaged in commercial enterprises employing 1 to 49 employees, with sales for the most recent fiscal year of less than $10 million.
- For businesses which have experienced adverse effects on or after March 15, 2020, as a result of the COVID-19 pandemic and have a reasonable plan or prospect to remain viable after the pandemic. The business must have suffered a significant decrease in sales on or after March 15, 2020, compared to historical sales.
- Available to an existing corporation, proprietorship, partnership that has a financial history for at least 12 months.
- The business must have a statement of business earnings (sole proprietor, partnership, corporation) for the previous fiscal year.
- Applicant must have been in good standing and current with their financial institutions, and government remittances prior to the COVID-19 crisis, and the owners/shareholders must have good personal credit.
- Application Fee: No application fee.
Loan Amortization – Businesses will not be required to pay interest for the first three months. Interest payments will be required in months 4-12. Principal and interest payments will begin in month 13. The amortization period is 3 years from the start of month 13.
Security - Promissory note, personal obligation and other security when applicable.
Right Now Loan Application Requirements:
- Completed and signed “RIGHT NOW LOAN” loan application
- Completed and signed Net Worth Statement.
- Financial statements/ Statement Self Employment Earnings for the previous fiscal year.
- In-house, interim financial statements for the current fiscal year.
- Personal OR Corporation income tax Assessment for the last 1 year, whichever is appropriate.
- Business HST assessment most recent quarter if applicable.
- Business payroll assessment most recent quarter if applicable.
- Demonstrate a significant reduction in sales
Please click on the link below to select your CBDC to start your application.
Nova Scotia
Please note: We are currently experiencing a higher than usual number of inquiries and loan applications, which could lead to longer than normal wait times. If you have received an email notification, that is confirmation we have received your application and are working on your request. Rest assured a South Shore Opportunities Community Business Development Corporation representative will contact you soon. Thank you for your cooperation and understanding.