Micro-Loan Program

Under the Micro-Loan Program, women+ entrepreneurs from across Unama'ki - Cape Breton will be eligible to apply for a loan of up to $10,000. The Micro-Loan Program is made possible by the partnership and participation of the Cape Breton Partnership, Sydney Credit Union, East Coast Credit Union, Cape Breton Regional Chamber of Commerce, Strait Area Chamber of Commerce, Centre for Women in Business, and Centre for Entrepreneurship Education and Development.

In 2018, the Cape Breton Partnership undertook two research studies regarding women in entrepreneurship in Unama’ki – Cape Breton and the barriers to success they face. In partnership with Status of Women Canada and the Province of Nova Scotia, extensive research was conducted across the Island, culminating in two reports, Barriers to Indigenous Female Entrepreneurs in Cape Breton – Unama’ki & Enhancing Entrepreneurial Supports for Women Living and Working in Cape Breton.

As a result of the findings of these reports, the Cape Breton Partnership has partnered with the Sydney Credit Union and East Coast Credit Union to offer the Micro-Loan Program, supporting women+ entrepreneurs in Unama’ki – Cape Breton.

About the Micro-Loan Program

Under the Micro-Loan Program, women+ entrepreneurs from across Unama’ki – Cape Breton will be eligible to apply for a loan of up to $10,000 offered at a prime rate with zero percent interest and no payments for the first six months.

Participants in the program are also able to boost their entrepreneurial journey with access to services thanks to our committed Benefits Partners to the Micro-Loan Program, including:

A one-year membership with either the Cape Breton Regional Chamber of Commerce or Strait Area Chamber of Commerce;
A one-year membership with the Centre for Women in Business; and
Free access to Centre for Entrepreneurship Education and Development programming for the Leveling It Up Program, Incubator Progr am, and Accelerator Program.

Learn More About the Program

The Micro-Loan Program is intended to support women+ entrepreneurs and is designed to remove barriers to entrepreneurship for underrepresented gender identities, including women, transgender individuals, non-binary individuals, Two-Spirit individuals, and others who are marginalized on the basis of gender.

The Micro-Loan Program is a collaborative effort to support women+ entrepreneurs who experience barriers to entrepreneurship on the basis of gender.

The Micro-Loan Program is made possible by the partnership and participation of the Cape Breton Partnership, Sydney Credit Union, East Coast Credit Union, Cape Breton Regional Chamber of Commerce, Strait Area Chamber of Commerce, Centre for Women in Business, and Centre for Entrepreneurship Education and Development.

The Micro-Loan Program is designed to support women+ experiencing barriers to entrepreneurship.

In using language referencing “women+”, our intention is to recognize that the Micro-Loan Program welcomes interest from cis women, Two-Spirit individuals, trans and non-binary people, and others who are marginalized on the basis of gender. We welcome allies to join us in centering the voices of those whose gender identities are underrepresented in entrepreneurship.

Our purpose in providing this reference is to centre the conversation around those who are facing gender-based barriers to entrepreneurship in Unama’ki – Cape Breton, and assist in the removal of those barriers while contributing to their entrepreneurial journey.

If you are unsure if this program is for you, or if you apply to the program and are ineligible to participate, please contact the Cape Breton Partnership and we’d be happy to explore other supports and resources to help you pursue your entrepreneurial journey!

Once your expression of interest has been submitted through the below form, the Cape Breton Partnership team will then reach out to explore your next steps, including filling out an intake form to capture information on demographics, financials, business planning, and more. This will all help determine if the Micro-Loan Program is a fit for your new or existing business, or if there is another resource that we can help connect you with.

Each application will be evaluated and considered on a case-by-case basis and will use the applicable Credit Union’s existing adjudication and due diligence process in making decisions to grant loans.

For applicants who participate in the Micro-Loan Program, all financial aspects of the loan are then managed by either the Sydney Credit Union or East Coast Credit Union, and the Cape Breton Partnership will provide access to mentors, programs, and additional resources that participating entrepreneurs may require such as business planning, support for export, immigration, and economic research. Participants will also commit to submitting monthly status reports to the Cape Breton Partnership.

All participants in the Micro-Loan Program will also be able to take advantage of valuable services from the Program’s Benefits Partners with the Cape Breton Regional Chamber of Commerce, Strait Area Chamber of Commerce, & Centre for Women in Business, and Centre for Entrepreneurship Education and Development.

Apply Today

Please complete the information below to express interest in the Micro-Loan Program and a representative of our team will reach out to explore next steps!

Name *

First

Last

Pronouns

A pronoun is a word that substitutes for a noun; in this case, a word that substitutes for your name. We want to know how to refer to you when we don’t use your first name, please include all pronouns you wish to make known to us for you.

Phone Number *

Email *

Where is your business located? *

Are you exploring: *

A New Business
An Expansion of your Existing Business and/or Service

Business Name

(e.g., Jane’s T-shirt Printing Shop in Annapolis Royal)

Business Location

(e.g., Sydney River; Ingonish; St. Peter’s; etc.)

Describe your business idea. Include the products and/or services you plan to offer. *

(e.g., “I want to establish a t-shirt printing press that prints customized local designs for fashion-conscious customers between 15-25 years.”)

Expected Loan Amount *

Please enter the amount (up to $10,000) you are expecting you would need for this micro-loan.

The information provided in this application, as well as in follow up communications and applications through the Micro-Loan Program, may be shared with the Program Partners and Benefits Partners with the Sydney Credit Union, East Coast Credit Union, Cape Breton Regional Chamber of Commerce, Strait Area Chamber of Commerce, Centre for Women in Business, and Centre for Entrepreneurship Education and Development. *

I understand that any information I share through the Micro-Loan Program may be shared with Program Partners and Benefits Partners.

This information will be kept confidential by the noted partners, and will not be shared with external parties.

Comment

If you have any questions, or would like to receive an off-line version of the application, please contact Lan Zheng, Economic Development Officer, at lan@capebretonpartnership.com.

Local Unama’ki – Cape Breton entrepreneurs are also encouraged to visit EntrepreneurCB.com for further resources and supports!

This project is made possible by the Cape Breton Partnership’s collaboration with the Sydney Credit Union, East Coast Credit Union, Cape Breton Regional Chamber of Commerce, Strait Area Chamber of Commerce, & Centre for Women in Business, and Centre for Entrepreneurship Education and Development as well as Unama’ki – Cape Breton’s First Nation and Municipal partners through both the Cape Breton Regional Enterprise Network and the CBRM Regional Enterprise Network.