July 2022 update:

The amendments to the Canada Small Business Financing Regulations and Canada Small Business Financing Act came into force on July 4, 2022. They provide lenders and small businesses with additional financing products, new class of loans, increased loan amounts and terms, improved loan conditions and decreased administrative burden. Financial institutions are currently in the process of rolling out these changes to start offering all of the enhanced features shortly.

The Canada Small Business Financing Program makes it easier for small businesses to get loans from financial institutions by sharing the risk with lenders.

Term loans can be used to finance the following costs:

• purchase or improvement of land or buildings used for commercial purposes
• purchase or improvement of new or used equipment
• purchase of new or existing leasehold improvements, that is, renovations to a leased property by a tenant
• intangible assets and working capital costs

Lines of credit can be used to pay for working capital costs, that is, day-to-day operating expenses of the business.

The maximum loan amount for any one borrower is $1.15 million.

Contact your nearest lending agency, or agency of choice to learn more:

Credit Unions

East Coast Credit Union Limited
1168 East Margaree Road
Margaree NS

St. Joseph’s Credit Union
3552 Highway 206
Petit De Grat NS

New Waterford Credit Union
3462 Plummer Avenue
New Waterford NS

Sydney Credit Union
95 Townsend Street P.O. Box 1386
Sydney NS

Bank of Montreal
37 Union Street
Glace Bay NS

Bank of Nova Scotia

765 Main Street
Sydney Mines NS

299 Commercial Street P.O. Box 40
North Sydney Ns

125 Commercial Street
Glace Bay NS

634 Reeves Street Unit 18
Port Hawkesbury NS

Canadian Imperial Bank of Commerce

11 Keltic Drive
Sydney River NS

15 Dorchester St.
Sydney NS

Toronto Dominion Bank

292 Charlotte Street
Sydney NS