CBDCs recognize the role that newcomers play in economic development, and even more so, the opportunity for such roles in rural Newfoundland & Labrador. Our Newcomer Loan Program is designed to provide financing to those who would otherwise not receive support because of their resident status.

The program would offer repayable loans of up to $20,000 for newcomers to create a start-up or purchase an existing business in Newfoundland & Labrador. Eligibility would be for individuals 19 and older who do not have permanent resident status, with all sectors being eligible as well as all communities in Newfoundland & Labrador.

All loans are repayable and offer competitive repayment terms and costs of borrowing.