The Board of Directors of South Shore Opportunities are volunteer business people from the community that comprise this local, community owned, Community Business Development Corporation (CBDC).  The Board of Directors understands the difficulties the COVID-19 pandemic has caused businesses in our communities.  As a result, South Shore Opportunities is using some of this local, grassroots  not for profit’s  investment fund to make available RIGHT NOW Emergency Working Capital to help provide relief for the impact  our community is  encountering as a result of this crisis.

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. 

South Shore Opportunities Community Business Development Corporation is pleased to provide this new working capital loan product throughout Queens County and Lunenburg County, Nova Scotia.  It is an emergency measure with terms outside the organization’s normal lending practices as South Shore Opportunities Community Business Development Corporation attempts to assist businesses in the community severely impacted by the Covid-19 pandemic.

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  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 and have its primary place of operations in Queens County and Lunenburg County, Nova Scotia. 

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.

Interest Rate:   Interest free for 3 months, then charter bank prime + 2% per annum (after 3 months interest free), fixed for one year term followed by annual interest rate renewal terms for the amortization of the loan.

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. Amortization period is 3 years from 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 previous fiscal year.

In-house, interim financial statements for current fiscal year.

Personal OR Corporation income tax Assessment for 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

For more information on the RIGHT NOW Emergency Working Capital Program or to apply, please email sso@cbdc.ca  with the subject RIGHT NOW  to contact South Shore Opportunities Community Business Development Corporation to begin the loan application process.

Please note: this program is only available in Queens County and Lunenburg County, 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.