Funding for Business

Support in Truro Colchester

Building a business is much easier when you have access to proper support — whether that’s funding to help you secure inventory, workforce assistance to help you grow a talented team, or expert advice on the best practices for manufacturing or exporting.

Here in Truro Colchester, we want to make sure our entrepreneurs feel supported in their ventures. Our TCPEP team works diligently to round up sources for business funding, venture capital, research funding, workforce support and exporting funding.

In addition to the information and links below, connect with our Business Development Officer, Jason Steele, to discuss your business needs.  Jason is familiar with the programs below and can help you navigate the right program(s) for your business.

Northern Opportunities for Business Ltd. is our local Community Business Development Corporation (CBDC) co-located with the Truro and Colchester Partnership for Economic Prosperity. They offer a variety of funding for start-ups and access to training programs, and loan investment decisions are made locally by business volunteers.

  • Micro-Loans under $10,000
  • General Business Loans up to $225,000
  • Self-Employment Benefits for Startups

The Credit Union Small Business Loan Guarantee Program provides financing up to $500,000 in the form of term loans, working capital and lines of credit.

The Black Business Initiative provides financing for capital equipment acquisition, working capital, or short-term receivable financing.

The Atlantic Canada Opportunities Agency (ACOA) is also co-located with the Truro and Colchester Partnership for Economic Prosperity. They have a variety of programs including:

  • The Atlantic Innovation Fund
  • Business Development Program
  • Sector Export Strategies
  • Young Entrepreneur Development Initiative
  • Women in Business Initiative

Ulnooweg Loans (First Nations) provides business start-up loans for First Nations people.

Emergence serves high-potential agri-food and life sciences companies while also providing a “soft landing” for innovative international bioscience ventures seeking to start-up or establish themselves in, or expand into, Canada.

Perennia’s N.S. Agri-food Accelerator Program supports the food safety/market access and product development needs of Nova Scotia-based agriculture producers and agri-food and beverage processors.

Futurpreneur is a national charity that helps young Canadians, age 18-39, start and sustain their own successful business by providing loans up to $45,000.

Business Development Bank of Canada (BDC) is the only Canadian bank devoted exclusively to entrepreneurs. BDC supports small and medium-sized businesses in all industries and at every stage of growth with money and advice.

Growth Works Atlantic Venture Fund supports growth of the economy in Atlantic Canada through investment in private tech companies in the region.

Nova Scotia Business Inc. working towards a strong, thriving and globally competitive Nova Scotia through attracting global investment to create new jobs across the province and working with companies in all communities to be more successful exporters.

The Self Employment Benefits (SEB) program provides entrepreneurial support and financial assistance to eligible, unemployed participants starting their own business.  Entrepreneurial support includes orientation, information sessions and/or workshops, and access to specific business implementation training to enable participants to develop and implement their business plans.

If you are interested in this program, the first step is to visit the local Nova Scotia Works Centre. They will advise you on your options and help you with your Self-Employment application process. In Truro, the Nova Scotia Works office is located at 42 Inglis Place (next to the Tim Horton’s) Tel (902) 893-6859. In Tatamagouche, it’s located in the Business Centre at 229 Main Street, Tel (902) 657-0180 (call for office hours). Once your eligibility is confirmed, you will be referred to CBDC-NOBL for an orientation session.

Atlantic Canada Opportunities Agency provides resources for business in market exports.

Nova Scotia Business Inc.’s Export Growth Program supports businesses looking to increase their export sales outside of Nova Scotia by providing financial incentives for projects that assist a business’ ability to overcome barriers to export growth.

Export Development Canada provides bonding, insurance, and financing solutions for Canadian companies, as well as financing for foreign companies.

Foreign Affairs and International Trade Canada (DFAIT) works with Export USA, runs the Centre of Intercultural Learning (CIL), global trade missions, and a number of export development programs.

Canadian Manufacturers & Exporters (CME) advocates for manufacturers and exporters, builds a more competitive business environment, provides critical and timely intelligence, strengthens leadership through best practices, and leverages networks for success.

Learnsphere provides export development and commercialization consulting funding.

Innovacorp’s Early Stage Commercialization Fund helps move Nova Scotia university, college, and university-affiliated hospital research to market.

Mitacs Inc. provides funding for research when your business would benefit from teaming up with a university Masters, PhD or Postdoctoral Fellow for research collaborations.

Industrial Research Assistance Program (IRAP) supports small- and medium-sized businesses in Canada (500 or fewer employees) that are incorporated, profit-oriented, and building innovation technology-driven new or innovative products, services or processes.

Engage Grants from the Natural Sciences and Engineering Research Council of Canada (NSERC) can provide up to $25,000 for up to six months for a company to solve specific problems with technical merit, industrial relevance and potential for innovative impact with a benefit to Canada economically, socially and environmentally.

Springboard Atlantic’s Innovation Mobilization (IM) Program provides service to all Springboard members, supporting industry engagement and advancing ideas. Funding categories include Industry Engagement, Proof of Concept, Patent and Legs, and Marketing Support.

The Workplace Innovation and Productivity Skills Incentive (WIPSI) supplements employer contributions to train full-time staff (permanently located in Nova Scotia) to improve productivity and profitability, increase innovation, adapt to new technology, machinery and equipment, or work processes, increase inter-provincial and international competitiveness, and foster workplace diversity.

Graduate to Opportunity (GTO) is helping to build a stronger workforce and retain young people in Nova Scotia with a salary incentive that makes it easier to hire recent graduates. Employers receive 25% of the first year’s salary — 35% if the new graduate is a member of designated diversity group — and 12.5% of the second year’s salary.

The Co-op Education Incentive (CO-OP) provides wage assistance to organizations that offer career-related work experiences for university and college co-operative students.

The Student Summer Skills Incentive (SKILL) offers wage assistance to non-profit organizations that hire post-secondary students for summer jobs.

Venture for Canada is a not-for-profit that recruits, trains and supports top recent graduates to work at Canadian startups in need of talent, with the mission of fostering entrepreneurship. Fellows spend two years working at one of our partner startups, where they gain the skills, network and experience necessary to launch their own firms and/or lead entrepreneurial careers.

The Connector Program, delivered locally, helps businesses network and connect with new graduates and newcomers. It’s a great way for companies to grow their network with university and college students.

Employer Engagement SpecialistFutureworx is a non-profit community-based organization that helps people find training employment while also supporting employers. Connect with Erin Barclay to discuss your recruitment needs.