Funding Sources
There are helpful financial incentives to doing business here in Truro Colchester.
Competitive business costs and Investment incentives
Truro Colchester offers more competitive business costs compared to other cities across North America and incentives to meet your particular needs. There has never been a better time to start or relocate a business here in Truro Colchester. Let’s explore which provincial and federal government incentives are available to best meet your needs. We support newcomers and their ambition. Our TCPEP team is very resourceful in finding sources for funding, investment capital, workforce support and exporting skills.
We do everything in our power to help our businesses flourish.
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
Loans for Clean Technology Businesses
Self-Employment Benefits for Startups
General Business Loans up to $225,000
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.
cua.com/Business/CommercialLending/ SmallBusinessFinancingProgram
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
canada.ca/en/atlantic-canada-opportunities.html
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.
peibioalliance.com/emergence-incubator
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.
perennia.ca/acceleratorprogram
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.
Invest Truro Colchester is a new fund that will be established in 2019 to help spur new ideas and grow businesses in the region. Funds are provided by local business people in the community who want to help our community thrive.
Growth Works Atlantic Venture Fund supports growth of the economy in Atlantic Canada through investment in private tech companies in the region.
growthworks.ca/atlantic-venture-fund/ atlantic-venture-fund
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 program provides entrepreneurial support and financial assistance to LMDA (Labour Market Development Agreement) eligible, unemployed participants starting their own business.
Entrepreneurial support may include orientation, information sessions and/or workshops, coaching, mentoring, 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 visit a Nova Scotia Works Centre in your local area who will advise you on your options and help you with your Self-Employment application process.
Atlantic Canada Opportunities Agency provides resources for business in market exports.
canada.ca/en/atlantic-canada-opportunities.html
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.
novascotiabusiness.com/export/programs-services/export-growth-program
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.
international.gc.ca/gac-amc/index. aspx?lang=eng
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.
innovacorp.ca/acceleration-initiatives/early- stage-commercialization-fund
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.
nrc.canada.ca/en/support-technology- innovation/about-nrc-industrial-research- assistance-program
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.
nserc-crsng.gc.ca/Professors-Professeurs/RPP-PP/ Engage-Engagement_eng.asp
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.
Looking to recruit the ideal new employee for
a tough-to-fill role?
Truro Colchester has an expert who can help with that … for free.
Meet Erin Barclay, Employer Engagement Specialist with FutureWorx’s Nova Scotia Works Centres.
Futureworx is a non-profit community-based organization that helps people find training employment while also supporting employers.
“I’m here to support the needs of local employers, primarily around their workforce development strategies,” says Barclay. “I also help them with job advertising and promotion, recruitment, retention, job fairs, career expos, and wage subsidy applications. All of these services are free!”
Barclay says understanding the needs of the local employer community is “a cornerstone” of Futureworx’s operations.
“Whether that means tailoring our services to meet a specific employers needs, collaborating with industry sectors on growth initiatives,
or supporting recruitment and retention, engagement with employers is a top priority.”
For more information on Futureworx’s initiatives, projects, and services
— or to discuss a new partnership potential — visit futureworx.ca or
call (902) 843-4290.
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.
novascotia.ca/programs/workplace-innovation- productivity-skills-incentive
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.
novascotia.ca/programs/graduate-to-opportunity
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.
novascotia.ca/programs/co-op-education- incentive
The Student Summer Skills Incentive (SKILL) offers wage assistance to non-profit organizations that hire post-secondary students for summer jobs.
novascotia.ca/programs/student-summer- skills-incentive
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.
