The Government of Nova Scotia is committed to the growth and development of small businesses across the province. Funding programs have been established to help increase their competitiveness. The Business Development Program (BDP) helps to fund small businesses, entrepreneurs, and start-ups to grow their business.
BDP is a no-interest, provincial government loan program that covers 50% of all eligible business expansion costs, as well as an interest-free contribution that covers up to 75% of eligible costs for tasks such as staff training, efficiency studies, marketing, quality assurance, and environmental management systems.
Program Snapshots: Nova Scotia Business Development Program
The Business Development Program helps accelerate the growth and development of companies across Nova Scotia. The program provides government funding to offset the cost of third-party business consulting fees. Businesses can leverage expert advice to determine growth strategies through expanding their market presence, competitiveness, and productivity.
How Much Can You Get from the Business Development Program?
Eligible applicants may receive up to 50% costs that help their business grow into new markets, as well as an interest-free contribution to cover up to 75% of eligible costs for growing and training staff.
This program is administered through the Atlantic Canada Opportunities Agency (ACOA) with the goal of funding new business ideas to get them started and supported in the local region.
Who Is Eligible for the Business Development Program?
The Small Business Development Program supports most registered small businesses in Nova Scotia. To qualify for funding, applicants must fulfill the following criteria:
- Be a small and medium-sized enterprise (SME) business, a startup, or a non-profit business located in Nova Scotia;
- Be incorporated for over two years;
- Be profitable for the past two years as shown in your financial statements; and
- Be able to provide other relevant documents, such as your permits and licenses.
What Types of Projects Qualify for the Business Development Program?
The Nova Scotia Business Development Program supports the cost of strategic growth projects for businesses in their early stages, businesses that are growing their workforce, and non-profits that benefit businesses in the local area.
Funding Support for Startups and Entrepreneurs:
Eligible businesses that are approved for funding could receive up to 50% of the capital costs needed to help grow their business or to launch a new business.
Funding Support for SME Businesses
Established Nova Scotia SMEs that are approved for funding could get an interest-free loan contribution that can cover up to 75% of the costs for the following activities:
- Staff training;
- Efficiency studies;
- Marketing/trade activities;
- Productivity improvements;
- Quality assurance; and
- Environmental management systems.
Funding Support for Non-Profits the Help SMEs
This funding program supports non-profit organizations that will impact Atlantic Canadian small and medium-sized enterprises (SMEs). It funds projects so businesses can grow, become more competitive, and increase their productivity. Eligible non-profit organizations could receive support to help Atlantic SMEs with the following:
- Business counselling and advice;
- Training and specialized services;
- Networking opportunities;
- Research and development; and
- Technology transfer.
Apply For the Small Business Development Program
To apply for Nova Scotia small business grants, candidates must submit a comprehensive application to the Atlantic Canada Opportunities Agency (ACOA) with your eligible project or business idea to receive funding. If you believe your business may be eligible for funding through this program, consider applying for funding with the professional government loan and grant funding application team at Mentor Works. Save yourself time and money by giving your application the best chance at getting approved for funding.