Canada:
New Brunswick Programs | COVID-19: Funding And Financial Relief Programs For Startups And Small Businesses
24 June 2020
Norton Rose Fulbright Canada LLP
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A detailed table outlining the various programs available in New
Brunswick are listed below. If you would like to discuss your
eligibility for any of these programs, please do not hesitate to
contact a member of our team.
Atlantic Canada Opportunities Agency (ACOA)'s Atlantic
Innovation Fund
Description |
Eligibility |
Application details |
- The AIF helps Atlantic Canadians
develop and bring to market new products and services that lead to
market success, help grow strategic sectors, or lead to the
creation of research and commercialization partnerships. To find
out more, including who can apply and how much assistance is
available, please see our Frequently Asked Questions or contact ACOA
|
- To be eligible, you are a business,
co-operative, university, college, or research institution looking
to: develop and bring to market new products and services that meet
market demands and global quality standards; adapt new technology
to meet business needs or respond to market opportunities; or help
Atlantic Canada's new and traditional sectors pursue
opportunities, solve challenges, stay competitive and grow
|
- To submit an application for
financial assistance, click here
|
Propel Accelerator
Description |
Eligibility |
Application details |
- Propel is an accelator program
devoted exclusively to Atlantic Canada. Propel works with
technology companies that have potential to scale quickly.
- The program offers mentorship and may
assist with early stage funding by connecting companies to
investors.
- There are no up-front costs to
join
|
- The program is flexible and accepts a
wide range of early stage technology companies, whether led by solo
founders or larger teams, and at various stages of their
growth
|
- Applications are accepted on a
rolling basis.
- Submit your application here
|
NB Small Business Emergency Working Capital Program
Description |
Eligibility |
Application details |
- Small business owners impacted by the
COVID-19 pandemic can apply for working capital loans up to
$100,000
- The loans are funded by Government of
New Brunswick and are administered by the Community Business
Development Corporation (CBDC)
|
- Accessible to small businesses
employing 1 to 49 employees, including sole proprietors and
self-employed, with sales of less than $10 million in the most
recent fiscal year
|
|
Waiving Late Penalties on Property Taxes
Description |
Eligibility |
Application details |
- Late penalties for business property
taxes due May 31, 2020 will be reviewed on a case-by-case basis to
see if the penalty can be waived due to undue financial
challenges
|
- Late penalties for business property
taxes due May 31, 2020 will be reviewed on a case-by-case basis to
see if the penalty can be waived due to undue financial
challenges
|
|
Deferring Interest and Principal Payments on Existing
Loans
Description |
Eligibility |
Application details |
- As an immediate measure, and on a
case-by-case basis – the Government of New Brunswick will
defer loan and interest repayments for up to six months on existing
provincial loans
|
- This assistance is available, on a
case-by-case basis, to any business that has a loan with an
existing Government of New Brunswick department. The deferral can
be requested by contacting the department that issued the
loan
|
|
Injecting Working Capital for Mid-to-Large Employers
Description |
Eligibility |
Application details |
- Working capital in excess of
$100,000, up to a maximum of $1 million is available
- Business can apply directly to
Opportunities New Brunswick
|
- New Brunswick employers who suffered
financially due to COVID-19 may be eligible
|
|
Community Investment Fund (CIF)
Description |
Eligibility |
Application details |
- The Government of New Brunswick has
included a new category into the Community Investment Fund to
assist in providing relief to non-profits being impacted by
COVID-19
|
- This funding is available for small
to medium-sized non-profits in the form of a grant between a
minimum of $500 and up to a maximum of $10,000
|
|
WorkSafeNB
Description |
Eligibility |
Application details |
- Assessment premiums related to
employer payrolls for March, April and May will be deferred for
three months without interest charges
|
- New Brunswick employers may be
eligible
|
|
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