Cape Breton Immigrant Business Loans Pilot Program Launched

SYDNEY, NS – A pilot immigrant loan program is now available to people without permanent residence who wish to start a business in Cape Breton.

The Coastal Business CBDC program will provide access to capital and advisory assistance from $ 250,000 in available financing and loans of up to $ 20,000 to those considering starting a business.

“Immigration is critical to the growth of Cape Breton’s economy,” Patricia MacNeil, Managing Director of Coastal Business, said in a press release.

“Helping newcomers start and create businesses is one way to encourage immigrants to settle here, which will lead to population growth and job creation. “

Loans will be available to applicants 19 years of age and over who do not yet have permanent resident status. The proceeds can be used to finance the costs of the business, including capital, start-up costs and working capital. Beneficiaries will also receive advisory services, training seminars and consulting services under the program.

As part of these efforts to encourage more current international students and recent graduates to stay in Cape Breton, Cape Breton University and Coastal Business will sign a Memorandum of Understanding to facilitate creativity, growth and innovation.

Through this agreement, information on the pilot loan program will be readily available to temporary residents who wish to settle in Cape Breton communities.

“At Cape Breton University, we are proud of the work we do to attract international students to Cape Breton and welcome them to our communities,” David Dingwall, President of CBU, said in the statement.

“This pilot project will allow more of our students, graduates and their families to stay here in Cape Breton, start and grow businesses that will contribute to the sustainability of the island.”

Visit to learn more or to apply for a loan.

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