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Microcredit Loans Program

The Microcredit Program is a joint initiative of the Nova Scotia Co-operative Council, the Rural Secretariat, St. Francis Xavier University, Credit Union Central of Nova Scotia, and Nova Scotia credit unions. Three Nova Scotia credit unions are piloting the microcredit financing project aimed at providing those most in need of credit for small business development, with access to existing community financial services. The program specifically targets groups facing the greatest difficulty in securing traditional loans - immigrants, women, people with disabilities, youth and rural communities - to foster growth of new and existing businesses within Nova Scotia. 

The Microcredit Program assists Nova Scotian entrepreneurs with small amounts of funding ($1,000 to $10,000) to businesses, which include home-based, seasonal, or part time entrepreneurs; and, potentially experimental start-ups.

Who can apply for a Microcredit Loan?

Residents of Nova Scotia who wish to start a small business in Nova Scotia are eligible for consideration under the program. The applicant must demonstrate a realistic market potential for its products or services and provide an ability to repay the loan amount and meet the day-to-day operating needs of the business. Exceptions include residential and commercial properties, beverage rooms, taverns, as well as gaming and related businesses.

Where is the program available and how do I apply? 

The Micro Credit Program is available through three Nova Scotia credit unions:

• Bergengren Credit Union, Antigonish      (902) 863-6600
• Community Credit Union, Amherst           (902) 667-7541
• iNova Credit Union, Halifax                      (902) 453-1145

Contact either of these credit unions at the telephone numbers provided, asking to speak with the Microcredit Loan Officer.