Immigrant Entrepreneur Loan Program

Credit unions in Nova Scotia have developed a program that is intended to provide funding to new immigrants who have an interest in starting, expanding, or buying a small business in the province. The program, which makes loans of up to CAD$150,000 available to Canadian immigrants, facilitates the opportunity to own and operate small businesses, to establish roots in the province, and to contribute to Nova Scotia's prosperous economy.

The program is intended to aid new immigrants by helping to bypass ordinary barriers in establishing a credit history in a new country. The Department of Economic and Rural Development will contribute CAD$2 million in loan guarantees, while the office of immigration will contribute CAD$100,000 a year for operating expenses.

The program also aids the province in retaining valuable new immigrants. "Immigrants who are able to establish businesses here are more likely to stay in Nova Scotia, thereby contributing to Nova Scotia's economic, social and cultural growth," says the Nova Scotia Immigration Minister.