The Investing in Nova Scotia Enterprises Co-operative is interested in investing in mission based enterprises in Nova Scotia, through its retained earnings.
Who can apply?
- Eligible enterprises include start-ups and/ or growth and expansions.
- Enterprises must be registered and based in Nova Scotia.
- Enterprises can take the form of a not for profit, a Co-operative or a mission based private business.
Mission–driven companies believe that it is possible to have a positive impact on a social or environmental issue while considering all stakeholders and staying committed to product development, profit, social responsibility, and sustainability.
- Enterprises must demonstrate community impact by meeting a community need or maximizing a community opportunity.
- Enterprises must have their banking relationship with a local Credit Union.
- Investment can be in the form of equity, guarantee, subordinated debt, revenue sharing, or royalty agreement. Term financing, subordinated debt and lines of credit will be provided through a local credit union, with a 100% guarantee provided by the Fund.
- Maximum investment is $50,000 per project
- Annual Maximum available is set by the board each year.
- Regional Considerations: investment can be anywhere within Nova Scotia so long as the community is serviced by a credit union
- Urban and Rural applications are encouraged.
- Minimum Scoring Required for Consideration is 75%. (unless otherwise approved by the board).
- Enterprises must be in good standing with Canada Revenue Agency (CRA).
- Funds cannot be used for business planning, debt restructuring or to cover losses.