We established the Canadian Small Business Relief Bond (CSBRB) to provide additional funds to small businesses and social enterprises beyond what they can raise from their crowdfunding campaigns.
If you run a crowdfunding campaign, you are eligible to apply for a community-backed loan from Canadian investors in your community who are pooling their money to support local enterprises through the Relief Bond.
In order to qualify, you must meet the following criteria:
- You have at least 50 unique backers who commit funds to your crowdfunding campaign
- You are a small business or non-profit social enterprise
- You are headquartered and registered in Canada
- You primarily serve local customers
- Your enterprise has been negatively impacted by Covid-19
- You were a “going concern” enterprise prior to the pandemic
You must also meet other eligibility criteria that are set by the CSBRB and the amount of money you are eligible to receive will depend on your business’ previous performance and the amount that you raise through your crowdfunding campaign.
Before receiving funds, you will be presented with an offer and you can decide how much money you are willing to accept.
The CSBRB Bond funds will be provided at an interest rate of 6.99% and can be repaid at any time without penalty. Loan payments will be interest only for 1 year (paid quarterly) with full repayment in a maximum of 6 years.