In addition to helping you establish your business and financial plans, the Youth strategy program offers financial aid in the form of an unsecured personal loan valued between $5,000 and $25,000. Young promoters benefit from a 24 month interest holiday. This financial aid must be used to start up, acquire, expand or modernise a business. The aid granted may also be used to build up the promoter’s capital outlay.
 

Eligibility criteria

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• To be between 18 and 39 years of age (a maximum of 2 admissible youth per company);

• The applicant must demonstrate entrepreneurial qualities and managerial know-how;

• The applicant must be the primary owner of the business (or be in charge of the business);

• The company’s head office must be located in the area served by the SADC de Gaspé;

• The company must not create unfair competition for other businesses already established in the area;

• The project must demonstrate that it has the potential to be profitable and viable;

• The entrepreneur must provide a capital outlay of approximately 10% of the loan’s principal in funds or assets;

• The loan cannot be used to refinance existing debt;

• The loan cannot be used to refinance existing debt

 

Terms and conditions

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Interest payments may be deferred for the first 24 months, however a monthly amount of capital may be required. At the 2 year deferment period, the accumulated amount will immediately be deducted from the capital, or go towards any other purpose the SADC of Gaspé deems useful.

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• The maximum term is 7 years;

• Life insurance and disability insurance are required;

• Interest rate: Prime business rate of the Bank of Canada plus 3% ;

• The loan serves to top up capital outlay in the form of funds, fixed assets, start-up costs or working capital;

• A service charge equal to one percent (1%) of the loan principle is due and payable when the loan is paid out.

Priority sectors

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The sectors retained by the SADC de Gaspé are :

• Fisheries and aquaculture

• Forest and agriculture

• Manufacturing and processing

• Tourism

• New economy

• Trade and service sector (The start-up of certain types of trade and services businesses is excluded)