The Small Business Loan Guarantee Pilot Program
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Maximum Eligible Amount
Government Grant
Fund Type
The Small Business Loan Guarantee Pilot Program will provide loan guarantees for term loans issued by credit unions under their existing loan programs. The Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, and the Honourable Siobhan Coady, Deputy Premier and Minister of Finance, today announced that the Provincial Government will issue guarantees up to $5 million in total for the duration of the program.
In partnership with credit unions throughout Newfoundland and Labrador, the Provincial Government is introducing a new two-year pilot project to assist small businesses with growth and expansion.
The Small Business Loan Guarantee Pilot Program will provide loan guarantees for term loans issued by credit unions under their existing loan programs. The Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, and the Honourable Siobhan Coady, Deputy Premier and Minister of Finance, today announced that the Provincial Government will issue guarantees up to $5 million in total for the duration of the program.
Credit Unions are responsible for loan adjudication in accordance with their established lending criteria and due diligence process. Through the agreement, participating credit unions will provide the Department of Industry, Energy and Technology with activity reports on a quarterly basis. Commercial loans, including those guaranteed under the pilot program, will be subject to standard audit and examination by the Credit Union Deposit Guarantee Corporation. The Department of Digital Government and Service NL is responsible for the regulation of the credit union industry.
Program details, eligibility requirements and information on the application process are available at all credit unions in Newfoundland and Labrador. For more information related to the Small Business Loan Guarantee Pilot Program, please contact a credit union location. The participating branches are:
- Atlantic Edge Credit Union
- Community Credit Union
- Eastern Edge Credit Union
- Hamilton Sound Credit Union
- Newfoundland and Labrador Credit Union (NLCU)
- Public Service Credit Union
- Reddy Kilowatt Credit Union
- Venture Credit Union
Credit unions are member-owned financial co-operatives. The credit union system in Newfoundland and Labrador consists of eight credit unions with nearly 300 employees, and assets totaling more than $1.4 billion.
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