How to Apply

One easy application for all our programs

Outlining the stages you can expect while applying for business financing from NEDC.

Five steps to get your funding

We work hard to make our application process as smooth and accessible as possible.

1. Before You Apply

Things to think about and have prepared to have a quick and easy application process.

Take a moment to pause, step back, and confirm your plan to move forward.

This is an important step to ensure you have everything in place to move forward and know what is needed. Knowing what will be expected of you and will help you prepare to smoothly go through the entire process from application to repayment.

This will depend what you have already done to prepare for your business.  The goal is to ensure your business can and will make you the money you need to support yourself and your family. You need research before you can complete a business plan.

Do you have a clear business idea? Do you understand who your competition is and how you will get clients? Do you understand how your industry works and what affects it?
This is important especially if you are a first time business owner or new to an area.

Do you know your costs? Who will your clients be and how many of them are there? Will you be able to make enough money to pay for all of your costs? Will you have money left over to pay yourself?

Check out the Getting-Started-Workbook-Template_2 for some guidance on completing your research.

2. How To Apply

The main parts of the application process. Forms you need to complete, documents you should start to prepare, and other tips for getting started.

  • Complete an NEDC Application form
  • Complete the NEDC Business Plan Workbook or equivalent
  • Complete the Cash Flow worksheet
  • Complete a Family Budget
  • Have proof of heritage ready (Status card, MNBC card etc)
  • Government issued photo identification
  • SIN #
  • Proof of sufficient personal funds to inject into the project/business
  • Resume
  • Any required license or certifications for your industry
  • business license, if existing business
  • recent financial statements (3 years preferably), if existing business)
  • corporate documents, if currently incorporated (including Shareholders listing)

*Note: this is a generic list and may vary project to project.  Your BDO may request additional documents*

Here are some tips to help your application process go smoothly.

  • Know your business – be familiar with the details of planning, operating, and budgeting for your business. The NEDC Business Planning Workbook can help you by asking important questions.
  • Solidify your Costs – Be clear on exactly how much money is requested for your project. Every time you change your costs NEDC must change the paperwork which will slow down how quickly we can get your application submitted to be reviewed for Approval.
  • Share more, not less – when providing your BDO with information it is best to provide more details. The more information you provide, the fewer questions we need to ask, and the quicker we can submit your application.
  • Reply quickly with documents & information – When a BDO requests information or documents, do you best to reply quickly. The quicker clients reply, the quicker their application can be processed.
  • It is your application, not your consultants – While we understand consultant can play a large role in some businesses, it is ultimately your application and we need to know you are actively involved. Give us a call, send us an email, and stay in communication directly with your BDO. Don’t send all communication through a consultant.

3. NEDC Review Process

A short waiting period where NEDC does some work behind the scenes to finalize & review your application.

Your BDO will work with you to get the information required to build a custom Loan Request. This is the report that is submitted to the Approval Authority making your case for funding.  In this process, your BDO determines which funds you and your project are eligible to build the best financing package NEDC can offer.

NEDC may ask you questions to clarify the information you provided and better understand your plan.  They are looking for a way to say “yes”.  The faster you reply, the faster NEDC can review, analyze and summarize your request.  Your application will not move forward until NEDC receives all the requested information.

There are many calculations, verifications, and steps to create a great request so please be patient as we work through the process.

You’re getting close!

There is one door for the Approval Authority and multiple BDO’s submitting requests so patience is appreciated. This normally does not take long but greatly depends on how many active application are in line.

The Approval Authority must review and assess your request to ensure it meets eligibility criteria for the funds requested and ultimately makes sense.

After a final review, your request will be returned to your BDO with an Approval or Decline.

Once Approved continue to “Once Approved” tab where you will learn how to accept your offer.

If Declined, have a conversation with your BDO to find out if they have any feedback.

4. Once Approved

The three main steps involved in accepting your approval and receiving funds.

Take a moment to pause, step back, and re-confirm your plan to move forwards.

This is an important step to ensure you have everything in place to move forwards or at least know what is needed. Pausing will help you prepared to smoothly go through the entire process from application to re-payment.

Conditions need to be met before any funds are released.

  • Security Documents – Security documents will need to be signed and registered.  This may be done by NEDC or a lawyer.  Documents may include a General Security Agreement, Loan Agreement, Promissory Note, Assignment of Insurance, Mortgage, or any other security that may be required.  Security is determine on risk.
  • Contingent Conditions – these vary and are dependent on the business including the business structure, nature of the business, location of the business, etc.  Some examples include equity, approval of other funds, proof of life/disability insurance, operators’ certification, Certificate of Incorporation, Shareholders Registry and Directors, Certificate of Good Standing, Borrowers Resolution, partnership agreement, business license, Band Council Resolution, etc.

Discuss potential loan conditions with your BDO in advance of approval so you can be prepared to meet them when the loan is approved.

Coordinate with your Business Development Officer to arrange the best system for disbursement. How funds are disbursed usually depend on what your project is and type of costs.

There are two common ways to disburse funds and clients use one or both depending on your project:

  • Direct to Vendor – this is where you request NEDC to write a cheque in the name of a company or person you are making a purchase from. This can save time and the cost of Bank Draft.
  • Direct to Client – this where funds are disbursed directly to you and then you follow through with the purchases as outlined in your Letter of Offer.

5. Repayment

Details to help you navigate the repayment phase of your NEDC loan.

Sharon Reyes, the Loan Portfolio Officer, will be your key contact for questions about repayment. You can still contact your Business Development Officer, but Sharon manages the details of the repayment process.

Sharon Reyes

  • Phone: 250-724-3131
  • Toll-free: 1-866-444-6332
  • Email: sharon(at)




Need help with your application?

Have a question or need clarification? We’re here to guide you every step of the way.