Microloan Program


At CUA, we believe that everyone should have access to affordable credit. 

Whether you’re growing a small business, looking to re-establish or build credit, or looking to upgrade your education or training, a small amount of money can have a big impact on your finances.

Through CUA’s Small Loan, Big Impact Microloan Program, you can apply to access between $500 and $5,000 with flexible repayment terms.  At CUA, we place emphasis on your character, commitment and ability.  Borrowing through the Microloan Program will also give you access to CUA’s team of financial advisors who are committed to guiding you on the path to achieving your full financial potential.

We are here to help you get ahead.

Eligibility

To be eligible for a Microloan, you must be the age of majority (19 in Nova Scotia), reside within the Province of Nova Scotia and be either a Canadian citizen or a permanent resident of Canada. If the Microloan is being used for your business, you must be planning to operate the business in the Halifax region, creating at least one full time job. Our Microloans place a greater emphasis on your character, vision for the future, commitment and ability.  For a full evaluation of eligibility, connect with a member of the CUA team and submit your application.

What can I do with Microloan funds?

CUA’s Microloan Program is a great way for individuals and growing businesses to access credit.  Individuals on a journey to establish or re-build their credit have found great success through this program, in addition to borrowers who use the funds to invest in their careers with professional development or educational training.  Small businesses have used the funds for working capital, production, tools and equipment, retail/office space, research, product development, marketing or other business-related expenses.

Loan Amounts & Repayments

CUA’s Microloan Program supports individuals and businesses by providing financing to those who may not otherwise have access to credit. The repayment period is amortized based on the amount borrowed: 
 
 ► $500 - $1,000 – 12 months 
 ► $1,001 - $2,000 – 18 months
 ► $2,001 - $3,000 – 24 months
 ► $3,001 - $4,000 – 30 months
 ► $4,001 - $5,000 – 36 months

Small businesses borrowing through the Microloan Program can opt to repay the loan over five years, with the first year of payments being interest-only. 

Support for Small Business

As a full service banking institution, CUA is committed to helping small businesses grow and thrive in Halifax.  We are pleased to partner with the Centre for Entrepreneurship Education and Development (CEED) in order to provide business borrowers with access to their Business Mentorship Program.

How can I apply?

Open the door to your financial future with a CUA Microloan.  Please visit one of our seven branch locations, call us at 902.492.6500 or email info@cua.com to book an appointment today.

 

 

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