Students in Business

The Students in Business Program helps students start their own business by offering zero-interest business loans (up to $5,000), training and counseling. Why? Because youth are the future and we need a vibrant business community. Getting youth involved at a younger age will only strengthen our communities now and in the future.

Program Details

Who can participate?

Students age 15-34 (Students are those currently attending or planning to attend full-time, high school or a recognized post-secondary educational institution in the next year.)
Residents of Nova Scotia or students who have been residents for six consecutive months prior to application

What kinds of businesses qualify?

All types of businesses that are considered desirable and essential to your local community. If you need business ideas, check out some of our past clients in our client profiles section.
Business activities must be carried on within the province of Nova Scotia and students cannot register more than one business under SIB.
If you have business partners, each of you must apply separately for SIB assistance, which will be divided equally among you to a maximum of $5,000.

What will an SIB loan help you pay for?

The SIB Loan can help with start-up costs, equipment, inventory and working capital associated with the running of your business, which could include owners drawing and other wage costs. There are a few restrictions on what the loan can be used for which will be discussed with you at the time of your application.

What is the process?

Locate the SIB Delivery agent closest to you. You may wish to talk with your local Delivery Agent before you start filling out applications and business plans in step 2. (Check out the locations page for a map of Nova Scotia delivery agents.)
You will need to complete a business plan and an application form and submit it to the local delivery agent. The business plan simply describes your business idea, your customers, how the business will operate, how much money you expect to earn, etc. Our online business plan will guide you through the questions you need to ask as you start or expand your business idea.
Once you submit your plan and application, the local Delivery Agent will decide whether or not you are approved for a loan. (Not all applications are approved).
If you get approved, congratulations - you can start your business!
- You will need to sign a contract with the Delivery Agent (agreeing to repay the loan). If you are under 18, you will need a co-signer (likely a parent). This agreement will outline how you repay the loan (monthly, bi-weekly, or weekly)
- You will need to get a Mentor - a business person in your area that will provide some additional guidance and advice. Mentors can offer business and support advice as you conduct your business.
- You will need to participate in some business skills training to help you learn more about important business concepts such as bookkeeping/accounting, marketing, safety, etc.
- When you fully repay your loan, you will provide a Summary Report to the Delivery Agent.
- If you participate in all of these program areas, you will be eligible for a rebate (valued up to 25% of the loan!) This money can be used for the business or to support your studies.

Other key guidelines

Every applicant (including each member of a partnership and every member of a student co-operative) must complete and submit a separate application form.
An applicant may be part of only one application per year.
Agricultural businesses must show significant independence from the farm where the business is operating (as outlined in the application).
Every applicant who borrows funds to operate their business must ensure that they either repay their loan by a prescribed date, or confirm that they have made satisfactory repayment agreements with the lender. The confirmation of full repayment, or confirmation of a satisfactory payment schedule, must accompany the final report.
There is no application deadline. Students in Business is a program that is offered year round and applications are reviewed on an on-going basis.