Are Your Receiving Income Support? - Entrepreneurial Opportunities Program
Metro Business Opportunities Corporation (MBO) administers the Entrepreneurial Opportunities Program (EOP), a provincial government initiative sponsored by the Department of Human Resources, Labour, and Employment. The program will help individuals across the province to create jobs for themselves through self-employment, by providing them with assistance in the form of coaching, ongoing business advice and financial support for a maximum period of 52 weeks.
In order to qualify for the Entrepreneurial Opportunities Program an individual must be in current receipt of income support or eligible for income support. Participants must first contact Bill Connors, Client Service Officer with the Department of Human Resources, Labour and Employment and request a referral letter to be forwarded to the MBO office.
Metro Business Opportunities works in partnership with local Community Business Development Corporation offices across Newfoundland and Labrador to ensure all residents of this province have access to EOP.
What Financial Assistance Will You Receive?
If you are receiving or eligible to receive income support, you will continue to receive this support for a maximum of 52 weeks. In addition, you will be eligible for a weekly incentive allowance and/or child care benefits as prescribed by HRLE.
As a qualified EOP client you may be eligible to access a 3-year repayable loan to a maximum of $3,000, to cover the necessary start-up costs. The loan payments on principal and interest are deferred for a 1 year period and interest is set at the prime rate.
If approved, a portion of the loan amount is disbursed to the participant for working capital, and the remaining balance is disbursed by MBO on behalf of the participant directly to third party vendors upon presentation of proper invoices and/or price quotes.
What Services Are Offered By MBO?
- Counseling The staff of MBO can provide ongoing management advice throughout the SE period on business-related issues.
- Business Plan Guidance The staff of MBO is available for guidance and feedback on business plans.
- Business Training Approved EOP participants will receive general business training through seminars and individual counseling in areas such as bookkeeping, marketing, and taxation.
- Monitoring MBO monitors the business on a regular basis during the funding period through monthly reports and site visits. This is mandatory; that is, all participants are required to accurately complete and submit monthly monitoring reports. This process helps to identify potential problems and to seek solutions.
How Do You Qualify For Entrepreneurial Opportunities Program?
In order to qualify for the Entrepreneurial Opportunities Program , ALL of the following eligibility criteria must be met either as the applicant or the business.
Applicants must:
- Be receiving, or eligible to receive Income Support from HRLE
- Receive a referral letter from HRLE
- Develop a business plan which establishes the long term financial viability of the business
- Be legally entitled to work in Canada as defined by the Government of Newfoundland and Labrador
- Accurately complete the required application forms
- Agree to work full-time in the business while receiving EOP funding
- In case of partnership, confirm that you are majority owner in the business
- Not be currently bankrupt
Business must:
- Not be a subsidiary of, or financially supported by another company, nor can the major revenue source be through commissions
- Be suitable for public funding and not exploit sex, religion, or politics
- Have all necessary permits and licenses in place
- Have all required financing secured in excess of the financial support which may be provided through EOP
- Be fully operational within 8 weeks of approval
All approved EOP participants must incorporate the business and most are required to:
- Obtain appropriate municipal permits
- Register with Workplace Health, Safety, and Compensation Commission
- Obtain adequate insurance
- Register with Revenue Canada Agency
- Obtain all other relevant permits/licenses relevant to the business
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