The Student Entrepreneurship component of the Student Employment and Experience Development Program (SEED) is a unique part of the Government of New Brunswick’s summer employment programming. It offers interest-free loans to students who wish to create summer employment and gain valuable business experience by operating their own business. Retail shops, craftspeople, painting operations, computer companies, lawn care businesses and many other original ventures have received funding under Student Entrepreneurship in the past.
The Student Entrepreneurship component provides a guaranteed interest-free loan of up to $3,000 to help students start a summer business that will create at least one full-time student summer job for themselves (minimum of 30 hours per week) and provide the applicant with valuable entrepreneurial experience. If the loan has been repaid in full by October 15th, up to one-third of the value of the loan may be reimbursed, provided that all program regulations and requirements have been met.
Applicants* must have been a full-time student in the previous academic year and must be returning to full-time studies in the fall.
* Applicants include you and your partner(s), if any. If the business is a partnership, each partner must fill out a separate information form. The students have equal share in ownership. A partnership is still only eligible for a maximum loan of $3,000.
- International students with a temporary work visa/permit for “off-campus” work and a social insurance number (900 series) are eligible for the program. A copy of the work visa/permit must be presented before the evaluation process begins.
- Applicants must be 16 years of age or older and have a social insurance number. Applicants under 18 years of age will need the signature of a guarantor acceptable to the financial institution in order to obtain the loan.
- Because this program is administered provincially, applicants must have established New Brunswick residency or lived in the province during the last six months and be returning to full-time studies in New Brunswick in the fall. Long-term New Brunswick residents remain eligible even if they are studying outside the province.
- The business must operate in New Brunswick.
- An applicant may have only one Student Entrepreneurship loan outstanding at any time during a fiscal year, either as a sole proprietor or as a partner.
- Businesses operating on family-owned premises must be able to demonstrate independence from the family-owned operation. If you are planning to operate an agricultural business, such as raising livestock or cash crops, you must demonstrate a significant measure of independence from the farm on which you are operating.
Reach out to your regional WorkingNB office and book an appointment with a Workforce Consultant to get started.
Here is the booklet for the program which includes more information on the program and regulations, application form, written project description attachment, and a cash flow forecast: <include booklet: “Student Entrepreneurship Booklet”>
- Your business must operate on a full-time basis (minimum of 30 hours per week) for a minimum of 6 weeks between April 1st and Labour Day Weekend. The business must create at least one summer job for the applicant to work in that position.
- The student must make application no later than June 30th.
- You must submit proof within 30 days that certain business regulations have been adhered to, such as registering your company name, buying insurance, etc. Failure to do this may result in the cancelling of your loan.
- Your loan must be repaid immediately if you do not start your business within a period that will allow operation for the required time frame.
- Your loan must be repaid on or before October 15th to be eligible for a reimbursement equal to one-third of the value of the loan.
- A final income statement must be submitted to your WorkingNB regional office before October 31st.