You’re eligible to apply to BITS Bucks if you: 

• You have completed the BITS Boot Camp training program within one year of applying to BITS Bucks and have a feasible business plan that has been approved by BITS staff and  Loan Review Committee.

• Are between the ages of 18 and 34 years old

• Are a permanent resident or citizen of Canada

• Currently live in Ontario

• Have annual income or assets amount to less than $35,000 (this includes personal and business income) 

1. Successfully complete the Boot Camp program.

2. Look out for an email about when the BITS Bucks program applications are open

3. Pay attention to important deadlines

4. Prepare your application

5. Submit your application

6. Check your email regularly to know if you’ve been approved ASAP

BITS Bucks applications open 2-3 times per year.  Since only alumni of our Boot Camp program are eligible for the BITS Bucks program, they will receive an email notification when applications are open every time.

We won’t sugarcoat it: The application process is thorough and it will take you some time. You’ll need patience, young padawan. But no worries! We’re going to take you through the preparation process step by step so that you’re ready to go:

Step 1: Ask yourself this important question

“Is my business prepared for growth?” The BITS Bucks program can help you take your business to the next level, but only if you’re ready for that. We even tell applicants to prepare and plan to use the funds right after the four-week review period. So, be honest. Make sure your “Yes” is a strong, complete and undeniable yes.

Step 2: Figure out what you need and how much

What would you do for your business if you had up to $5000? That’s what we want to know, so you should know it too. Don’t skimp on the details either. Make them shine. Decide what your goals are and how the funding will help you reach them.

Step 3: Determine when you want to use the funds

We’ll tell you right now: We prioritize applicants who are ready to act now, as in immediately, promptly, with the quickness. Why? We want to help you maximize your opportunity. Know when you need the funds. “At the earliest convenience” only works in passive aggressive emails. Be specific and tell us what you want with confidence.

Step 4: Lay out the details of your business

Now that you’ve determined what you want, when you want it and when, it’s time to polish the nitty gritty details of your business. We want to know specifically about following areas/details of your business:

• Entrepreneur Profile

• Business Overview

• Market Research

• Actionable Plan

• Marketing & Sales

• Operations

• Financials (cash flow & income statements) 

Since you’re an alumnus of the BITS Boot Camp, you should have most, if not all, of this information. Organize it so that you can fill in any gaps, expand on ideas and clarify any details.

1. Applications are open, 4-6 weeks (Applications close and applicants receive a copy of their application)

2. Selected applicants interview with the BITS Loan Review Committee, 2 weeks

3. BITS team notifies approved applicants within one week

4. Selected applicants receive, fill out and return Alterna Savings documents regarding business detail deliverables that include the loan agreement, business registration and credit within a reasonable time, ideally a week

5. Alterna Savings Team reviews business detail deliverables, 2 weeks

6. Upon review, selected applicants are approved and must visit an Alterna branch to set up an account to receive loan fund deposit

7. Approved applicants receive and return grant agreement from BITS with signatures

8. Upon agreement return, grant funds are deposited

(4 weeks)

Our Boot Camp program will prepare you to answer these questions thoroughly. You will receive a copy of your application after completing it which can act as a business plan for future use.

Firstly, congratulations for completing your application! We know how hard you worked and we appreciate the time you took. We’re always so excited to read every application for the BITS Bucks program!

After you apply and applications close, our Loan Review Committee (LRC) will review your application and assess it for business-readiness. This process takes approximately four (4) weeks. Then, you’ll get an email from the LRC requesting to book an interview with you so that the members can better understand your plan and goals.

If the LRC decides to move forward without your application: We sincerely thank you for your application and we know that you may have a lot of disappointment. But this decision isn’t a reflection of your worth or talent. Also? This is not the end. It’s just one part of your story. Give yourself a chance to add to your story by applying again when applications open next.

If the LRC decides to move forward with your application: Congrats! We’ll introduce you to our banking partner, Alterna Savings. From here, Alterna Savings will conduct a credit check, just to make sure you’re all ready to go. If approved by Alterna Savings, you’ll receive micro-financing!

The short answer? If we see your vision and it’s clear that you’re ready to grow your business. The long answer? Use the following tips to build a strong application: 

• Tell us your story: We want to know the “Who” and “Why” of your business.

• Clearly state SMART goals: We’re looking for clear indications that connect your goals to your actions and to the impact the funds will have on your business. 

• Show us why the funds matter: Clearly outline how you’ll use the funds and why they’re necessary to have now 

• Connect the (financial) dots: Make sure you know your business finances like the back of your hand. Link how you discuss them in your application to how they’re represented  in your cash flow and income statements

• Make an undeniable case for your business: Make it very clear to us that you’re ready to take this next step. Tell us why your business is prepared for growth. Include details about growth activities and the experience and knowledge that will help you do them. Give it your best shot: The application form is there for you to explain as much as you can. Provide details about your story as best you can. Attach any additional documents to support your application. 

While we aim to fund as many applicants as we can, like many non-profit organization programs, the BITS Bucks program is largely based on funding availability. On average, we approve three (3) applications perintake.

BITS is here to help you grow. We look to fund business development activities that grow your business, such as:

• Improving margins by increasing order size

• Investing in proven marketing strategies that the entrepreneur has already been successful with

• Launching a new product or service

BITS Bucks is not intended to fund operational costs such as paying staff.

That’s totally fine. We encourage youto apply for the amount of funding that they need. But make sure you make a good case for that amount in your application. 

If the amount you requested is approved, you’ll receive half of it as a grant and half of it as a loan. For example, if  you apply for $3,000  you'll receive $1,500 as a loan and $1,500 as a grant.

Unfortunately, no. When you apply for the BITS Bucks program, half of the amount you’re approved will be a loan and the other half will be a grant by default. You’re required to take on both portions of the funds, in order to access the full amount.

Alterna Savings is a credit union and character-based lender that helps us administer the loan portion of the funds. It’s been around for over 100 years. Actually, Alterna Savings was the first credit union to offer microloans through their Community Microfinance Program. Their personnel ensure that you’re financially prepared to accept the loan. After that, they work with you to manage it over the loan term.

Yes. Here are the only two fees you need to be aware of:

1. A one-time administration fee: This fee is 3%(i.e., about $30-$75 CAD) and based on the loan amount you’re approved for. The amountwill be subtracted from the loan.

2. The cost of an Alterna business account: To access the loan and grant funds, you’re required to open a business account with Alterna Savings.. The cost of this account is $5/month.

• Copy of Master Business License

• CRA Personal Notice of Assessment from the most recent year

• Two (2) pieces of photo ID Bank statement or utility bill

Alterna Savings will use your credit score to determine the interest rate on the loan. But your credit score doesn’t necessarily make you ineligible. Here’s why: Alterna Savings is a character-based lender, which means they take into consideration more than just your credit score. Before any decisions are made about your application, Alterna Savings considers information such as, but not limited to, your employment history and bankruptcies.

Based on your credit score, interest rates will fluctuate but they’re usually between 6% and 8%.

We encourage you to work with Alterna Savings to determine the right payback period for your business. Here’s what we do know for sure: A loan of $2,500 will have a default repayment term of three years and smaller loan amounts may have shorter payback periods.

Feel free to reach out to our team at bucks@businessinthestreets.com.