SELF EMPLOYMENT ASSISTANCE PROGRAM

The SEA program provides financial and entrepreneurial assistance to EI eligible individual(s) seeking to start a business. The program is a maximum of 52 Weeks. (10 weeks business plan development and 42 weeks operational). Currently, the maximum weekly rate is $524.

WHO IS ELIGIBLE: An unemployed individual, who meets one of the following criteria:

• is currently EI Eligible (whether they have an active claim or not),
• has a current EI Claim,
• has an EI benefit period that ended within the last five years (includes regular and maternity/parental benefits),
• has paid EI premiums in at least 5 of the last 10 years

GENERAL INFORMATION BEFORE APPLICATION/APPROVAL

• If you are presently working, DO NOT QUIT YOUR JOB
• Participants must provide evidence of a personal investment of $6,812 (25% equivalent of benefits) towards the business (52 x $524 x 25%). i.e. bank statement, line of credit, in kind contribution, equipment, inventory, other start- up costs.
• Participants must devote 35 hours per week to developing/implementing the business plan
• DO NOT advertise the business, product or service: For eligibility, advertising can only occur once a 42 week or 52 week application decision has been made.
• DO NOT set up a separate business account. For eligibility, the business cannot be operating until a 42 week or 52 week application decision has been made.
• Business cannot be operational -including through the underground economy.
• Self-Employment participants shall NOT participate in other employment averaging more than 20 hrs/wk, interfering with their ability to dedicate 35 hrs/wk to business development and implementation; or impeding their business activity in any way.

If any of the conditions are not met, you may be deemed ineligible for the SEA program

CBDC CABOT ASSESSMENT: Main areas of focus are competition, business viability and feasibility, management ability and participant commitment. Our role is to assist with business plan development and offer general guidance and referral services.

ONCE APPROVED: Once a 42 week/52 week application is approved, the business can launch. Our role is to monitor your progress. Monthly monitoring reports are required on the 15th of every month during the SEA benefit period. Failure to report on time may jeopardize SEA benefits. Your Development Officer will continue to work with your through your SEA benefit period and can assist with any business concerns, management training needs, etc.