ACCLR Info entrepreneurs — Business services
Highlights
This program is designed for businesses like yours to help you grow and succeed. It offers up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. This funding can be used for a variety of needs, including operating expenses, restorations, new equipment, and software.
Key Benefits:
- Flexible repayment options: Choose how you pay it back, with up to 15 years to do so.
- Government-backed: This loan is supported by the government, providing you with added security and trust.
- Comprehensive support: Access to personalized advice, training, and networking opportunities to help you make the most of the funding.
Applying for this program is straightforward and designed to be accessible. Approval can provide your business with the financial boost it needs to thrive, making it a valuable opportunity for your continued growth and success.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed rate of 3.5% annually.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Working capital for day-to-day operations.
- Intangible assets such as patents and trademarks.
Ineligible Expenses:
- Real estate purchases.
- Refinancing existing debts.
- Personal expenses unrelated to business operations.
Fees:
- Application Fee: $150, non-refundable.
- Origination Fee: 1% of the loan amount, can be financed as part of the loan.
- Late Payment Fee: 2% of the overdue amount.
Qualifications
- Must be a business operating in the Montréal metropolitan area.
Must be a small or medium-sized enterprise (SME).
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Professional services such as marketing firms, creative agencies.
Description
This program offers your business a chance to receive up to $1,000,000 in funding. You can use up to $500,000 of this amount to purchase equipment or improve your rented space.
Eligible expenses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs, such as software or working capital, you can receive up to $150,000.
The federal government guarantees 85% of the loan, providing a significant safety net for your business.
The loan program is flexible. If you've made eligible purchases in the last 365 days, you can include them in this loan.
You have various options to repay the loan. You can choose a variable interest rate, a fixed rate, or a combination of both.
You have up to 15 years to repay the loan, regardless of how you use the funds.
Program Steps
Gather Necessary Information:
- Understand the program's requirements and benefits.
- Ensure you have a clear understanding of how the program can help your business.
Prepare Documentation:
- Business Plan
- Financial Statements (e.g., balance sheets, income statements)
- Tax Returns
- Proof of Business Registration
- Identification Documents (e.g., driver's license, passport)
- Any additional documents specific to the program
Complete the Application Form:
- Fill out the application form with accurate and detailed information.
- Double-check for any errors or omissions.
Submit the Application:
- Submit the completed application form along with the required documents.
- Ensure you follow the submission guidelines provided by the program.
Follow Up:
- Monitor the status of your application.
- Be prepared to provide any additional information or clarification if requested.
Review Approval Terms:
- If approved, review the terms and conditions of the program.
- Understand any obligations or commitments required from your business.
Implement the Program:
- Once approved, implement the program as outlined.
- Utilize the benefits and resources provided to support your business growth.
Maintain Records:
- Keep detailed records of all interactions and transactions related to the program.
- Ensure compliance with any reporting requirements.