ACOA Business Information Services — New Brunswick
Highlights
The Atlantic Canada Opportunities Agency (ACOA) offers a fantastic program tailored for businesses like yours. This program provides comprehensive support to help you start or grow your business. You can access personalized business planning, financing options including loans, grants, and wage subsidies, and market research information to stay ahead of competitors. The program also offers guidance on government regulations and import/export assistance.
Why should you apply? This program is designed to make your business journey smoother. With over 10,000 business templates and professional business plan reviews, you’ll have the tools you need to succeed. The financing options are flexible and backed by the government, making them more reliable than other loans. Plus, you can get up to $1,000,000 in financing with additional funds for software and operating costs.
What’s in it for you? By being approved, you’ll gain access to resources that can significantly boost your business operations. Whether you need help with operating expenses, new equipment, or software, this program has you covered. Qualifying is straightforward, and the support is available in both official languages, ensuring you get the help you need when you need it.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Intangible assets
- Working capital
Use of Funds:
- Funds can be used for business expansion, research and development, and operational costs.
- Funds cannot be used for personal expenses, debt refinancing, or non-business-related activities.
Fees:
- No application fees
- No processing fees
- No hidden charges
Qualifications
- Must be a business located in Atlantic Canada (Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador).
- Must be seeking support for business planning, financing, government regulations, imports and exports, or market research.
Must be willing to engage with ACOA's Business Information Services for guidance and support.
Disqualifications:
- Businesses located outside of Atlantic Canada.
Description
This program offers your business up to $1,000,000 in funding. You can use this money to buy equipment, improve your workspace, or cover other essential costs.
Here’s how you can use the funds:
Up to $500,000 for equipment or workspace improvements, such as:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
Up to $150,000 for operational costs, like software or other necessary expenses to keep your business running smoothly.
The federal government guarantees 85% of the loan, providing a significant safety net for your business.
Flexible repayment options are available. You can choose between a variable interest rate, a fixed rate, or a combination of both. You also have up to 15 years to repay the loan, regardless of how you use the funds.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. You will need:
- Business plan
- Financial statements (e.g., balance sheet, income statement)
- Proof of business registration
- Tax returns (last two years)
- Details of intended use of funds (e.g., quotes for equipment or renovation costs)
Complete the Application Form: Fill out the application form provided by the Atlantic Canada Opportunities Agency (ACOA). Ensure all sections are completed accurately.
Submit the Application: Submit your completed application form along with the required documentation to ACOA. This can typically be done online, by mail, or in person.
Contact ACOA for Assistance: If you have any questions or need guidance during the application process, contact ACOA’s Business Information Services team. They can provide support and ensure you have everything you need.
Review and Follow-Up: After submission, ACOA will review your application. Be prepared to provide any additional information or clarification if requested.
Await Decision: Once your application is reviewed, ACOA will notify you of their decision. If approved, they will provide details on the next steps and any further requirements.
Implement Funded Activities: Upon approval and receipt of funds, proceed with the activities outlined in your application, such as purchasing equipment or making improvements.