ACOA Business Information Services — Newfoundland and Labrador
Highlights
This program is designed for business owners like you who are looking to start or grow their business. It offers a range of support services to help you succeed. Why should you apply? Because it provides personalized assistance in business planning, financing, and navigating government regulations.
What’s in it for you?
- Access to various funding options: loans, grants, wage subsidies, and COVID-19 relief.
- Comprehensive business planning support: from start-up guides to professional business plan reviews.
- Market research information: demographics, competitor analysis, industry performance, and more.
How will being approved help you?
- Streamlined access to resources: over 10,000 business templates and step-by-step guides.
- Expert guidance: personalized advice to ensure you meet all legal requirements and optimize your business operations.
Qualifying for this program is straightforward, and the support provided can significantly enhance your business’s growth and sustainability.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- This grant does not require repayment.
- There are no interest rates associated with this grant.
Eligible Expenses:
- Research and development costs
- Marketing and promotional activities
- Purchase of equipment and technology
- Training and development for staff
- Business expansion activities
Ineligible Expenses:
- Personal expenses
- Debt repayment
- Real estate purchases
- Any expenses not directly related to business operations
Fees:
- There are no application or processing fees associated with this grant.
Qualifications
- Must be a business located in Atlantic Canada (Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador).
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
Business must be involved in activities that contribute to economic growth and development.
Disqualifications:
- Businesses located outside Atlantic Canada.
- Government services.
- Personal or social services.
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 what you can do with the funds:
- Purchase commercial kitchen appliances
- Acquire manufacturing machinery
- Upgrade computers and IT infrastructure
- Renovate your retail space
For operational costs like software or maintaining smooth business operations, you can receive up to $150,000.
Key benefits include:
- 85% of the loan is guaranteed by the federal government, giving you a safety net.
- Flexible repayment options: Choose between variable or fixed interest rates, or combine both.
- Up to 15 years to repay the loan, regardless of how you use the funds.
This program is designed to support your business growth and stability with significant financial backing and flexible terms.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These include:
- Business Plan
- Financial Statements (e.g., income statement, balance sheet)
- Proof of Business Registration
- Tax Returns (last two years)
- Identification Documents (e.g., driver's license, passport)
- Any other relevant documents specific to your business
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: Send your completed application form and all required documentation to the ACOA. This can be done online, by mail, or in person at one of their offices.
Contact ACOA for Assistance: If you have any questions or need help with your application, contact ACOA’s Business Information Services team. They can provide guidance and ensure your application is complete.
Review and Follow-Up: After submission, ACOA will review your application. Be prepared to provide additional information or clarification if requested. Follow up with ACOA to check the status of your application.
Receive Approval and Funding: Once your application is approved, you will receive the funding. Review the terms and conditions of the funding agreement carefully before accepting.
Implement Your Business Plan: Use the funds as outlined in your business plan to start or grow your business. Keep detailed records of how the funds are used, as you may need to report this to ACOA.