ACOA Business Information Services — Nova Scotia
Highlights
This program is designed specifically for businesses like yours. It offers a range of support to help you start or grow your business. You can access personalized business planning, financing options, and market research information. This means you get tailored advice and resources that fit your unique needs.
What You Get:
- Financing options: Loans, grants, wage subsidies, and COVID-19 relief.
- Business planning support: Personalized information and professional business plan reviews.
- Market research: Data on demographics, competitors, suppliers, and industry performance.
Why Apply?
- Comprehensive support: From funding to planning, we cover all aspects of running a business.
- Ease of access: Our services are free and available in both official languages.
- Tailored resources: Over 10,000 business templates and start-up guides to help you succeed.
Applying is straightforward, and our team is ready to guide you through every step. This program can provide the boost your business needs to thrive.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed rate of 3.5% per annum.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Working capital for day-to-day operations.
- Research and development costs.
- Marketing and promotional expenses.
Ineligible Expenses:
- Real estate purchases.
- Personal expenses.
- Repayment of existing debts.
- Any non-business-related expenses.
Fees:
- Application Fee: $150.
- Annual Administration Fee: 1% of the loan amount.
- Late Payment Fee: 2% of the overdue amount.
Qualifications
- Must be located in Atlantic Canada (Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador).
- Must be a business seeking support for start-up or growth.
- Must be willing to engage in business planning, financing, or navigating government regulations.
- Must be interested in market research, including demographics, industry performance, and consumer trends.
Must be open to receiving guidance on imports and exports.
Disqualifications:
- Businesses located outside Atlantic Canada.
Description
This program offers your business up to $1,000,000 in funding. You can use this money to buy 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 like software or operational expenses, you can receive up to $150,000.
The federal government guarantees 85% of the loan, providing a significant safety net for you.
Flexible repayment options are available. 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 what you spend it on. This program is designed to help your business grow and succeed.
Program Steps
Gather Necessary Information:
- Understand the specific details of the program and how it can benefit your business.
- Note any deadlines or important dates for the application process.
Prepare Business Documentation:
- Financial statements (income statement, balance sheet, cash flow statement).
- Business plan outlining your business goals and strategies.
- Details of how the funds will be used (quotes for equipment, renovation costs, etc.).
- Any additional documents specified by the program guidelines.
Complete the Application Form:
- Fill out the application form provided by the Atlantic Canada Opportunities Agency (ACOA).
- Ensure all sections are completed accurately and thoroughly.
Contact ACOA for Assistance:
- Reach out to ACOA’s Business Information Services team for guidance.
- Call 1-888-576-4444 or email the appropriate contact for your region.
Submit the Application:
- Submit your completed application form along with all required documentation.
- Ensure submission is done before any specified deadlines.
Follow Up:
- After submission, follow up with ACOA to confirm receipt of your application.
- Be prepared to provide any additional information or clarification if requested.
Review and Approval:
- Wait for ACOA to review your application.
- If approved, discuss the terms and conditions of the program.
- Upon agreement, proceed with the implementation of the funds as outlined in your application.