Agricultural Technology Transfer and Licencing
Highlights
This program is designed specifically for businesses like yours in the agriculture and agri-food sector. It offers a unique opportunity to access up to $1,000,000 in financing. Additionally, you can receive an extra $150,000 for software or day-to-day operating costs. This funding can be used for a variety of purposes, including operating expenses, restorations, new equipment, and software.
What sets this program apart is that it is backed by the government, providing you with more flexible repayment options. You can choose how to pay it back, with terms extending up to 15 years. This makes it a more attractive option compared to traditional loans. Being approved for this program will give your business the financial boost it needs to grow and innovate, making it easier to bring new technologies to market.
Qualifying for this program is straightforward, ensuring that you can quickly access the funds you need. This is a great chance to enhance your business operations and stay competitive in the industry.
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.
- Research and development costs.
- Marketing and promotional expenses.
- Employee training and development.
Ineligible Expenses:
- Real estate purchases.
- Debt refinancing.
- Personal expenses.
- Non-business-related activities.
Fees:
- Application Fee: $150.
- Processing Fee: 1% of the loan amount, capped at $500.
- Late Payment Fee: 2% of the overdue amount per month.
Qualifications
- Must be involved in agriculture or agri-food sector.
- Must be interested in technology transfer and licensing.
- Must be looking to bring new technologies to the market.
Must be able to engage with the Office of Intellectual Property and Commercialization.
Disqualifications:
- Businesses outside the agriculture or agri-food sector.
- Businesses not interested in technology transfer and licensing.
- Businesses not looking to bring new technologies to the market.
Description
This program offers your business up to $500,000 in funding. You can use this money to buy new equipment, improve your facilities, or develop new products.
Eligible expenses include:
- Purchasing advanced machinery
- Upgrading your production line
- Investing in research and development
The funds can also cover costs like hiring experts or consultants to help with your projects.
The best part? This is a grant, so you don’t have to pay it back. This means you can focus on growing your business without worrying about repayment.
Why is this valuable for you? It provides the financial support you need to innovate and expand, giving you a competitive edge in the market.
Program Steps
Gather Necessary Documentation:
- Business Registration Documents
- Financial Statements (last 2 years)
- Business Plan
- Tax Returns (last 2 years)
- Proof of Ownership or Lease Agreement
- Identification Documents (e.g., passport, driver's license)
Complete the Application Form:
- Fill out the application form provided by the program.
- Ensure all sections are completed accurately.
Prepare a Project Proposal:
- Outline the technology or innovation you plan to develop.
- Explain how it benefits the agricultural sector.
- Include a timeline and budget for the project.
Submit the Application:
- Submit the completed application form along with all required documentation.
- Ensure you meet the submission deadline.
Follow Up on Your Application:
- Contact the program office to confirm receipt of your application.
- Be available to answer any follow-up questions or provide additional information if requested.
Await Approval:
- The program office will review your application.
- You will be notified of the decision and any next steps.