Alberta Innovates — Health Innovations
Highlights
This program is designed for businesses like yours, offering a unique opportunity to enhance your operations and drive growth. By applying, you can access 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 purposes, including operating expenses, restorations, new equipment, and software.
Key benefits of this program include:
- Government-backed financing, providing security and trust.
- Flexible repayment options, allowing you up to 15 years to repay.
- Support for a wide range of business needs, ensuring you can allocate funds where they are most needed.
Approval for this program can significantly boost your business, providing the financial support needed to innovate and expand. The qualification process is straightforward, making it easier for you to access these valuable resources.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Research and development costs
- Technology commercialization
- Health system transformation projects
- Talent development initiatives
Use of Funds:
- Funds can be used for the above eligible expenses only.
- Funds cannot be used for operational expenses, debt repayment, or any non-eligible activities.
Fees:
- There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be a business operating in Alberta.
- Must be involved in digital health technologies.
Must focus on research, technology commercialization, health system transformation, or talent development.
Disqualifications:
- Businesses not operating within Alberta.
- Businesses not involved in digital health technologies.
Description
This program offers your business a chance to receive up to $1,000,000 in funding. You can use this money to buy equipment, improve your workspace, or cover operational 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 essential expenses to keep your business running smoothly.
The federal government guarantees 85% of the loan, giving you a significant security net. This loan is flexible, allowing you to apply significant purchases made in the last 365 days to the loan.
You have various options to repay the loan, including choosing between a variable interest rate, a fixed rate, or a combination. You have up to 15 years to pay back the loan, regardless of how you spend it. This program is designed to provide your business with the financial support it needs to grow and succeed.
Program Steps
Create an Account on the Application Portal: Visit the program's application portal and create an account. This will allow you to save your progress and return to the application at any time.
Complete the Online Application Form: Fill out the required fields in the online application form. This will include details about your business, such as its name, address, and contact information.
Prepare the Appropriate Documentation: Gather and prepare the necessary documents to support your application. These may include:
- Business Plan
- Financial Statements (e.g., balance sheet, income statement)
- Proof of Business Registration
- Tax Returns
- Details of the intended use of funds (e.g., quotes for equipment or renovation costs)
Upload Documentation: Upload the prepared documents to the application portal. Ensure all files are clear and legible.
Review and Confirm Application Details: Carefully review all the information and documents you have provided. Make sure everything is accurate and complete.
Submit the Application: Once you have reviewed your application, submit it through the portal. You will receive a confirmation email acknowledging receipt of your application.
Monitor Application Status: Keep an eye on your email and the application portal for any updates or requests for additional information. Respond promptly to any inquiries to avoid delays.
Await Approval: The program administrators will review your application. This process may take some time, so be patient.
Receive Funding Decision: You will be notified of the funding decision via email. If approved, you will receive details on the next steps to access the funds.
Follow Up: If you have any questions or need further assistance, contact the program support team using the provided contact information.