Alberta Innovates — Technology Development Advisors
Highlights
This program is designed for businesses like yours, offering a unique opportunity to access valuable resources and expert guidance. By applying, you can receive up to $1,000,000 in financing to support your business growth. Additionally, you can get $150,000 specifically for software or operational costs, ensuring you have the tools needed to succeed.
Key Benefits:
- Flexible Financing: Use the funds for operating expenses, new equipment, restorations, software, and more.
- Expert Support: Gain access to Technology Development Advisors who provide business coaching and connect you to community support networks.
- Government-Backed: This financing is backed by the government, offering more favorable terms and repayment options compared to traditional loans.
Applying for this program is straightforward, and qualifying is easier than you might think. Approval can significantly boost your business, providing the financial support and expert advice needed to thrive in Alberta's innovation ecosystem.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Research and development costs
- Prototyping and testing
- Market analysis and business planning
- Intellectual property protection
- Equipment and materials directly related to the project
Use of Funds:
- Funds cannot be used for general operational expenses, such as rent, utilities, or salaries not directly tied to the project.
- Funds cannot be used for debt repayment or refinancing existing loans.
Fees:
- There are no application fees associated with this grant.
- There are no ongoing fees for maintaining the grant.
Qualifications
- Must be a high-growth, high-potential company.
- Business must be located in Alberta.
Must be positioned to provide economic and social benefits to Alberta.
Disqualifications:
- None mentioned in the provided context.
Description
This program offers your business a valuable opportunity to grow and thrive. You can receive up to $1,000,000 in funding. This money can be used for various purposes to enhance your business operations.
You can use up to $500,000 of this funding to purchase equipment or improve your rented space. This includes:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
Additionally, you can receive up to $150,000 for costs like software or other operational expenses to keep your business running smoothly.
The federal government guarantees 85% of the loan, providing a significant security net for you. This program is flexible, allowing you to apply significant purchases made in the last 365 days to the loan.
You have various options to pay back the loan, including choosing a changing interest rate, a steady one, or combining your loan amount and interest into combined payments. You can take up to 15 years to pay back the loan, regardless of what you spend it on.
This program is designed to help your business succeed by providing the necessary funds and flexibility to grow and improve.
Program Steps
Create an Account on the Application Portal: Visit the application portal and create an account. This will allow you to save your progress and return to the application if needed.
Complete the Online Questionnaire: Fill out the short questionnaire provided. This helps the program understand your business's current status and needs.
Prepare Documentation: Gather the necessary documents for your application. These typically include:
- Business Plan
- Financial Statements (last two years)
- Proof of Business Registration
- Detailed Project Proposal
- Quotes or Estimates for Project Costs
- Any other relevant supporting documents
Upload Documentation: Upload the prepared documents to the application portal. Ensure all files are clear and legible.
Review and Submit Application: Carefully review your application to ensure all information is accurate and complete. Once satisfied, submit your application through the portal.
Follow Up: After submission, monitor your email and the application portal for any updates or requests for additional information from the program administrators.
Attend Any Required Meetings: If requested, attend any meetings or interviews with program representatives to discuss your application in more detail.
Receive Approval and Next Steps: Upon approval, review the terms and conditions of the funding. Follow any additional steps provided to receive the funds and begin your project.