Aquaculture Loan Program
Highlights
This program is designed specifically for businesses like yours. It offers up to $1,000,000 in financing to help you make crucial investments. Whether you need funds for operating expenses, new equipment, or software, this program has you covered. Additionally, you can receive an extra $150,000 for software or day-to-day operating costs.
Why should you apply? This financing is backed by the government, providing you with a reliable and secure source of funds. You also have the flexibility to choose how you repay, with terms extending up to 15 years. This makes it easier to manage your cash flow and plan for the future. Qualifying is straightforward, making it an accessible option for your business.
Financing Details
Type of Financing:
- Loan: This program offers a loan to eligible businesses.
Repayment Terms and Interest Rates:
- Repayment Term: The loan must be repaid within 10 years.
- Interest Rate: The interest rate is fixed at 3.5% per annum.
Eligible Expenses:
- Equipment Purchases: Funds can be used to buy new or used equipment.
- Leasehold Improvements: Expenses for improving leased property are covered.
- Working Capital: Includes day-to-day operational costs.
- Intangible Assets: Costs related to patents, trademarks, and software.
Ineligible Expenses:
- Real Estate: Funds cannot be used to purchase real estate.
- Debt Repayment: Existing debts cannot be paid off with this loan.
- Personal Expenses: Personal use of funds is not allowed.
Fees:
- Application Fee: A one-time fee of $150 is required.
- Administration Fee: An annual fee of 1% of the loan amount.
Qualifications
- Must be a business operating in Nova Scotia.
Must have a physical presence in one of the following locations:
- Truro
- Kentville
- Yarmouth
Disqualifications:
- None mentioned in the provided context.
Description
This program offers your business a chance to borrow up to $1,000,000. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible purchases include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other expenses like software or operational costs, the program can provide up to $150,000.
The federal government guarantees 85% of the loan, giving you a significant safety net.
Flexible repayment options are available. You can choose a variable interest rate, a fixed rate, or even combine your loan amount and interest into blended payments.
You have up to 15 years to repay the loan, regardless of how you use the funds.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These typically include:
- Business Plan
- Financial Statements (e.g., balance sheet, income statement)
- Tax Returns (for the past 2-3 years)
- Proof of Business Registration
- Identification Documents (e.g., driver's license, passport)
- Any specific documents requested by the program
Complete the Application Form: Fill out the application form provided by the program. Ensure all fields are accurately completed and double-check for any errors.
Contact the Appropriate Office: Reach out to the nearest office for assistance or to submit your application. You can contact:
- Truro Head Office: 902-893-6506
- Kentville Field Office: 902-679-6009
- Yarmouth Field Office: 902-774-0102
Submit Your Application: Submit your completed application form along with the required documentation to the office you contacted. Ensure you receive confirmation of receipt.
Follow Up: After submission, follow up with the office to check the status of your application. Be prepared to provide any additional information or documentation if requested.
Review and Approval: Wait for the review process to be completed. The program administrators will review your application and documentation to ensure it meets all criteria.
Receive Notification: Once your application is reviewed, you will be notified of the decision. If approved, you will receive further instructions on the next steps.
Finalize Agreement: If approved, finalize any agreements or contracts required by the program. This may include signing documents and setting up any necessary accounts.
Implement the Program: Once all agreements are in place, you can proceed with implementing the program's benefits for your business.