Aquaculture Loans and Loan Guarantees
Highlights
This program is designed for business owners like you. It offers a unique opportunity to secure financing that can help your business grow and thrive. The program provides up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs.
What You Get
- Up to $1,000,000 in financing
- $150,000 for software or operating costs
How You Can Use the Funds
- Operating expenses
- Restorations
- New equipment
- Software
- And much more
The key advantage of this loan is that it is backed by the government, offering you more flexibility and security. You also have the option to choose how you repay it, with up to 15 years to do so. This makes it easier to manage your finances and focus on growing your business. The qualification process is straightforward, making it accessible for businesses like yours.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Intangible assets
- Working capital
Use of Funds:
- Funds can be used for the above eligible expenses.
- Funds cannot be used for personal expenses, debt repayment, or any non-business-related activities.
Repayment Terms:
- No repayment is required, as this is a grant.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Business must be operating in New Brunswick.
- Must have a Canada Revenue Agency Business Number.
- Must have a minimum of 1 employee and a maximum of 100 employees.
Annual revenue must be between $30,000 and $5 million.
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Professional services such as legal firms, accounting firms, and consulting agencies.
Description
This program offers your business up to $500,000 in funding. You can use this money to expand, improve, or modernize your operations.
Eligible uses include:
- Buying new equipment
- Upgrading your facilities
- Investing in technology
The program provides flexible repayment terms. You can take up to 10 years to pay back the funds. This gives you plenty of time to see a return on your investment.
No interest is charged for the first year, making it easier for you to get started without immediate financial pressure. After that, a low-interest rate applies.
This program is designed to help your business grow and succeed. It offers significant financial support with manageable conditions.
Program Steps
Gather Required Documentation: Prepare the necessary documents for the application. These include:
- Business registration details
- Financial statements for the past two years
- Business plan
- Tax returns
- Proof of business address
- Identification documents for business owners
Complete the Application Form: Fill out the application form with accurate and up-to-date information about your business. Ensure all fields are completed as required.
Submit the Application: Submit the completed application form along with the prepared documentation to the appropriate government office or online portal.
Await Confirmation: After submission, you will receive a confirmation of receipt. Keep this confirmation for your records.
Respond to Follow-Up Requests: Be prepared to provide additional information or clarification if requested by the program administrators.
Review Approval Terms: If your application is approved, review the terms and conditions carefully. Ensure you understand all obligations and benefits.
Sign Agreement: Sign the agreement to officially enroll in the program. This may involve a formal signing process either online or in person.
Receive Program Benefits: Once the agreement is signed, you will begin to receive the benefits of the program as outlined in the approval terms.
Maintain Compliance: Ensure ongoing compliance with the program requirements. This may include periodic reporting or updates on your business status.