Arts in communities
Highlights
This program is designed for businesses like yours. It offers up to $1,000,000 in financing to help you grow and improve your operations. Additionally, you can receive $150,000 specifically for software or day-to-day expenses. This funding can be used for various needs such as operating expenses, restorations, new equipment, and more.
What makes this program stand out is that it is backed by the government, providing you with a sense of security and flexibility. You have the option to choose how you repay the loan, with terms extending up to 15 years. This flexibility can ease your financial planning and allow you to focus on growing your business.
Applying for this program is straightforward, and qualifying is easier than many other financing options. Being approved can provide you with the necessary funds to take your business to the next level, ensuring you have the resources to succeed.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Research and development costs
- Equipment purchases
- Marketing and promotional activities
- Training and development for staff
- Operational costs directly related to the project
Use of Funds:
- Funds can be used for the above eligible expenses only.
- Funds cannot be used for debt repayment, personal expenses, or unrelated business activities.
Fees:
- No application fee.
- No processing fee.
- No repayment required, as this is a grant.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
Business must be operating in New Brunswick.
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Softwood lumber industry.
- Professional services such as marketing firms, creative agencies.
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 cover other essential costs.
Eligible expenses include:
- Upgrading machinery
- Renovating your workspace
- Purchasing technology and software
The program provides flexible repayment options. You can choose a fixed or variable interest rate, and you have up to 10 years to repay the loan. This gives you the financial breathing room to invest in your business without immediate pressure.
No collateral is required, making it easier for you to access the funds you need. This program is a great opportunity to grow your business, enhance your operations, and stay competitive.
Program Steps
Gather Necessary Documentation: Prepare the following documents to complete your application:
- Business registration or incorporation documents
- Financial statements (balance sheet, income statement, cash flow statement)
- Business plan
- Tax returns for the past two years
- Identification documents (e.g., driver's license, passport)
- Any additional documents specific to your business or industry
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Submit your completed application form along with the prepared documentation. This can typically be done online through the program's website or via mail.
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. Prompt responses can expedite the review process.
Review Approval Terms: If your application is approved, carefully review the terms and conditions of the program. Make sure you understand all requirements and commitments.
Sign Agreement: Sign the official agreement to participate in the program. Ensure you keep a copy of the signed agreement for your records.
Implement Program Benefits: Once all agreements are signed, you can begin to utilize the benefits provided by the program to support and grow your business.
Maintain Compliance: Ensure ongoing compliance with the program's requirements and reporting obligations. This may include periodic updates or financial reporting.
Seek Assistance if Needed: If you encounter any issues or have questions during the process, contact the program's support team for assistance.