Atlantic Canada Travel Trade Market Readiness Program
Highlights
This program is designed for businesses like yours to help you grow and succeed in the tourism industry. By participating, you can access valuable resources and support to attract more international travelers and expand your market reach.
Why Apply?
- Comprehensive Support: Gain access to a toolkit, webinars, workshops, and advisory services tailored to help you work with travel trade partners.
- Increased Visibility: Partnering with the travel trade means more people promoting your business, leading to more bookings and predictable cash flow.
- Quality Assurance: Ensure your business meets the standards required to serve international travelers, enhancing your reputation and customer satisfaction.
What's in it for You?
- Financing Options: Benefit from government-backed financing that offers flexible repayment terms, making it easier to manage your cash flow.
- Expert Guidance: Receive personalized advice and best practices to optimize your business operations and marketing strategies.
- Easy Qualification: The program is designed to be accessible, ensuring that businesses like yours can easily qualify and start reaping the benefits.
By being approved for this program, you will be well-equipped to attract more visitors, increase your revenue, and ensure long-term success in the competitive tourism market.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Marketing and promotional activities
- Development of new tourism experiences
- Upgrading existing tourism infrastructure
- Training and capacity building for staff
- Purchase of equipment directly related to tourism services
Use of Funds:
- Funds cannot be used for general operational expenses, debt repayment, or any non-tourism-related activities.
Fees:
- There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be a tourism-related business.
- Must be based in one of the four Atlantic provinces (Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador).
- Must have business policies and supports in place to work with travel trade partners.
- Must have rates, booking systems, and policies established.
- Must offer year-round support to travel trade partners.
- Must maintain consistent quality in services.
Must have sufficient capacity to serve international travellers.
Disqualifications:
- Businesses not related to tourism.
- Businesses located outside the four Atlantic provinces.
- Businesses without established rates, booking systems, and policies.
- Businesses unable to offer year-round support to partners.
- Businesses unable to maintain consistent quality.
- Businesses lacking sufficient capacity to serve international travellers.
Description
This program offers your business up to $1,000,000 in funding. 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 costs like software or working capital, 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 a combination of both.
You have up to 15 years to pay back the loan, regardless of how you use the funds.
Program Steps
Gather Necessary Documentation: Prepare the following documents to complete your application:
- Business Plan
- Financial Statements (e.g., balance sheets, income statements)
- Proof of Business Registration
- Identification Documents for Business Owners
- Details of Intended Use of Funds (e.g., quotes for equipment or services)
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are accurately completed.
Submit the Application: Submit the completed application form along with the required documentation. This can usually be done online or via mail, depending on the program's submission guidelines.
Await Confirmation: After submission, you will receive a confirmation of receipt. This may include a reference number for tracking your application.
Respond to Follow-Up Requests: Be prepared to provide additional information or clarification if requested by the program administrators. This may involve further documentation or answering specific questions about your business.
Review Approval Terms: If your application is approved, review the terms and conditions provided. This will include details on funding amounts, repayment terms (if applicable), and any other relevant information.
Accept the Terms: Formally accept the terms and conditions of the program. This may involve signing an agreement or contract.
Receive Funding: Once you have accepted the terms, the funds will be disbursed to your business. Ensure you use the funds as specified in your application.
Maintain Records: Keep detailed records of how the funds are used. This will be important for any future audits or reports required by the program.
Report Progress: Periodically report on the progress of your business as required by the program. This may include financial updates or impact assessments.