BDC Advisory Services
Highlights
This program is designed for businesses like yours, offering a unique opportunity to secure financing that can drive your growth and success. You can receive up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. This flexibility allows you to use the funds for various needs, such as operating expenses, restorations, new equipment, software, and more.
What sets this financing apart is that it is backed by the government, providing you with a reliable and secure source of funds. You also have the advantage of choosing how to repay the loan, with terms extending up to 15 years. This makes it easier to manage your cash flow and plan for the future.
Applying for this program is straightforward, and qualifying is easier than you might think. By securing this financing, you can enhance your business operations, invest in new opportunities, and achieve your growth milestones with confidence.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed rate of 5% per annum.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Working capital.
- Intangible assets such as patents and trademarks.
Ineligible Expenses:
- Real estate purchases.
- Refinancing existing debts.
- Personal expenses.
Fees:
- Application Fee: $150.
- Processing Fee: 1% of the loan amount, deducted from the loan disbursement.
- Annual Maintenance Fee: $100 per year, starting from the second year.
Qualifications
- Must be a business operating in Canada.
- Must have a Canada Revenue Agency Business Number.
- Must be a small or medium-sized enterprise (SME).
Must be in one of the following industries:
- Aerospace
- Automotive
- Construction
- Creation and culture
- Fisheries
- Food and beverage
- Manufacturing
- Mining
- Oil and gas
- Technology
- Tourism
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Professional services such as marketing firms, creative agencies.
Description
This program offers your business up to $1,000,000 in funding. You can use this money to buy new equipment, improve your workspace, or cover other essential costs.
Here’s how you can use the funds:
- Up to $500,000 for equipment like commercial kitchen appliances, manufacturing machinery, or IT infrastructure.
- Up to $150,000 for software or operational expenses to keep your business running smoothly.
The government guarantees 85% of the loan, providing a safety net for your business.
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 repay the loan, no matter how you use the funds.
This program is designed to help your business grow and succeed by providing the financial support you need.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These typically include:
- Business plan
- Financial statements (balance sheet, income statement, cash flow statement)
- Tax returns
- Details of intended use of funds (e.g., quotes for equipment or renovation costs)
- Any other relevant business documents
Complete the Application Form: Fill out the application form provided by the program. Ensure all information is accurate and complete.
Submit the Application: Submit your completed application form and all required documentation to the appropriate agency or financial institution.
Attend an Interview or Meeting: Be prepared to attend an interview or meeting if requested. This may involve discussing your business plan and how the funds will be used.
Follow Up: After submission, follow up with the agency or financial institution to check the status of your application. Respond promptly to any requests for additional information.
Review and Sign Agreement: If your application is approved, review the terms and conditions of the agreement. Sign the agreement to finalize the process.
Receive Funds: Once the agreement is signed, the funds will be disbursed to your business. Use the funds as outlined in your application to support your business growth.