BDC Advisory Services — Business Strategy
Highlights
This program is designed for businesses like yours. It offers up to $1,000,000 in financing to help you make significant purchases and investments. Additionally, you can receive $150,000 specifically for software or day-to-day operating costs. This flexibility allows you to address various needs, from operating expenses to new equipment.
Key Benefits:
- Government-backed loan: This ensures more favorable terms compared to traditional loans.
- Flexible repayment options: Choose how you pay it back, with up to 15 years to do so.
- Wide range of uses: Funds can be used for operating expenses, restorations, new equipment, software, and more.
Applying for this program can provide the financial support you need to grow and innovate. The qualification process is straightforward, making it easier for you to access these benefits and take your business to the next level.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed rate of 3.5% per annum.
Eligible Expenses:
- Purchase of equipment.
- Leasehold improvements.
- Intangible assets (such as patents or trademarks).
- Working capital to support day-to-day operations.
Ineligible Expenses:
- Real estate purchases.
- Refinancing existing debts.
- Personal expenses unrelated to business operations.
Fees:
- Application Fee: $150, non-refundable.
- Processing Fee: 1% of the loan amount, deducted from the loan disbursement.
- Annual Maintenance Fee: $100, charged each year on the loan anniversary date.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Canada.
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.
- Softwood lumber industry.
- Professional services such as marketing firms, creative agencies.
Description
This program offers your business a great opportunity to grow and succeed. You can receive up to $1,000,000 in funding. This money can be used for various purposes that will help your business thrive.
You can use the funds for:
- Buying new equipment
- Renovating your workspace
- Expanding your operations
- Investing in technology
The program also allows you to use part of the funds for working capital. This means you can cover day-to-day expenses and keep your business running smoothly.
Key benefits include:
- Flexible repayment options: You can choose between different interest rates and payment plans.
- Long payback period: You have up to 15 years to repay the loan, making it easier to manage your finances.
- Government guarantee: The federal government guarantees 85% of the loan, providing a safety net for your business.
This program is designed to support your business's growth and ensure you have the resources you need to succeed.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. These typically include:
- Business plan
- Financial statements (e.g., balance sheets, income statements)
- Tax returns
- Proof of business registration
- Details of intended use of funds (e.g., quotes for equipment or renovation costs)
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately and thoroughly.
Review Loan Terms and Conditions: Understand the terms and conditions of the program, including interest rates, repayment schedules, and any fees. This will help you determine if the program aligns with your business needs.
Submit the Application: Submit your completed application form along with the required documentation to the appropriate office or online portal specified by the program.
Follow Up on Your Application: After submission, follow up with the program's contact point to confirm receipt of your application and to check on the status. Be prepared to provide any additional information if requested.
Attend Any Required Interviews or Meetings: You may be asked to attend an interview or meeting to discuss your application in more detail. Be prepared to explain how the funds will benefit your business and answer any questions.
Receive Approval and Funds: Once your application is approved, review the final terms and conditions. Upon agreement, the funds will be disbursed to your business account, allowing you to proceed with your planned investments.