BDC Advisory Services — Financial Management
Highlights
This program is designed for business owners like you. It offers up to $1,000,000 in financing to help you make significant investments in your business. Additionally, you can receive $150,000 for software or daily operating costs. This funding can be used for various purposes, including operating expenses, restorations, new equipment, and software.
Key Benefits:
- Flexible Repayment: Choose how you pay back the loan, with up to 15 years to do so.
- Government-Backed: This loan is backed by the government, providing you with more security and better terms than other loans.
- Comprehensive Support: Access to advisory services to help you manage your finances and maximize your business's value.
Applying for this program is straightforward, and qualifying is easier than you might think. Approval will provide you with the financial stability and resources needed to grow and succeed.
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 equipment.
- Leasehold improvements.
- Intangible assets.
- Working capital.
Ineligible Expenses:
- Real estate purchases.
- Personal expenses.
- Debt refinancing.
Fees:
- Application Fee: $150.
- Documentation Fee: $200.
- Annual Administration Fee: 1% of the loan amount.
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 have a minimum of 2 employees.
- Business must have been operational for at least 2 years.
Annual revenue must be between $100,000 and $50 million.
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, such as buying new equipment, renovating your workspace, or even covering operational costs.
Here's how you can use the funds:
- Up to $500,000 for purchasing equipment or improving your rented space. This includes items like commercial kitchen appliances, manufacturing machinery, or IT infrastructure.
- Up to $150,000 for software and other operational expenses to keep your business running smoothly.
The federal government guarantees 85% of the loan, providing a significant safety net for your business.
Flexible repayment options are available to suit your needs. You can choose between a variable interest rate, a fixed rate, or a combination of both. You have up to 15 years to repay the loan, regardless of how you use the funds.
This program is designed to help your business thrive 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 for the past three years
- Details of the intended use of funds (e.g., quotes for equipment or renovation costs)
- Proof of business registration
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 associated fees. Make sure these terms align with your business’s financial situation and goals.
Consult with a Program Representative: Contact a representative from the program for guidance and to clarify any questions you may have about the application process or required documentation.
Submit Your Application: Submit the completed application form along with all required documentation to the appropriate office or online portal as specified by the program.
Follow Up: After submission, follow up with the program office to confirm receipt of your application and to inquire about the timeline for review and approval.
Prepare for an Interview or Additional Requests: Be ready to provide additional information or attend an interview if requested by the program administrators. This may include further financial details or explanations about your business plan.
Receive Approval and Funds: Once your application is approved, review the final loan agreement, sign the necessary documents, and receive the funds. Use the funds as outlined in your application to support your business growth.