BDC Advisory Services — Human Resources
Highlights
This program is designed for businesses like yours. It offers flexible financing solutions to help you grow and transition smoothly. Whether you need funds for expansion, new equipment, or operational costs, this program has you covered.
Key Benefits:
- Up to $1,000,000 in financing
- An additional $150,000 for software or day-to-day operating costs
- Government-backed loan with flexible repayment options up to 15 years
What You Get:
- Funds for operating expenses, restorations, new equipment, software, and more
- A structured, action-oriented approach to HR management
- Practical guides and tools for hiring and motivating employees
- Coaching and support from experienced consultants
Applying for this program is straightforward, and qualifying is easier than you might think. Approval can provide the financial boost and expert guidance your business needs to thrive.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan offers a fixed interest rate of 3.5% per annum.
- Repayment term is up to 10 years.
- Early repayment is allowed without penalties.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Working capital to support day-to-day operations.
- Intangible assets such as patents and trademarks.
Use of Funds:
- Funds cannot be used for refinancing existing debts.
- Funds cannot be used for personal expenses or non-business-related activities.
Fees:
- Application fee of $150.
- Annual maintenance fee of 1% of the outstanding loan balance.
- No prepayment penalties for early repayment.
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.
- Professional services such as marketing firms, creative agencies.
Description
This program offers your business a valuable opportunity. You can receive funding to support your human resources needs. This includes help with hiring, motivating, and retaining the right employees. The program provides financing for advisory services to enhance your recruitment and onboarding processes, as well as employee appreciation programs.
The funding can be used for:
- Setting up recruiting and onboarding tools
- Implementing performance objectives and tools
- Building processes to manage change effectively
You will benefit from:
- A structured approach to HR management
- Practical guides and tools for defining roles and responsibilities
- Coaching and support from experienced consultants
This program is designed to help you build a high-performance business culture. It ensures your employees are motivated and aligned with your business goals, ultimately leading to greater success for your company.
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 two years)
- Proof of business registration
- Identification documents for business owners
- Details of intended use of funds
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 required documentation to the designated program office or online portal.
Attend an Interview (if required): Some programs may require an interview or meeting with a program officer. Be prepared to discuss your business plan and how the funds will be used.
Review and Respond to Feedback: After submission, you may receive feedback or requests for additional information. Respond promptly to any inquiries to avoid delays in the application process.
Await Approval: Once all information is submitted, wait for the program administrators to review your application. This process may take several weeks.
Receive Funding: If approved, you will receive the funds according to the program’s disbursement schedule. Ensure you understand the terms and conditions associated with the funding.