BDC Advisory Services — Leadership and Management
Highlights
This program is designed for business owners like you who want to improve their management practices and drive growth. By participating, you can access financing to cover the cost of advisory services, ensuring you have expert guidance every step of the way.
What You Get
- Structured approach: A time-tested, action-oriented method to enhance your management practices.
- Effective management tools: Proven tools to help you implement a solid framework, engage your team, and continuously improve.
- Coaching and support: Expert advice to support the implementation of new tools and effective business management.
Why Apply?
- Simplify decision-making: Learn key management and communication practices to clarify roles and priorities.
- Measure progress: Use effective tools, dashboards, and KPIs to track performance and react quickly.
- Empower your workforce: Implement a structured system of communication, management tools, accountability, and collaboration.
Qualifying for this program is straightforward, making it an excellent opportunity to optimize your business management and achieve your goals.
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 (e.g., patents, trademarks).
- Working capital.
Use of Funds:
- Funds cannot be used for personal expenses.
- Funds cannot be used to refinance existing debts.
Fees:
- Application Fee: $150.
- Document Preparation Fee: $200.
- Annual Administration Fee: 1% of the loan amount, included in the interest rate.
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 chance to borrow up to $1,000,000. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible expenses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or working capital, you can receive up to $150,000.
The federal government guarantees 85% of the loan, providing a significant safety net for your business.
Flexible repayment options are available. 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 what you spend it on. This long payback period ensures manageable payments and financial stability for your business.
Program Steps
Gather Required Documentation:
- Business plan
- Financial statements (balance sheet, income statement, cash flow statement)
- Tax returns for the past two years
- Details of 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 with accurate and detailed information about your business and the purpose of the funding.
Review Loan Terms and Repayment Options:
- Understand the different repayment options, interest rates, and the amortization period. Choose the option that best suits your business's financial situation.
Contact a Program Representative:
- Reach out to a program representative for guidance on the application process and to clarify any questions regarding eligibility, required documentation, or understanding of loan terms.
Submit the Application:
- Submit the completed application form along with all required documentation to the appropriate financial institution or program office.
Application Review:
- The program administrators will review your application to ensure it meets all criteria. They may contact you for additional information or clarification.
Approval and Fund Disbursement:
- Upon approval, discuss the final terms, including the interest rate, repayment schedule, and any associated fees. Once agreed upon, the funds will be disbursed to your business.
Implement the Funded Project:
- Use the funds as outlined in your application to grow or support your business. Keep detailed records of how the funds are used.
Monitor and Report Progress:
- Regularly monitor the progress of your funded project and be prepared to report back to the program administrators as required.