BDC Advisory Services — Operational Efficiency
Highlights
This program is designed for business owners like you who are looking to optimize operations and drive growth. By applying, you can access financing options to cover the cost of expert advisory services, helping you tackle pressing operational issues and boost your bottom line.
What You Get
- Virtual on-site workshops: Practical sessions to enhance your team's knowledge and problem-solving skills.
- Practical tools and plans: Proven operations management tools to implement best practices and foster continuous improvement.
- Coaching and support: Impartial advice from consultants to help manage your operations and monitor key performance indicators.
This financing is unique because it not only provides funds but also includes expert guidance to ensure your investment leads to tangible improvements. Qualifying is straightforward, making it an accessible and valuable resource for your business.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rates: Fixed interest rate of 5% per annum.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Intangible assets such as patents and trademarks.
- Working capital to cover operational expenses.
Use of Funds:
- Funds cannot be used for refinancing existing debts.
- Funds cannot be used for personal expenses or investments unrelated to the business.
Fees:
- Application Fee: $150, non-refundable.
- Origination Fee: 1% of the loan amount, which can be financed as part of the loan.
- Annual Maintenance Fee: $100, charged annually for the duration of the loan.
Qualifications
- Must be a business operating in Canada.
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
Business 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 up to $1,000,000 in funding for your business. You can use this money to buy equipment, improve your workspace, or cover other essential costs.
You can use the funds for:
- Buying commercial kitchen appliances
- Purchasing manufacturing machinery
- Upgrading computers and IT infrastructure
- Renovating your retail space
For operational costs like software or other necessary expenses, you can receive up to $150,000.
Key benefits include:
- 85% loan guarantee by the federal government, providing a safety net
- Flexible repayment options, including variable or fixed interest rates, or a mix of both
- Up to 15 years to repay the loan, giving you ample time to manage your finances
This program is designed to support your business's growth and operational efficiency, making it a valuable opportunity for your business.
Program Steps
Gather Required Documentation:
- Financial statements (last two years)
- Business plan
- Tax returns (last two years)
- Proof of business registration
- Identification documents for business owners
- Any relevant licenses or permits
Complete the Application Form:
- Fill out the application form provided by the program.
- Ensure all sections are completed accurately.
Prepare a Detailed Proposal:
- Outline how the funds will be used.
- Include detailed cost estimates and timelines.
- Highlight the expected benefits to your business.
Submit the Application:
- Submit the completed application form and all required documentation.
- Ensure you meet any submission deadlines.
Follow Up:
- Contact the program office to confirm receipt of your application.
- Be available for any additional information or clarification they might need.
Review and Approval:
- Wait for the program office to review your application.
- Respond promptly to any requests for additional information.
Receive Funding:
- Upon approval, review the terms and conditions.
- Sign any necessary agreements.
- Receive the funds and begin your project as outlined in your proposal.