BDC Advisory Services — Sales and marketing
Highlights
This program is designed for businesses like yours, offering a unique opportunity to secure financing that can significantly boost your growth. Why should you apply? The program provides up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. This flexibility allows you to use the funds for various needs, such as operating expenses, restorations, new equipment, and software.
What’s in it for you? The key advantage of this financing is that it is backed by the government, ensuring more favorable terms compared to other loans. You have the freedom to choose how you repay, with up to 15 years to do so. This long-term support can help you manage your cash flow more effectively and invest in areas that will drive your business forward.
Qualifying for this program is straightforward, making it an accessible option for your business. By being approved, you gain not only financial support but also the confidence to pursue ambitious projects and expand your market reach.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: 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 for day-to-day operations.
Ineligible Expenses:
- Real estate purchases.
- Refinancing existing debts.
- Personal expenses unrelated to the business.
Fees:
- Application Fee: $150, non-refundable.
- Processing Fee: 1% of the loan amount, deducted from the loan disbursement.
- Late Payment Fee: 2% of the overdue amount per month.
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 operational expenses, you can receive up to $150,000.
The federal government guarantees 85% of the loan, giving you a significant safety net.
The loan is flexible. If you have made qualifying purchases in the last 365 days, you can include them in this loan.
You have various options to repay the loan. You can choose a variable interest rate, a fixed one, or combine both into a single payment plan.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. These typically include:
- Business plan
- Financial statements (balance sheets, income statements)
- Tax returns
- Proof of business registration
- Details of intended use of funds (e.g., quotes for equipment, renovation costs)
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 appropriate authority or financial institution.
Review and Follow-Up: After submission, monitor the status of your application. Be prepared to provide additional information or clarification if requested by the reviewing body.
Approval and Agreement: If your application is approved, review the terms and conditions of the agreement. Ensure you understand the repayment schedule, interest rates, and any other obligations.
Receive Funds: Once the agreement is signed, the funds will be disbursed to your business. You can then proceed with utilizing the funds as outlined in your application.