BDC Financing — Start-up
Highlights
This program is designed for you because it offers flexible financing to help grow your business. You can receive up to $250,000 to jumpstart your projects, with the option to postpone principal payments for up to 12 months. This flexibility allows you to focus on building your business without immediate financial pressure.
What You Get
- Up to $250,000 in financing
- 12 months principal payment postponement
How You Can Use the Funds
- Get your company off the ground: Purchase assets, pay start-up fees, or buy a franchise.
- Build momentum: Invest in marketing, a website, or advisory services.
- Complement your line of credit: Replenish working capital depleted by start-up costs.
This financing is tailored to your needs with longer amortization periods and payment schedules that match your cash flow cycle. This approach ensures you have the cash needed for day-to-day activities. Plus, our terms and conditions remain stable, providing you with peace of mind.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 12 months of principal payment postponement at the start of the loan.
- Interest Rates: Competitive rates based on your business profile and credit history.
Eligible Expenses:
- Start-Up Costs: Purchase assets, pay start-up fees, or buy a franchise.
- Marketing and Advisory Services: Invest in marketing, a website, or advisory services.
- Working Capital: Replenish working capital depleted by start-up costs.
Ineligible Expenses:
- The funds cannot be used for personal expenses or non-business-related activities.
Fees:
- No specific fees mentioned, but standard loan conditions apply.
Qualifications
- Must be a Canadian-based business.
- Must have been in operation for at least 12 consecutive months.
- Must be generating revenues.
- Must demonstrate realistic market and sales potential.
- Must have a good credit history.
The business owner must have reached the age of maturity in their province or territory.
Disqualifications:
- None mentioned in the provided context.
Description
This program offers your business up to $250,000 in financing. This money can help you jumpstart your projects, whether you need to purchase assets, pay start-up fees, or buy a franchise. You can also use the funds to invest in marketing, build a website, or hire advisory services. If your working capital is tight due to start-up costs, this program can replenish it.
Flexible terms make this program particularly attractive. You can benefit from longer amortization periods and match your payments to your cash flow cycle. This means you won't have to dip into cash needed for day-to-day activities. Additionally, the terms and conditions are stable, giving you peace of mind.
At the start of the loan, you can postpone the principal payment for up to 12 months. This allows you to focus on growing your business without immediate financial pressure. This program looks beyond just numbers, considering your business plan and overall potential, as well as your experience.
Program Steps
Gather Required Documentation: Prepare the following documents to support your application:
- Business plan
- Financial statements (past 12 months)
- Proof of revenue generation
- Market analysis and sales projections
- Credit history report
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
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): Be prepared to attend an interview or meeting with program representatives to discuss your business plan and application in detail.
Review and Sign Agreement: If your application is approved, review the terms and conditions of the program. Sign the agreement to formalize your participation.
Receive Funding: Once the agreement is signed, the funds will be disbursed to your business account. Use the funds as outlined in your business plan.
Report Progress: Periodically report your business progress and financial status to the program administrators as required.