BDC Financing — Technology
Highlights
This program is designed for businesses like yours to help you invest in technology and drive growth. You can receive up to 100% financing to cover the cost of your project, making it easier to purchase essential hardware, software, and digital marketing tools. Additionally, you can postpone principal payments at the start of the loan, giving you more flexibility.
Key Benefits:
- Up to 100% financing for your tech equipment needs
- Preferred terms and conditions for loans over $350,000
- Flexible repayment options to avoid impacting your daily operations
- Quick and easy loan process for fast access to funds
- Stable terms and conditions that don’t change without due cause
By being approved for this program, you can optimize your business performance, reduce costs, and boost productivity. The financing is tailored to your needs, ensuring you can focus on growing your business without financial strain.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Principal Payments: Postponed at the start of the loan.
- Preferred Terms: Available for loans over $350,000.
- Interest Rates: Subject to approval and specific conditions.
Eligible Expenses:
- Hardware: Servers, networks, computers.
- Software: ERP, CRM, HR, accounting solutions.
- Digital Marketing: Website, e-commerce, social media.
- Advisory Services: IT planning, strategy, security, online sales.
Ineligible Expenses:
- Funds cannot be used for non-technology-related expenses.
Fees:
- No specific fees mentioned, subject to approval and conditions.
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 investing in technology such as hardware, software, digital marketing, or advisory services.
Must be seeking loans over $350,000 for technology investments.
Disqualifications:
- Businesses not operating in Canada.
- Businesses not investing in technology-related projects.
- Businesses seeking loans under $350,000.
Description
This program offers your business a chance to borrow up to $350,000. You can use this money to invest in technology, which can help your business grow faster, reduce costs, and improve productivity.
You can use the funds for:
- Hardware: Purchase servers, networks, or computers.
- Software: Invest in solutions like ERP, CRM, HR, or accounting systems.
- Digital marketing: Enhance your online presence with a new website, e-commerce platform, or social media campaigns.
- Advisory services: Get expert advice on IT planning, strategy, security, and online sales.
Enjoy flexible terms and conditions that allow you to postpone principal payments at the start of the loan. This means you can focus on using the funds to grow your business without worrying about immediate repayments. The loan process is quick and easy, ensuring you get the funds you need without delay.
Program Steps
Gather Necessary Documentation: Prepare the following documents:
- Financial statements (balance sheet, income statement, cash flow statement)
- Business plan
- Quotes or invoices for intended use of funds (e.g., equipment, software, digital marketing)
- Identification documents for business owners
- Proof of business registration
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
Review Loan Terms and Conditions: Understand the terms and conditions of the loan, including interest rates, repayment schedules, and any fees.
Submit the Application: Submit the completed application form along with the required documentation to the appropriate financial institution or program office.
Follow Up: After submission, follow up with the financial institution or program office to confirm receipt and address any additional requests for information.
Await Approval: Wait for the review and approval process. This may include discussions or requests for further details.
Finalize Loan Agreement: Upon approval, review and sign the final loan agreement. Ensure you understand all terms before signing.
Receive Funds: Once the agreement is signed, the loan funds will be disbursed to your business account.
Utilize Funds: Use the funds as specified in your application to enhance your business operations.
Maintain Records: Keep detailed records of how the funds are used and ensure timely repayments as per the loan agreement.