BDC Industries — Creation and culture
Highlights
This program is designed specifically for businesses in the creative and cultural industries. It offers specialized financing to help you grow through consolidation projects, business transitions, or developing original content. This financing solution is an affordable alternative to equity, allowing you to fund your projects without diluting your ownership.
What You Get:
- Higher percentage of financing tailored to your needs
- Longer repayment periods to ease your cash flow
- Flexible payment options matched to your cash flow
- Expert advice from seasoned advisors who understand your industry
By applying for this program, you can access the capital needed to expand into new markets, acquire companies, attract creative talent, or undergo digital transformation. The program is designed to be easy to qualify for, ensuring you can quickly and efficiently get the support you need to take your business to the next level.
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:
- Equipment purchases.
- Leasehold improvements.
- Intangible assets.
- Working capital.
Ineligible Expenses:
- Personal expenses.
- Real estate purchases.
- Debt refinancing.
Fees:
- Application Fee: $150.
- Document Preparation Fee: $200.
- Annual Administration Fee: 1% of the loan amount.
Qualifications
- Must be a business in the creative and cultural industries.
- Must be looking to grow through consolidation projects, undertake a business transition, or develop original content.
Program ends in December 2024.
Disqualifications:
- Businesses outside the creative and cultural industries.
Description
This program offers your business a chance to borrow up to $1,000,000. You can use this money for various purposes, such as expanding your market, acquiring another company, or attracting creative talent.
Here’s how you can use the funds:
- Up to $500,000 can be used to buy equipment or improve your workspace.
- Up to $150,000 can be used for software or other operational costs.
Key benefits include:
- Flexible repayment terms that can be matched to your cash flow.
- Longer repayment periods, giving you more time to pay back the loan.
- Expert advice from seasoned advisors who understand your industry.
This program is designed to help your business grow without giving up ownership. It provides an affordable alternative to equity financing. The program ends in December 2024, so consider taking advantage of it soon.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (last 2-3 years)
- Tax Returns (last 2-3 years)
- Proof of Business Registration
- Identification Documents (e.g., driver's license, passport)
- Detailed Project Proposal (including budget and timeline)
Prepare a Detailed Project Proposal:
- Outline the scope of your project.
- Include a budget and timeline.
- Explain how the project will benefit your business.
Complete the Application Form:
- Fill out all required fields accurately.
- Double-check for any errors or omissions.
Submit the Application:
- Submit your completed application form along with the required documentation.
- Ensure all documents are properly labeled and organized.
Consult with a Program Advisor:
- Schedule a meeting or call with a program advisor.
- Discuss your application and clarify any questions.
Review Loan Terms and Conditions:
- Understand the repayment terms.
- Review interest rates and any associated fees.
- Ensure the terms align with your business's financial capabilities.
Await Application Review:
- The program team will review your application.
- Be prepared to provide additional information if requested.
Receive Approval and Funds:
- Upon approval, review the final loan agreement.
- Sign the agreement and receive the funds.
- Use the funds as outlined in your project proposal.
Implement Your Project:
- Begin your project according to the approved plan.
- Keep track of expenses and progress.
Report Progress:
- Provide regular updates to the program team.
- Submit any required progress reports or financial statements.
Repay the Loan:
- Follow the agreed repayment schedule.
- Ensure timely payments to maintain good standing.