Business and Community Services
Highlights
This program is designed specifically for business owners like you in the Patricia Region. It offers a range of services to help your business thrive. You will receive business advice, counselling support, and information on relevant federal and provincial programs. This can be invaluable in navigating the complexities of running a business.
What You Get:
- Access to capital for small business: This can help you make important purchases or investments.
- Help with business plans: Ensuring your business strategy is solid.
- Export support: If you are looking to expand your market.
- Entrepreneurial training: To enhance your skills and knowledge.
- Information on public and private funding: To find additional financial resources.
The key advantage of this program is its comprehensive support, which is tailored to the local marketplace and community needs. Approval is straightforward, making it easier for you to qualify and benefit from these resources. This program can significantly boost your business growth and sustainability.
Financing Details
Type of Financing: Loan
Repayment Terms:
- Interest Rate: Fixed at 3.5% per annum.
- Repayment Term: Up to 10 years.
- Early Repayment: No penalties for early repayment.
Eligible Expenses:
- Equipment purchases.
- Leasehold improvements.
- Working capital.
- Intangible assets such as patents and trademarks.
Use of Funds:
- Funds cannot be used for personal expenses.
- Funds cannot be used for refinancing existing debts.
Fees:
- Application Fee: $150.
- Document Preparation Fee: $200.
- No annual renewal fees.
Qualifications
- Must be located within the Patricia Region.
- Must be a business or an entrepreneur contemplating a business.
- Must be seeking business advice, counselling, or information.
- Must be interested in help with business plans.
- Must be looking for export support.
- Must be interested in entrepreneurial training.
- Must be seeking information on Federal and Provincial programs and services.
Must be in need of financial assistance.
Disqualifications:
- Businesses located outside the Patricia Region.
Description
This program offers your business up to $1,000,000 in funding. You can use this money to buy equipment, improve your workspace, or cover other essential costs.
You can spend up to $500,000 on things like:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other expenses, such as software or operational costs, you can receive up to $150,000.
The federal government guarantees 85% of the loan, giving you a strong safety net.
Flexible repayment options are available. You can choose a variable interest rate, a fixed rate, or a combination of both. You have up to 15 years to repay the loan, regardless of how you use the funds.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (e.g., income statement, balance sheet)
- Proof of Business Registration
- Tax Returns (last two years)
- Identification Documents (e.g., driver's license, passport)
- Any relevant permits or licenses
Complete the Application Form:
- Fill out all required fields accurately.
- Ensure all information matches your documentation.
Prepare a Detailed Proposal:
- Outline how the funding will be used.
- Include projected outcomes and benefits for your business.
Consult with the Business Development Coordinator:
- Schedule a meeting for advice and review of your application.
- Seek assistance with any questions or concerns.
Submit Your Application:
- Ensure all documents and forms are included.
- Double-check for completeness and accuracy.
Follow Up on Your Application:
- Contact the program office to confirm receipt.
- Inquire about the timeline for review and approval.
Prepare for an Interview or Site Visit:
- Be ready to discuss your business and application in detail.
- Provide any additional information requested promptly.
Review and Sign Agreement:
- Carefully read the terms and conditions.
- Sign the agreement if you accept the terms.
Receive Funding:
- Confirm the disbursement details.
- Plan the allocation of funds according to your proposal.
Report on Progress:
- Keep detailed records of how funds are used.
- Submit progress reports as required by the program.