Business Development Program — Commercial Component
Highlights
The Business Development Program (BDP) is designed to help your business grow and succeed in Atlantic Canada. This program offers interest-free, unsecured funding that can cover up to 50% of the capital needed for your business expansion or new venture. Additionally, you can receive support for various growth activities, with contributions covering up to 75% of costs for staff training, marketing, productivity improvements, and more.
Why should you apply? This program provides a unique opportunity to access significant funding without the burden of interest, making it more affordable than traditional loans. The support you receive can help you enhance your business operations, improve efficiency, and increase competitiveness. By participating, you can take your business to the next level with less financial strain.
What’s in it for you? With the BDP, you get tailored support to meet your business needs. The application process is straightforward, and the benefits are substantial. Whether you need funds for new equipment, marketing efforts, or staff training, this program offers a flexible and supportive way to achieve your business goals.
Financing Details
Type of Financing:
- Repayable Funding: The program offers interest-free, unsecured repayable funding.
Repayment Terms:
- Interest Rate: The funding is interest-free.
- Security: The funding is unsecured.
- Repayment Term: Details on the specific repayment period are not provided but will be discussed during the application process.
Eligible Expenses:
- Capital Needs: Up to 50% of the capital required to grow or launch your business.
- Business Growth Activities: Up to 75% of costs for:
- Staff training
- Efficiency studies
- Marketing/trade activities
- Productivity improvements
- Quality assurance
- Environmental management systems
Ineligible Expenses:
- Restrictions: The funds cannot be used for expenses not listed under eligible expenses. Specific exclusions will be clarified during the application process.
Fees:
- Application Fees: No fees are mentioned for applying to the program.
Qualifications
- Must be located in Atlantic Canada (Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador).
- Must be a small or medium-sized enterprise (SME) or a non-profit organization that supports SMEs.
- Must be looking to start a new business, expand an existing business, or modernize operations.
Must be engaged in activities that promote business growth, competitiveness, and productivity.
Disqualifications:
- Businesses located outside Atlantic Canada.
Description
This program offers your business a chance to grow and succeed in Atlantic Canada. You can receive up to 50% of the capital needed to start or expand your business. This funding is interest-free and unsecured, making it a low-risk option for you.
You can also get support for various business activities. The program can cover up to 75% of costs for:
- Staff training
- Efficiency studies
- Marketing and trade activities
- Productivity improvements
- Quality assurance
- Environmental management systems
For non-profit organizations, there is funding available to help small and medium-sized enterprises (SMEs) grow. This support can include business counseling, training, networking opportunities, research and development, and technology transfer.
This program is a valuable opportunity to get the financial support you need to take your business to the next level.
Program Steps
Contact Your Nearest ACOA Office: Reach out to your local Atlantic Canada Opportunities Agency (ACOA) office to discuss your project. This initial contact will help you understand the specific requirements and how the program can benefit your business.
Prepare Your Documentation: Gather the necessary documents to support your application. These typically include:
- Business plan
- Financial statements
- Project proposal
- Quotes or estimates for project costs
- Any other relevant documents that demonstrate the need for funding and how it will be used
Complete the Application for Financial Assistance: Fill out the Application for Financial Assistance form provided by ACOA. Ensure all sections are completed accurately and thoroughly.
Submit Your Application: Send your completed application form and all supporting documents to your nearest ACOA office. This can usually be done via mail, email, or through an online submission portal if available.
Follow Up: After submission, follow up with the ACOA office to confirm receipt of your application and to check on the status. Be prepared to provide any additional information or clarification if requested.
Await Approval: The ACOA will review your application. This process may take some time, so be patient. They may contact you for further details or to discuss your project in more depth.
Receive Funding: Once approved, you will receive the funding as outlined in your agreement with ACOA. Ensure you understand the terms and conditions, including repayment schedules if applicable.
Implement Your Project: Use the funds to carry out your project as planned. Keep detailed records of how the funds are used, as you may need to report this information back to ACOA.
Report Progress: Periodically report your progress to ACOA as required. This may include financial reports, project updates, and any other documentation specified in your funding agreement.
Complete the Project: Once your project is complete, submit a final report to ACOA detailing the outcomes and how the funding helped achieve your business goals.