Business Retention and Expansion Program
Highlights
This program is a fantastic opportunity for your business. It offers up to $1,000,000 in financing to help you make significant investments. Additionally, you can receive $150,000 for software or daily operating costs. This funding can be used for various needs, including operating expenses, restorations, new equipment, and software.
Key Benefits:
- Government-backed loan: This provides security and reliability.
- Flexible repayment options: You can choose how to pay it back, with up to 15 years to do so.
- Broad usage: Funds can be used for a wide range of business needs.
Applying for this program is straightforward, and qualifying is easier than you might think. Approval will provide you with the financial support needed to grow and sustain your business effectively.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Marketing and promotional activities
- Development of new tourism products
- Infrastructure improvements related to tourism
- Training and capacity building for staff
- Research and development in tourism
Use of Funds:
- Funds can be used for activities directly related to enhancing tourism, culture, arts, and recreation.
- Cannot be used for general operational costs, debt repayment, or personal expenses.
Fees:
- No application fees.
- No administrative fees associated with the grant.
Qualifications
- Must be a business operating in Newfoundland and Labrador.
- Must be involved in tourism, culture, arts, or recreation sectors.
- Must have a valid business registration number.
Must demonstrate a commitment to enhancing tourism, cultural, or recreational activities.
Disqualifications:
- Businesses not operating within Newfoundland and Labrador.
- Businesses outside of the tourism, culture, arts, or recreation sectors.
Description
This program offers your business up to $500,000 in funding. You can use this money to improve your business in several ways.
Eligible uses include:
- Marketing campaigns
- Developing new tourism products
- Enhancing visitor experiences
The funding can cover up to 75% of your project costs, making it easier for you to invest in your business without bearing the full financial burden.
No need to worry about immediate payback. The program offers a flexible repayment period, giving you time to see the benefits of your investment before starting to repay.
This is a great opportunity to grow your business, attract more visitors, and boost your revenue with financial support from the government.
Program Steps
Gather Required Documentation:
- Business Registration Certificate
- Financial Statements (last two years)
- Business Plan
- Proof of Insurance
- Tax Returns (last two years)
- Identification Documents (e.g., driver's license, passport)
Complete the Application Form:
- Access the application form on the official website.
- Fill out all required fields accurately.
- Double-check for any errors or omissions.
Submit Supporting Documents:
- Attach all gathered documentation to your application.
- Ensure all documents are clear and legible.
- Submit electronically or via mail as instructed.
Review Application Guidelines:
- Read through the program guidelines thoroughly.
- Ensure your application aligns with the program's objectives.
- Make any necessary adjustments to your application.
Contact Program Support:
- Reach out to the program's support team for any questions.
- Clarify any doubts regarding the application process.
- Use the provided contact details (email or phone).
Submit the Application:
- Submit your completed application and supporting documents.
- Follow the submission instructions carefully.
- Keep a copy of your application for your records.
Await Confirmation:
- Wait for confirmation of receipt from the program office.
- Monitor your email or mail for any follow-up requests.
- Respond promptly to any additional information requests.
Prepare for Follow-Up:
- Be ready to provide additional information if needed.
- Keep your business records updated.
- Stay in touch with the program office for updates on your application status.
