Canadian Fish and Seafood Opportunities Fund
Highlights
This program is a great opportunity for your business. It offers up to $1,000,000 in financing to help you make important purchases. Additionally, you can receive an extra $150,000 for software or day-to-day operating costs. This funding can be used for various needs, including operating expenses, restorations, new equipment, and software.
The key advantage of this loan is that it is backed by the government, providing you with more security and flexibility. You can choose how to repay it, with up to 15 years to do so. This makes it more manageable compared to other financing options. Approval for this program can significantly boost your business, making it easier to grow and thrive. Plus, qualifying is straightforward, ensuring you can access the funds you need without unnecessary hassle.
Financing Details
Type of Financing: This program offers a Grant.
Eligible Expenses:
- Purchase of new equipment and technology.
- Costs associated with training and development of staff.
- Marketing and promotional activities.
- Research and development projects.
Use of Funds:
- Funds cannot be used for debt repayment.
- Funds cannot be used for operational expenses such as rent or utilities.
- Funds cannot be used for personal expenses or unrelated business activities.
Fees:
- There are no application fees.
- No ongoing administration fees.
- No repayment fees, as this is a non-repayable grant.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Prince Edward Island.
Currently exporting or planning to start exporting.
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Softwood lumber industry.
- Professional services such as marketing firms, creative agencies.
Description
This program offers your business a chance to borrow up to $1,000,000. You can use up to $500,000 of this amount to buy new equipment or improve your rented space.
Eligible purchases include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or general business expenses, you can receive up to $150,000.
The federal government guarantees 85% of the loan, providing you with a strong safety net.
This loan program is flexible. If you've made significant purchases in the last 365 days that fit the program guidelines, you can include them in this loan.
You have various options to pay back the loan. You can choose a variable interest rate, a fixed one, or a combination of both.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Gather Necessary Documentation:
- Business registration documents
- Financial statements (last two years)
- Business plan
- Tax returns (last two years)
- Proof of business address
- Identification documents for business owners
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
Prepare a Detailed Proposal: Outline how the program will benefit your business. Include specifics on how funds will be used and the expected outcomes.
Submit the Application: Send the completed application form and all required documentation to the designated program office or online portal.
Follow Up: After submission, follow up with the program office to confirm receipt and check the status of your application.
Respond to Additional Requests: Be prepared to provide any additional information or documentation requested by the program administrators.
Await Approval: Once all information is submitted, wait for the program administrators to review and approve your application.
Receive Funds: Upon approval, follow the instructions provided to receive the funds or benefits from the program.