Canadian Food Innovation Network
Highlights
This program is a fantastic opportunity for your business. It offers up to $1,000,000 in financing to help you make crucial purchases. 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 of this program include:
- Government-backed financing, providing you with security and trust.
- Flexible repayment options, allowing you up to 15 years to repay the loan.
- Access to a robust community of foodtech partners and resources to help grow your business.
Applying for this program is straightforward, and qualifying is easier than you might think. Being approved will provide you with the financial support and connections needed to innovate and expand your business.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Research and development costs.
- Equipment and technology purchases.
- Marketing and promotional activities.
- Training and development for staff.
- Operational costs directly related to the project.
Use of Funds:
- Funds cannot be used for debt repayment.
- Funds cannot be used for expenses incurred before the grant approval date.
- Funds cannot be used for personal expenses or unrelated business activities.
Fees:
- No application fees.
- No administrative fees.
Qualifications
- Must be a business in the food sector.
- Must be a member of the Canadian Food Innovation Network (CFIN).
- Must be involved in food manufacturing, processing, operations, distribution, retail, foodservice, tech, service provision, or funding.
Must be interested in food innovation and technology.
Disqualifications:
- Businesses not related to the food sector.
- Businesses not interested in food innovation and technology.
Description
This program offers your business a chance to receive up to $1,000,000. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible uses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs, such as software or operational expenses, the program provides up to $150,000.
The federal government guarantees 85% of the loan, giving you a significant safety net.
Flexible repayment options are available. If you have made qualifying purchases in the last 365 days, you can apply them to this loan. You can choose between variable or fixed interest rates, or even combine them into mixed payments.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Register for Membership:
- Visit the program's website.
- Complete the membership registration form.
- Confirm your membership through the email verification link.
Log In to Your Account:
- Use your credentials to log in to your newly created account.
Access the Application Portal:
- Navigate to the funding section.
- Select the appropriate program for your business.
Prepare Documentation:
- Gather the following documents:
- Business plan
- Financial statements (last two years)
- Project proposal or description
- Proof of business registration
- Tax returns (last two years)
- Any additional documents specific to your project
- Gather the following documents:
Complete the Application Form:
- Fill out the application form with accurate information.
- Upload the prepared documentation.
Review and Submit:
- Double-check all entered information and uploaded documents.
- Submit the application through the portal.
Follow Up:
- Monitor your email for any communication from the program administrators.
- Be prepared to provide additional information if requested.
Await Decision:
- Wait for the review process to be completed.
- You will be notified of the decision via email.
Accept Funding:
- If approved, review the terms and conditions.
- Accept the funding agreement as instructed.
Implement Your Project:
- Use the funds as outlined in your project proposal.
- Keep records of all expenditures and progress.
Report Progress:
- Submit regular progress reports as required by the program.
- Ensure compliance with all program guidelines.