Career launcher — ImpAct Internships
Highlights
This program is designed for business owners like you. It offers up to $1,000,000 in financing to help you make essential purchases for your business. 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.
What sets this program apart is that it is backed by the government, providing you with more security and flexibility. You can choose how to repay the loan, with terms extending up to 15 years. This makes it a more attractive option compared to other financing solutions.
Applying for this program is straightforward, and qualifying is easier than you might think. Being approved can significantly boost your business, providing the financial support you need to grow and succeed.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed rate of 4% per annum.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Intangible assets like patents or trademarks.
- Working capital for day-to-day operations.
Ineligible Expenses:
- Personal expenses.
- Repayment of existing debts.
- Real estate purchases.
Fees:
- Application Fee: $150, non-refundable.
- Administration Fee: 1% of the loan amount, included in the interest rate.
- Late Payment Fee: $25 per missed payment.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Canada.
Must be in the Clean Tech or Natural Resources sector.
Disqualifications:
- Businesses outside the Clean Tech or Natural Resources sectors.
- Businesses without a Canada Revenue Agency Business Number.
- Businesses not operating in Canada.
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 expenses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, you can get up to $150,000.
The federal government guarantees 85% of the loan, providing a strong safety net for you.
Flexible repayment options are available. 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
Register Your Business: Create an account on the program's official website. This will allow you to access the application portal.
Complete the Application Form: Fill out the online application form with your business details, including contact information, business type, and program-specific information.
Prepare Documentation: Gather the necessary documents to support your application. You will need:
- Business registration documents
- Financial statements (last two years)
- Business plan
- Proof of eligibility (e.g., certifications, licenses)
- Any additional documents specified by the program
Upload Documentation: Scan and upload the prepared documents to the application portal. Ensure all files are clear and legible.
Review and Submit: Double-check all information and documents for accuracy. Submit the completed application through the portal.
Confirmation and Tracking: After submission, you will receive a confirmation email with a tracking number. Use this number to monitor the status of your application.
Follow-Up: If required, respond promptly to any requests for additional information or clarification from the program administrators.
Approval and Next Steps: Once approved, review the terms and conditions. Follow any further instructions provided to finalize your participation in the program.