CCC — International Prime Contractor
Highlights
This program is designed for businesses like yours that are looking to expand their reach and secure international contracts. By applying, you can leverage the Government of Canada’s guarantee to enhance your credibility and reduce risks associated with international procurement.
Key Benefits:
- Government-backed guarantee of contract performance
- Support from Canadian embassies and government networks
- Co-creation of unsolicited proposals to better meet buyer needs
- Reduced risks related to political, corruption, and payment issues
What’s in it for you:
- Increased confidence from foreign government buyers
- Access to financing through a network of commercial banks
- Ongoing support throughout the contract lifecycle, from negotiation to final payment
Qualifying for this program is straightforward, and it offers a unique advantage over traditional financing options by providing a government-backed assurance, making your business stand out in competitive international markets.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed at 3.5% per annum.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Intangible assets such as patents and trademarks.
- Working capital for day-to-day operations.
Ineligible Expenses:
- Real estate purchases.
- Refinancing existing debts.
- Personal expenses or non-business-related costs.
Fees:
- Application Fee: $150, non-refundable.
- Origination Fee: 1% of the loan amount, deducted from the loan proceeds.
- Late Payment Fee: $50 per missed payment.
- Prepayment Penalty: None.
Qualifications
- Must be a Canadian business.
- Must have experience selling internationally.
- Must sell directly to government buyers as a normal sales mode.
- Must have a sales lead that is relatively large (>$10M) or will lead to a larger deal that will get attention at senior levels of the buying government.
- Must have products and services that governments buy.
- Must have a growth strategy that prioritizes selling internationally.
- Must have a government contract opportunity of $10M or greater.
- Must have local representation in target markets.
Must have the capacity and financial strength to pursue large deals.
Disqualifications:
- None specified.
Description
This program offers a great opportunity for your business to grow and succeed. You can receive up to $1,000,000 to help with various business needs. Here’s how you can use the funds:
- Up to $500,000 for purchasing equipment or improving your rented space. This includes items like commercial kitchen appliances, manufacturing machinery, computers, and IT infrastructure.
- Up to $150,000 for costs like software or working capital to keep your business running smoothly.
The federal government guarantees 85% of the loan, providing a significant safety net for you.
Flexible repayment options are available. You can choose a variable interest rate, a fixed rate, or a combination of both. Additionally, you have up to 15 years to repay the loan, regardless of what you spend it on.
This program is designed to support your business’s growth and stability, making it a valuable resource for your future success.
Program Steps
Gather Required Documentation: Prepare the necessary documents for the application. These include:
- Financial statements (balance sheet, income statement)
- Business plan
- Details of the intended use of funds (e.g., quotes for equipment or project costs)
- Proof of past international sales
- Any relevant certifications or licenses
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Submit the completed application form along with the required documentation to the designated program office or through the specified online portal.
Review and Follow-Up: After submission, monitor the status of your application. Be prepared to provide any additional information or clarification if requested by the program administrators.
Await Approval: Once your application is reviewed, await the decision. If approved, you will receive further instructions on the next steps, including any agreements or contracts that need to be signed.
Sign Agreements: Review and sign any necessary agreements or contracts related to the program. Ensure you understand all terms and conditions before signing.
Receive Funds: Upon final approval and completion of all agreements, the funds will be disbursed to your business. Use the funds as outlined in your application to support your business growth and international sales efforts.