CDEM — Mentoring
Highlights
This program is designed for you because it offers valuable support to help your business grow and succeed. By participating, you can access up to $1,000,000 in financing, with an additional $150,000 available for software or daily operating costs. This funding can be used for various purposes, including operating expenses, restorations, new equipment, and software.
Key benefits of this program include:
- Government-backed financing, providing you with security and flexibility.
- Flexible repayment options, allowing you up to 15 years to repay the loan.
- Mentorship opportunities, connecting you with experienced entrepreneurs to guide you through the early stages of your business.
Applying for this program is straightforward, and qualifying is easier than you might think. Approval can significantly enhance your business's financial stability and growth potential. Take advantage of this opportunity to secure the resources you need to thrive.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Equipment purchases.
- Leasehold improvements.
- Marketing and advertising costs.
- Training and development programs.
- Research and development activities.
Ineligible Expenses:
- Personal expenses.
- Debt repayment.
- Real estate purchases.
- Salaries for existing staff.
Fees:
- No application fees.
- No administrative fees.
Qualifications
- Must be a new business owner/operator.
- Business must be located in Manitoba.
- Must be ready to begin the entrepreneurial journey.
- Participation in a three-day business planning workshop is required.
- Must be willing to receive training on business structures, resources available for SMEs, business plan development, tax management, accounting, bookkeeping, financial statements, marketing and sales strategies, promotion and advertising, sales and distribution.
Must be open to receiving a certificate upon completion of the training.
Disqualifications:
- None specified.
Description
This program offers your business up to $1,000,000 in funding. You can use this money to buy equipment, improve your workspace, or cover other essential costs.
Here's what you can use the money for:
- Buying commercial kitchen appliances
- Purchasing manufacturing machinery
- Upgrading computers and IT infrastructure
- Renovating your retail space
For operational costs like software or working capital, you can get up to $150,000.
The federal government guarantees 85% of the loan, providing a safety net for your business.
Flexible repayment options are available. You can choose a variable interest rate, a fixed rate, or a combination of both. You have up to 15 years to repay the loan, no matter what you spend it on.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These typically include:
- Business plan
- Financial statements (e.g., balance sheet, income statement)
- Proof of business registration
- Tax returns
- Identification documents for business owners
- Any other documents specified by the program guidelines
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
Submit the Application: Submit your completed application form along with the required documentation. This can usually be done online or via mail, depending on the program's submission guidelines.
Follow Up: After submission, follow up with the program's contact person or office to confirm receipt of your application and inquire about the review process.
Attend Interviews or Meetings: If required, attend any interviews or meetings requested by the program administrators to discuss your application in more detail.
Await Approval: Wait for the program administrators to review your application. They may contact you for additional information or clarification during this period.
Receive Notification: Once your application is reviewed, you will receive a notification regarding the approval status. If approved, follow the instructions provided to proceed with the next steps.
Implement the Program: If your application is approved, begin implementing the program as outlined in your application. Ensure you adhere to any reporting or compliance requirements set by the program.