CDEM — Training
Highlights
This program is designed for you because it offers valuable support to help your business grow and succeed. By applying, 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:
- Flexible repayment options: Choose how you pay back the loan, with up to 15 years to do so.
- Government-backed: This loan is supported by the government, providing you with more security and better terms than typical loans.
- Comprehensive support: Beyond financing, the program offers workshops and mentoring to help you navigate the early stages of your business.
Qualifying for this program is straightforward, making it an excellent opportunity to secure the resources you need to take your business to the next level.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- This is a grant, so there is no need to repay the funds. There are no interest rates associated with this financing.
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Intangible assets
- Working capital
- Marketing and advertising expenses
- Training and development programs
Ineligible Expenses:
- Personal expenses
- Debt refinancing
- Real estate purchases
- Salaries for existing staff
Fees:
- There are no fees associated with this grant program.
Qualifications
- Must be a new business owner/operator.
- Must be ready to begin the entrepreneurial journey.
- Must participate in a three-day business planning workshop.
Must be located in Manitoba, Canada.
Disqualifications:
- None specified in the provided context.
Description
This program offers your business a great opportunity to access up to $1,000,000 in funding. You can use this money to buy equipment, improve your workspace, or cover other essential costs.
You can use the funds for:
- Buying commercial kitchen appliances
- Purchasing manufacturing machinery
- Upgrading computers and IT infrastructure
- Renovating your retail space
Additionally, you can use up to $150,000 for software or operational costs to keep your business running smoothly.
The federal government guarantees 85% of the loan, providing a significant security net for your business. You also have flexible repayment options. You can choose between a changing interest rate, a steady one, or a mix of both.
You have up to 15 years to repay the loan, regardless of what you spend it on. This program is designed to help your business grow and succeed with financial support and flexibility.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (Income Statement, Balance Sheet, Cash Flow Statement)
- Tax Returns (last 2-3 years)
- Proof of Business Registration
- Identification Documents (Driver’s License, Passport)
- Any relevant licenses or permits
Complete the Application Form:
- Fill out all sections of the application form with accurate information.
- Ensure all required fields are completed to avoid delays.
Prepare a Detailed Project Description:
- Outline the purpose of the funding.
- Include a timeline and budget for the project.
- Explain how the funding will benefit your business.
Submit the Application:
- Review the application for completeness and accuracy.
- Submit the application through the designated submission method (online portal, mail, or in-person).
Follow Up:
- Contact the program office to confirm receipt of your application.
- Be prepared to provide additional information if requested.
Attend an Interview or Meeting (if required):
- Be ready to discuss your business and project in detail.
- Bring any additional documents that may support your application.
Wait for Approval:
- Monitor your email and phone for communication from the program office.
- Respond promptly to any requests for further information.
Receive Funding:
- Upon approval, review the terms and conditions of the funding.
- Sign any necessary agreements.
- Funds will be disbursed according to the agreed schedule.
Implement the Project:
- Use the funds as outlined in your project description.
- Keep detailed records of all expenditures.
Report Progress:
- Submit regular progress reports as required by the program.
- Include financial statements and project updates.
Complete Final Reporting:
- At the end of the project, submit a final report detailing the outcomes.
- Provide a summary of how the funds were used and the benefits achieved.