Centre for Commercialization of Regenerative Medicine
Highlights
This program is a great opportunity for your business. It offers up to $1,000,000 in financing to help you make important purchases. Additionally, you can receive an extra $150,000 for software or day-to-day operating costs. These funds 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 with up to 15 years to pay it back.
- Easy qualification process, ensuring you can access the funds without hassle.
By being approved, you can invest in your business's growth and stability, making it a smart choice for your future.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Research and development costs
- Equipment purchases
- Employee training
- Marketing and promotional activities
- Facility upgrades
Use of Funds:
- Funds can be used to cover the above eligible expenses.
- Funds cannot be used for personal expenses, debt repayment, or any non-business-related activities.
Repayment Terms:
- As this is a grant, there is no repayment required.
- No interest rates apply.
Fees:
- There are no application or processing fees associated with this grant program.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Prince Edward Island.
Currently exporting or planning to start exporting.
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Softwood lumber industry.
- Professional services such as marketing firms, creative agencies.
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 essential 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. If you've made significant purchases in the last 365 days that meet the program guidelines, you can include them in this loan.
You can choose from various repayment methods, including variable interest rates, fixed rates, or combined payments. You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation: Prepare the necessary documents for the application. You will need:
- Business financial statements
- Business plan
- Tax returns
- Proof of business registration
- Identification documents
- Any additional documents specified by the program
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 through the program’s portal or by mail.
Follow Up: After submission, follow up with the program’s contact point to confirm receipt of your application and to address any additional requirements or questions.
Await Review and Decision: Wait for the program administrators to review your application. They may contact you for further information or clarification.
Receive Approval and Next Steps: If your application is approved, you will receive instructions on the next steps, including how to access the program benefits.