Centre for Northern Innovation in Mining (CNIM)
Highlights
This program is designed specifically for businesses like yours, offering a unique opportunity to enhance your operations and growth. You can receive up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. This funding can be used for a variety of purposes, including operating expenses, restorations, new equipment, and software.
Key benefits of this program include:
- Government-backed financing, providing you with security and peace of mind.
- Flexible repayment options, allowing you up to 15 years to repay the loan.
- Real-world training and research opportunities through state-of-the-art facilities and high-tech simulators.
Approval for this program can significantly boost your business by providing the necessary funds and resources to thrive. The qualification process is straightforward, ensuring that you can easily access the support you need.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- This is a grant, so there is no need to repay the funds.
- No interest rates apply.
Eligible Expenses:
- Equipment purchases.
- Leasehold improvements.
- Training and development programs.
- Research and development activities.
- Marketing and promotional activities.
Ineligible Expenses:
- Personal expenses.
- Debt repayment.
- Real estate purchases.
- Salaries for existing employees not related to the project.
Fees:
- There are no application or processing fees associated with this grant.
Qualifications
- Must be a business operating in Yukon.
- Must be involved in the mining industry.
- Must have a need for training and education related to mining.
- Must be willing to engage in applied research to address industry issues.
Must comply with Yukon Occupational Health and Safety Standards.
Disqualifications:
- Businesses not operating in Yukon.
- Businesses not involved in the mining industry.
- Businesses not requiring mining-related training or education.
- Businesses unwilling to participate in applied research.
- Businesses not adhering to Yukon Occupational Health and Safety Standards.
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 purchase 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 working capital, the program can provide up to $150,000.
The federal government guarantees 85% of the loan, giving you a significant safety net.
Flexible repayment options are available. You can choose between 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.
Program Steps
Gather Required Documentation: Prepare the following documents:
- Business registration details
- Financial statements (last 2 years)
- Business plan
- Proof of address
- Identification documents (e.g., passport, driver’s license)
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
Submit the Application: Submit the completed application form along with the required documentation to the designated office or online portal.
Attend an Interview (if required): Be prepared to attend an interview or meeting to discuss your application in detail. This may include presenting your business plan and answering questions about your business operations.
Await Approval: Wait for the program administrators to review your application. They may contact you for additional information or clarification.
Receive Funding: Once approved, you will receive the funding according to the program’s terms. Ensure you understand the disbursement process and any conditions attached to the funding.
Implement the Program: Use the funds as outlined in your application. Keep detailed records of how the funds are used to ensure compliance with the program’s requirements.
Report Progress: Regularly report on the progress of your business as required by the program. This may include financial updates, project milestones, and any other requested information.