Centre for Women in Business
Highlights
This program is designed specifically for businesses like yours. It offers up to $1,000,000 in financing to help you make significant purchases and investments. Additionally, you can receive an extra $150,000 for software or day-to-day operating costs. This funding can be used for various needs, including operating expenses, restorations, new equipment, and software.
What sets this program apart is that it is backed by the government, providing you with more flexibility and security. You have the option to choose how you repay the loan, with terms extending up to 15 years. This makes it a more attractive option compared to other financing solutions.
Applying for this program is straightforward, and qualifying is easier than you might think. Being approved can provide your business with the financial boost it needs to grow and succeed.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Business expansion costs.
- Marketing and advertising expenses.
- Equipment purchases.
- Training and development programs for staff.
- Research and development activities.
Use of Funds:
- Funds cannot be used for personal expenses.
- Funds cannot be used to pay off existing debts.
- Funds cannot be used for any illegal activities.
Fees:
- No application fees.
- No processing fees.
- No hidden charges.
Qualifications
- Must be a business located in Nova Scotia.
- Must be a woman-owned business.
Must be a member of the Centre for Women in Business (CWB).
Disqualifications:
- Businesses not located in Nova Scotia.
- Businesses not owned by women.
- Businesses not members of the Centre for Women in Business (CWB).
Description
This program offers your business a fantastic opportunity to grow. You can receive up to $1,000,000 in funding. Out of this, you can use up to $500,000 to buy equipment or improve your rented space.
This could include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or working capital, you can get up to $150,000.
The federal government guarantees 85% of the loan, giving you a strong safety net.
Flexible repayment options are available. You can choose between a variable interest rate, a fixed one, or a combination. You have up to 15 years to pay back the loan, regardless of how you use the funds.
Program Steps
Gather Necessary Documentation: Prepare the following documents:
- Business registration or incorporation documents
- Financial statements (balance sheet, income statement, cash flow statement)
- Business plan
- Tax returns for the past two years
- Identification documents for business owners
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
Write a Business Proposal: Include a detailed proposal outlining how the program will benefit your business. Highlight your business goals and how the funding will help achieve them.
Submit the Application: Submit your completed application form, business proposal, and all required documentation to the program office or through the designated online portal.
Attend an Interview (if required): Be prepared to attend an interview or meeting with program representatives to discuss your application and business plan in detail.
Await Approval: Wait for the program administrators to review your application. This process may take several weeks.
Receive Funding: Once approved, you will receive the funding as outlined in the program guidelines. Ensure you understand the terms and conditions associated with the funding.
Utilize the Funds: Use the funds as specified in your business proposal. Keep detailed records of how the funds are spent.
Submit Progress Reports: Periodically submit progress reports to the program administrators, detailing how the funds have been used and the impact on your business.
Comply with Program Requirements: Ensure ongoing compliance with all program requirements, including any audits or evaluations.