Community Investment Fund
Highlights
This program is a fantastic opportunity for your business. It offers up to $1,000,000 in financing to help you make essential purchases. Additionally, you can receive $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.
Key benefits of this program include:
- Government-backed loan: This provides more security and flexibility.
- Flexible repayment terms: You can choose how to pay it back, with up to 15 years to do so.
Applying for this program is straightforward, and qualifying is easier than many other financing options. Approval can significantly boost your business, providing the financial support needed to grow and thrive.
Financing Details
Type of Financing: Grant
Repayment Terms:
- No repayment required. This is a non-repayable grant.
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Research and development costs
- Marketing and promotional activities
- Employee training and development
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:
- There are no application fees.
- There are no processing fees.
- There are no hidden charges.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must be operating in New Brunswick.
Must have a Canada Revenue Agency Business Number.
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.
Eligible expenses include:
- Buying new machinery
- Upgrading your office or retail space
- Investing in technology and software
- Covering operational expenses
The government guarantees 85% of the loan, giving you a safety net. This means less risk for you and your business.
Flexible repayment options are available. You can choose between a fixed or variable interest rate. You can also combine your loan and interest into one payment.
You have up to 15 years to repay the loan, making it easier to manage your finances.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (last 3 years)
- Tax Returns (last 3 years)
- Proof of Business Registration
- Identification Documents (e.g., Passport, Driver’s License)
- Bank Statements (last 6 months)
- Project Proposal (if applicable)
Complete the Application Form:
- Fill out all sections of the application form accurately.
- Ensure all information matches the documentation provided.
Submit the Application:
- Submit the completed application form and all required documents to the designated office or online portal.
Attend an Interview (if required):
- Be prepared to discuss your business and the purpose of the funding.
- Bring any additional documents that may support your application.
Review and Sign Agreement:
- Once your application is approved, review the terms and conditions.
- Sign the agreement to formalize your participation in the program.
Receive Funds:
- After signing the agreement, the funds will be disbursed to your business account.
- Use the funds as outlined in your project proposal or business plan.
Report on Fund Usage:
- Keep records of how the funds are used.
- Submit periodic reports as required by the program guidelines.
Comply with Program Requirements:
- Follow all program rules and regulations.
- Be prepared for audits or reviews to ensure compliance.