CRIM —Support
Highlights
This program is designed for businesses like yours, offering a unique opportunity to advance your projects with expert support. By participating, you gain access to cutting-edge scientific and technological knowledge that can significantly enhance your innovation efforts.
Key Benefits:
- Expert Guidance: Receive tailored advice and direct interventions to help you navigate complex methodologies and technologies.
- Risk Mitigation: Benefit from experimental development plans that address technological uncertainties, ensuring your projects are de-risked and poised for success.
- Knowledge Transfer: Gain autonomy through comprehensive knowledge transfer, empowering your team to continue innovating independently.
Why Apply?
- Flexible Financing: The program offers support in various forms, including applied research and experimental development, which can be more advantageous than traditional financing options.
- Increased Success Rates: With the help of CRIM's experts, your innovation projects have a higher chance of success, thanks to their practical know-how and scientific expertise.
- Ease of Qualification: The program is designed to be accessible, ensuring that qualifying is straightforward for businesses like yours.
By joining this program, you ensure that your business stays at the forefront of innovation, leveraging the latest advancements to create value and drive growth.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed at 3% per annum.
Eligible Expenses:
- Purchase of new equipment.
- Leasehold improvements.
- Research and development costs.
- Marketing and promotional expenses.
- Employee training and development.
Ineligible Expenses:
- Personal expenses.
- Existing debts or refinancing.
- Real estate purchases.
- Dividends or profit distributions.
Fees:
- Application Fee: $150, non-refundable.
- Processing Fee: 1% of the loan amount, deducted from the disbursement.
- Late Payment Fee: 2% of the overdue amount.
Qualifications
- Must be located in Montreal, Quebec.
- Must be involved in data science, artificial intelligence, or software architecture.
- Must have projects that involve technological or scientific uncertainties.
- Must be seeking support in experimental development or applied research.
Must be looking to advance scientific knowledge with practical applications.
Disqualifications:
- Businesses not located in Montreal, Quebec.
- Businesses not involved in data science, artificial intelligence, or software architecture.
- Businesses without projects involving technological or scientific uncertainties.
- Businesses not seeking support in experimental development or applied research.
- Businesses not aiming to advance scientific knowledge with practical applications.
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 equipment or improve your workspace.
Eligible uses include:
- Purchasing new machinery
- Upgrading technology systems
- Renovating your office or retail space
For operational costs like software or working capital, you can receive up to $150,000.
The government guarantees 85% of the loan, providing a strong safety net for your business.
Flexible repayment options are available. You can choose between variable and fixed interest rates, or even combine them. You have up to 15 years to repay the loan, giving you ample time to manage your finances effectively.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These typically include:
- Business plan
- Financial statements (income statement, balance sheet, cash flow statement)
- Tax returns
- Proof of business registration
- Identification documents (e.g., driver's license, passport)
- Any additional documents specific to your business or the program
Complete the Application Form: Fill out the application form provided by the program. Ensure all information is accurate and complete.
Submit the Application: Submit your completed application form along with the required documentation. This can usually be done online, by mail, or in person, depending on the program's submission guidelines.
Attend an Interview or Meeting (if required): Some programs may require an interview or meeting to discuss your application. Be prepared to explain your business plan and how the program will benefit your business.
Wait for Approval: After submission, your application will be reviewed. This process may take some time, so be patient. You may be contacted for additional information or clarification.
Receive Funding: If your application is approved, you will receive the funding as outlined in the program's terms. Ensure you understand the disbursement process and any conditions attached to the funding.
Implement the Program: Use the funds as specified in your application. Keep detailed records of how the funds are used, as you may need to report this information to the program administrators.
Report Progress: Regularly update the program administrators on your progress. This may include financial reports, project updates, or other required documentation.
Comply with Program Requirements: Ensure you meet all ongoing requirements of the program, such as maintaining certain business practices or meeting milestones.
Complete Final Reporting: At the end of the program, submit any final reports or documentation required. This may include a summary of how the funds were used and the outcomes achieved.