Cultural industries — Financial assistance
Highlights
This program is designed for businesses like yours, offering a unique opportunity to secure funding that can significantly boost your operations. You can receive up to $1,000,000 in financing, with an additional $150,000 available for software or daily operating costs. This financial support can be used for a variety of purposes, 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 flexible repayment options. You can choose how to pay it back, with terms extending up to 15 years. This flexibility can help you manage your cash flow more effectively and invest in growth opportunities without immediate financial pressure.
Qualifying for this program is straightforward, making it an accessible option for your business. By being approved, you can enhance your business's financial stability and invest in areas that will drive long-term success.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Intangible assets
- Working capital
Use of Funds:
- Funds can be used for operational costs, such as salaries and utilities.
- Funds can be allocated towards marketing and promotional activities.
- Funds can be used for research and development projects.
Restrictions on Use of Funds:
- Funds cannot be used to pay off existing debts.
- Funds cannot be used for personal expenses.
- Funds cannot be used for any illegal activities.
Fees:
- There are no application fees.
- There are no processing fees.
- There are no renewal fees.
Qualifications
- Must be a business operating in New Brunswick.
- Must be involved in the arts and culture sector.
- Must be a professional artist or arts organization.
Must be applying for project funding, operational funding, or cultural industries support.
Disqualifications:
- Businesses not operating in New Brunswick.
- Businesses not involved in the arts and culture sector.
- Non-professional artists or non-arts organizations.
Description
This program offers up to $1,000,000 to help your business grow. You can use up to $500,000 of this amount to buy 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 receive up to $150,000.
The federal government guarantees 85% of the loan, providing a significant safety net for you.
Flexible repayment options are available. If you have made qualifying purchases in the last year, you can include them in this loan. You can choose between variable or fixed interest rates, or combine them.
You have up to 15 years to repay the loan, regardless of how you use the funds.
Program Steps
Create an Online Profile: Visit the online grant application platform at http://grants.artsculturenb.ca/ and create a user profile. This will allow you to access the application portal and track your application status.
Prepare Documentation: Gather the necessary documents to support your application. These may include:
- Business Plan
- Financial Statements
- Project Proposal
- Budget Details
- Proof of Eligibility (e.g., business registration, tax documents)
- Previous Grant Reports (if applicable)
Complete the Application Form: Log into your profile and fill out the grant application form. Provide detailed information about your business, the project you are seeking funding for, and how the grant will be used.
Submit Supporting Documents: Upload the prepared documentation to the online platform as part of your application. Ensure all files are correctly labeled and formatted as required.
Review and Submit Application: Double-check all entered information and uploaded documents for accuracy. Once you are confident everything is correct, submit your application through the online platform.
Track Application Status: Use the online platform to monitor the status of your application. You can check for updates, respond to any requests for additional information, and see the progress of your application in real-time.
Await Decision: The relevant department will review your application. Be prepared to provide additional information if requested. You will be notified of the decision through the online platform.
Submit Final Reports: If your application is successful, ensure you submit any required final reports through the online platform once your project is completed. This may include financial reports and project outcomes.