Customized Products and Services
Highlights
This program is designed specifically for businesses like yours. It offers up to $1,000,000 in financing, with an additional $150,000 available for software or daily operating costs. This funding can be used for a variety of purposes, including operating expenses, restorations, new equipment, and software.
What makes this program stand out is that it is backed by the government, providing you with a reliable source of funding. You also have the flexibility to choose how you repay the loan, with terms extending up to 15 years. This can significantly ease your financial planning and help you focus on growing your business.
Applying for this program is straightforward, and qualifying is easier than many other financing options. Being approved can provide your business with the financial stability and resources needed to thrive and expand.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Equipment purchases.
- Leasehold improvements.
- Training and development programs.
- Marketing and promotional activities.
- Research and development.
Use of Funds:
- Funds cannot be used for personal expenses.
- Cannot be used for debt repayment.
- Not applicable for routine operational costs such as utilities or rent.
Fees:
- No application fees.
- No administrative fees.
Qualifications
- Must be a business operating in Canada.
- Must have a Canada Revenue Agency Business Number.
- Must be a small or medium-sized enterprise (SME).
- Must have a minimum of 1 employee.
- Must have annual revenue between $30,000 and $10 million.
Must be in operation for at least 2 years.
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Softwood lumber industry.
- Professional services such as marketing firms, creative agencies.
Description
This program offers your business up to $1,000,000 in funding. 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 strong safety net for you.
Flexible repayment options are available. You can choose between variable or fixed interest rates, or even combine them.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. These typically include:
- Business registration documents
- Financial statements (e.g., income statement, balance sheet)
- Business plan
- Tax returns
- Proof of business address
- Identification documents for business owners
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Send your completed application form along with the required documentation to the designated program office or online portal.
Await Confirmation: After submission, wait for confirmation that your application has been received. This may include an acknowledgment email or letter.
Respond to Follow-Up Requests: Be prepared to provide additional information or clarification if requested by the program administrators. This may involve further documentation or answering specific questions about your business.
Review and Sign Agreement: If your application is approved, review the terms and conditions of the program. Sign the agreement to formalize your participation.
Implement Program Benefits: Once the agreement is signed, you can begin to utilize the benefits provided by the program to support and grow your business.