Development program — Black and People of Colour stream
Highlights
This program is a great opportunity for your business. It offers up to $1,000,000 in financing to help you make important purchases. 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.
The key advantage of this program is that it is backed by the government, providing you with more security and flexibility. You can choose how to repay the loan, with up to 15 years to do so. This makes it a better option compared to other financing solutions. Approval is straightforward, ensuring you can quickly access the funds you need to grow your business.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Research and development costs
- Marketing and promotional activities
- Equipment purchases
- Training and development for staff
- Operational costs directly related to project implementation
Use of Funds:
- Funds cannot be used for:
- Debt repayment
- Real estate purchases
- Personal expenses
- Any activity not directly related to the approved project
Repayment Terms:
- No repayment required as this is a grant.
Fees:
- No application fees or hidden charges associated with this program.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Prince Edward Island.
Currently exporting or planning to start exporting.
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 a chance to receive up to $1,000,000 in funding. You can use up to $500,000 of this amount to purchase 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 working capital, the program can provide up to $150,000.
Key benefits:
- 85% of the loan is guaranteed by the federal government, giving you a strong safety net.
- Flexible repayment options: Choose between a variable interest rate, a fixed rate, or a combination of both.
- Up to 15 years to repay the loan, regardless of what you spend it on.
This program is designed to help your business grow and succeed with significant financial support and flexible terms.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. You will need:
- Business financial statements
- Business plan
- Proof of business registration
- Identification documents for business owners
- Any other relevant financial documents
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
Submit the Application: Submit your completed application form along with the required documentation through the specified submission method (online portal, email, or mail).
Await Confirmation: After submission, wait for a confirmation receipt from the program administrators. This will acknowledge that your application has been received.
Respond to Follow-Up Requests: Be prepared to provide additional information or clarification if requested by the program administrators during the review process.
Review Approval Terms: If your application is approved, review the terms and conditions of the program. Ensure you understand all requirements and commitments.
Accept the Terms: Formally accept the terms and conditions if you agree with them. This may involve signing an agreement or contract.
Receive Funding: Once you have accepted the terms, the program will disburse the funds or provide the support as outlined in the approval terms.
Implement the Program: Use the funds or support as specified in your application to benefit your business.
Report Progress: Periodically report on the progress and impact of the program on your business as required by the program guidelines.