Development program — General stream
Highlights
This program is a fantastic opportunity for your business. It offers up to $1,000,000 in financing, with an additional $150,000 available for software or daily operating costs. These funds can be used for a variety of needs, including operating expenses, restorations, new equipment, and software.
The key advantage of this financing is that it is backed by the government, providing you with more security and flexibility. You can choose how to repay the loan, with terms extending up to 15 years. This makes it easier to manage your cash flow and invest in growth. Qualifying for this program is straightforward, making it an accessible option for your business.
Financing Details
Type of Financing: The program offers a Grant.
Repayment Terms and Interest Rates: Since this is a grant, there are no repayment terms or interest rates. The funds provided do not need to be repaid.
Eligible Expenses: The grant can be used for:
- Research and development costs
- Marketing and promotional activities
- Training and development for staff
- Purchase of equipment and technology
- Operational expenses directly related to the project
Ineligible Expenses: The funds cannot be used for:
- General operating expenses not related to the project
- Debt repayment
- Real estate purchases
- Personal expenses
Fees: There are no fees associated with applying for or receiving this grant.
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 up to $1,000,000 in funding. You can use up to $500,000 of this money to buy equipment or improve your rented space.
This includes:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, the program provides up to $150,000.
The federal government guarantees 85% of the loan, giving you a significant safety net.
Flexible repayment options are available. You can choose a variable interest rate, a fixed one, or a combination of both.
You have up to 15 years to pay back the loan, regardless of what you spend it on.
Program Steps
Gather Necessary Documentation: Prepare the required documents for the application. You will need:
- Business financial statements
- Business plan
- Proof of business registration
- Tax returns
- Identification documents (e.g., driver's license, passport)
- Any additional documents specific to your business type or industry
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately and honestly.
Review Program Guidelines: Carefully read through the program guidelines to understand the terms and conditions. This will help ensure you meet all requirements and avoid any potential issues.
Submit the Application: Submit your completed application form along with the prepared documentation. This can usually be done online through the program’s website or by mail.
Follow Up: After submission, follow up with the program’s contact point to confirm receipt of your application and to ask any further questions you may have.
Await Review: Wait for the program administrators to review your application. This process may take some time, so be patient.
Respond to Requests for Additional Information: If the program administrators request more information or clarification, respond promptly to avoid delays in the processing of your application.
Receive Decision: Once your application has been reviewed, you will receive a decision. If approved, you will be informed of the next steps to receive the benefits of the program.
Implement Program Benefits: Upon approval, implement the benefits provided by the program to support and grow your business.