Development program — Indigenous stream
Highlights
This program is a great opportunity for your business. It offers up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. These funds can be used for various 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. The qualification process is straightforward, ensuring you can access the funds you need without unnecessary hassle.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Research and development costs
- Marketing and promotional activities
- Employee training and development
- Purchase of equipment and technology
- Business expansion activities
Use of Funds:
- Funds can be used to cover costs directly related to the eligible expenses listed above.
- Funds cannot be used for personal expenses, debt repayment, or any activities not related to business operations.
Fees:
- There are no application or processing fees associated with this grant 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 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, the program can provide up to $150,000.
The federal government guarantees 85% of the loan, giving you a strong safety net.
Flexible repayment options are available. You can choose between a variable interest rate, a fixed rate, or a combination of both.
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 for your application. These typically include:
- Business registration documents
- Financial statements (e.g., income statement, balance sheet)
- Business plan
- Tax returns for the past two years
- Identification documents for business owners
Complete the Application Form: Fill out the application form provided on the program’s website. Ensure all sections are completed accurately.
Submit Documentation: Upload or mail the required documents along with your completed application form. Make sure to follow the submission guidelines specified by the program.
Review and Confirm Submission: Double-check all information and documents before submitting. Confirm that you have received a submission confirmation or receipt.
Follow Up: Monitor your email and phone for any communication from the program administrators. They may request additional information or clarification.
Await Approval: Wait for the program administrators to review your application. This process may take several weeks.
Receive Funds: If approved, you will receive the funds as specified by the program. Ensure you understand the terms and conditions associated with the funding.
Implement Funds: Use the funds according to the guidelines provided by the program. Keep records of all expenditures for future reporting.
Report Progress: Submit any required progress reports or updates as stipulated by the program. This may include financial reports or project updates.