Development program — Prequalified stream
Highlights
This program is designed for business owners like you. It offers up to $1,000,000 in financing to help you make significant investments in your business. Additionally, you can receive an extra $150,000 for software or daily operating costs. This funding can be used for various purposes, 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 terms extending up to 15 years. This makes it a more attractive option compared to other financing solutions. Approval is straightforward, ensuring you can quickly access the funds you need to grow and sustain your business.
Financing Details
Type of Financing: This program offers a Grant.
Eligible Expenses:
- Research and development costs.
- Marketing and promotional expenses.
- Equipment purchases.
- Training and development for staff.
Use of Funds:
- The funds can be used to cover costs related to the development and growth of your business.
- They can be applied to new projects or to enhance existing operations.
Restrictions on Use:
- The funds cannot be used to pay off existing debts.
- They cannot be used for personal expenses or unrelated business activities.
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 amount to buy equipment or improve your rented space.
Eligible purchases 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 significant safety net.
This loan program is flexible. If you have made eligible purchases in the last 365 days, you can include them in this loan.
You have various options to pay back the loan. You can choose a variable interest rate, a fixed one, 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 Necessary Documentation: Prepare the following documents to support your application:
- Business financial statements (e.g., income statement, balance sheet)
- Business plan
- Proof of business registration
- Tax returns for the past two years
- Identification documents for business owners
- Any additional documents specific to your business type
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately and thoroughly.
Submit Supporting Documents: Attach all the necessary documentation to your application form. Double-check that all documents are current and correctly formatted.
Review and Sign the Application: Carefully review your completed application and all attached documents. Sign the application form where required.
Submit the Application: Submit your completed application and supporting documents through the designated submission method (e.g., online portal, mail, or in-person).
Follow Up: After submission, follow up with the program office to confirm receipt of your application and inquire about the review timeline.
Respond to Additional Requests: Be prepared to provide any additional information or documentation if requested by the program office during the review process.
Await Approval: Wait for the program office to review your application. They will notify you of the decision and any next steps.
Implement Program Requirements: If approved, follow any specific requirements or guidelines provided by the program to ensure compliance and successful implementation.