Economic Diversification and Growth Enterprises
Highlights
This program is designed for businesses like yours, offering a unique opportunity to secure financing that can significantly boost your operations. You can receive 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.
Key benefits of this program include:
- Government-backed financing, ensuring stability and trust.
- Flexible repayment options, allowing you up to 15 years to repay the loan.
- Broad usage of funds, giving you the freedom to allocate the money where your business needs it most.
Applying for this program is straightforward, and qualifying is easier than you might think. Approval can provide the financial support needed to grow and sustain your business, making it a valuable resource for your continued success.
Financing Details
Type of Financing: Tax Credit
Eligible Expenses:
- Costs related to the development of interactive digital media products.
- Salaries and wages for employees directly involved in the project.
- Subcontractor fees for services directly related to the project.
- Costs of software and hardware used in the development process.
Use of Funds:
- Funds can be used to cover expenses directly associated with the creation and development of interactive digital media products.
Restrictions:
- Funds cannot be used for general administrative expenses.
- Marketing and distribution costs are not eligible.
- Any expenses not directly related to the development of the digital media product are excluded.
Fees:
- There are no application or processing fees associated with this tax credit program.
Qualifications
- Must be a business operating in Newfoundland and Labrador.
- Must have a Canada Revenue Agency Business Number.
Must be engaged in activities eligible for tax credits and incentives listed under the program.
Disqualifications:
- Businesses not operating in Newfoundland and Labrador.
- Businesses without a Canada Revenue Agency Business Number.
- Businesses not engaged in eligible activities for tax credits and incentives.
Description
This program offers your business up to $500,000. You can use this money to grow and improve your operations.
Eligible expenses include:
- Buying new equipment
- Upgrading your facilities
- Investing in technology
You can also use the funds for working capital, which helps with day-to-day expenses like payroll and inventory.
The government covers 80% of the loan, reducing your financial risk.
Flexible repayment options are available, with terms up to 10 years. This allows you to manage your cash flow effectively while making necessary investments in your business.
Program Steps
Gather Necessary Documentation: Prepare the following documents to support your application:
- Financial statements (income statement, balance sheet)
- Business plan
- Tax returns
- 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 Supporting Documents: Attach the prepared documentation to your application form. Make sure all documents are up-to-date and clearly labeled.
Review and Sign: Carefully review your completed application and attached documents. Sign the application form where required.
Submit the Application: Send your completed application and supporting documents to the designated program office. This can usually be done online, by mail, or in person.
Follow Up: After submission, follow up with the program office to confirm receipt of your application. Keep track of any reference numbers or confirmation emails.
Await Decision: Wait for the program office to review your application. They may contact you for additional information or clarification.
Receive Notification: You will be notified of the decision. If approved, you will receive instructions on the next steps to access the benefits of the program.
