EDC — Export Help Hub
Highlights
This program is designed specifically for businesses like yours. It offers up to $1,000,000 in financing to help you make crucial purchases and investments. Additionally, you can receive $150,000 for software or day-to-day operating costs.
What You Get
- Up to $1,000,000 in financing
- An additional $150,000 for software or operating costs
The funds can be used for:
- Operating expenses
- Restorations
- New equipment
- Software
- And much more
The key advantage of this loan is that it is backed by the government, providing you with flexible repayment options, including up to 15 years to pay it back. This makes it a more secure and manageable option compared to other financing solutions.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan offers a flexible repayment term of up to 10 years.
- Interest rates are competitive and fixed at 5% per annum.
- Early repayment is allowed without any penalties.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Working capital to support day-to-day operations.
- Costs associated with expanding into new markets.
Use of Funds:
- Funds cannot be used for refinancing existing debts.
- Funds are not allowed for personal expenses or non-business-related activities.
Fees:
- A one-time application fee of $150.
- No annual maintenance fees.
- No prepayment penalties for early repayment.
Qualifications
- Must be a Canadian business.
- Must be involved in exporting or planning to export.
- Must have a Canada Revenue Agency Business Number.
Business must be registered and operating in Canada.
Disqualifications:
- Businesses not registered in Canada.
- Businesses not involved in exporting or planning to export.
- Businesses without a Canada Revenue Agency Business Number.
Description
This program offers your business a great opportunity to access up to $1,000,000 in funding. You can use this money to buy equipment, improve your workspace, or cover other essential costs.
Here’s how you can use the funds:
- Purchase commercial kitchen appliances
- Invest in manufacturing machinery
- Upgrade computers and IT infrastructure
- Renovate your retail space
For operational costs like software or working capital, you can receive up to $150,000.
Key benefits:
- 85% of the loan is guaranteed by the federal government, providing a significant 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 how you use the funds.
This program is designed to help your business grow and thrive with the financial support you need.
Program Steps
Create an Account: Sign up for a MyEDC account on the Export Development Canada (EDC) website. If you already have an account, log in.
Access the Application Portal: Navigate to the specific program section within your MyEDC dashboard.
Prepare Documentation: Gather the necessary documents for your application. These typically include:
- Business financial statements
- Business plan
- Proof of business registration
- Identification documents for business owners
- Details of intended use of funds (e.g., quotes for equipment or project costs)
Complete the Application Form: Fill out the application form available in the portal. Ensure all fields are accurately completed.
Upload Documentation: Upload the prepared documents to the application portal. Double-check that all required documents are included.
Review and Submit: Review your application to ensure all information is correct and complete. Submit the application through the portal.
Await Confirmation: After submission, you will receive a confirmation email. The EDC team will review your application and may contact you for additional information if needed.
Follow Up: Monitor your email and MyEDC dashboard for updates on your application status. Be prepared to provide any additional information requested by EDC.
Approval and Next Steps: If approved, follow the instructions provided by EDC to finalize the process and access the program benefits.