Experience Matters Program
Highlights
This program is designed for businesses like yours, offering a unique opportunity to secure financing that can help you grow and thrive. The program provides up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. This funding can be used for a variety of purposes, including operating expenses, restorations, new equipment, and software.
Key Benefits:
- Flexible repayment options: Choose how you pay back the loan, with up to 15 years to do so.
- Government-backed: This loan is backed by the government, providing you with added security and peace of mind.
- Wide range of uses: The funds can be used for many business needs, giving you the flexibility to address your most pressing concerns.
Applying for this program is straightforward, and qualifying is easier than you might think. Being approved can provide the financial boost your business needs to reach new heights.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Research and development costs
- Marketing and advertising expenses
- Employee training programs
Use of Funds:
- Funds can be used for the above eligible expenses.
- Funds cannot be used for personal expenses, debt repayment, or any non-business-related activities.
Repayment Terms and Interest Rates:
- As this is a grant, there are no repayment terms or interest rates.
Fees:
- No application fees
- No processing fees
- No hidden charges
This grant provides a valuable opportunity to invest in your business without the burden of repayment, allowing you to focus on growth and development.
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 $500,000 in funding. You can use this money to cover various expenses, such as:
- Buying new equipment
- Upgrading your current facilities
- Investing in technology and software
You can also use the funds for operational costs, like payroll or inventory, ensuring your business runs smoothly.
The best part? You don't have to pay back the money. This is a grant, not a loan, so there are no repayment terms to worry about. This means you can focus on growing your business without the stress of future debt.
This program is a great opportunity to boost your business's capabilities and ensure long-term success.
Program Steps
Gather Necessary Documentation: Prepare the following documents:
- Business registration or incorporation documents
- Financial statements (balance sheet, income statement, cash flow statement)
- Business plan
- Tax returns for the past two years
- Proof of identity for business owners
- Any other relevant documents specific to your business
Complete the Application Form: Obtain and fill out the application form for the program. Ensure all information is accurate and complete.
Submit the Application: Submit the completed application form along with the gathered documentation to the designated program office or through the specified online portal.
Await Confirmation: After submission, wait for a confirmation receipt from the program office. This may include an acknowledgment of your application and an estimated timeline for review.
Participate in Follow-Up: Be prepared to provide additional information or clarification if requested by the program reviewers. This may involve answering questions or submitting further documentation.
Review Approval Notification: Once your application is reviewed, you will receive a notification regarding the approval status. If approved, review the terms and conditions outlined in the approval notice.
Accept the Terms: If you agree with the terms and conditions, formally accept the offer as instructed in the approval notification.
Receive Funding: Upon acceptance, the program will disburse the funds to your business account. Use the funds as specified in your application to support your business needs.
Comply with Reporting Requirements: Follow any reporting requirements set by the program, such as providing progress updates or financial reports to demonstrate the use of funds and the impact on your business.