Farm and Ranch Water Infrastructure Program (FRWIP) — Well Decommissioning and Special Projects Pre-Approval
Highlights
This program is designed for businesses like yours, offering a unique opportunity to secure financing that can help you grow and thrive. You can receive 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.
What sets this program apart is that it is backed by the government, providing you with more security and flexibility than traditional loans. You have the freedom to choose how you repay the loan, with terms extending up to 15 years. This makes it easier for you to manage your finances and invest in the future of your business.
Applying for this program is straightforward, and qualifying is easier than you might think. By being approved, you gain access to substantial financial support, allowing you to make critical investments and improvements without the immediate financial strain. This is a valuable opportunity to enhance your business operations and achieve long-term success.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed at 3% per annum.
Eligible Expenses:
- Equipment purchases.
- Leasehold improvements.
- Intangible assets such as patents and trademarks.
- Working capital for day-to-day operations.
Ineligible Expenses:
- Real estate purchases.
- Personal expenses.
- Repayment of existing debts.
Fees:
- Application Fee: $150.
- Processing Fee: 1% of the loan amount, deducted from the disbursement.
- Late Payment Fee: $50 per late payment.
Qualifications
- Must be a business operating in Saskatchewan.
- Must be engaged in agriculture, natural resources, or industry sectors.
- Must comply with Saskatchewan employment standards.
- Must be involved in environmental protection and sustainability.
- Must be a First Nations, Métis, or Northern community business.
- Must be involved in housing development, construction, or property management.
- Must be engaged in investment and economic development.
- Must adhere to safety standards in the workplace.
- Must comply with taxes, licensing, and reporting requirements.
Must be involved in transportation and road construction.
Disqualifications:
- Businesses not operating in Saskatchewan.
- Businesses not engaged in the specified sectors.
- Businesses that do not comply with employment standards.
- Businesses not involved in environmental protection and sustainability.
- Businesses that are not First Nations, Métis, or Northern community businesses.
- Businesses not involved in housing development, construction, or property management.
- Businesses not engaged in investment and economic development.
- Businesses that do not adhere to safety standards in the workplace.
- Businesses that do not comply with taxes, licensing, and reporting requirements.
- Businesses not involved in transportation and road construction.
Description
This program provides your business with up to $1,000,000 in funding. You can use up to $500,000 of this amount to purchase 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, you can receive 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 mix of both.
You have up to 15 years to repay the loan, regardless of how you use the funds.
Program Steps
Gather Required Documentation:
- Business Registration Documents
- Financial Statements (last two years)
- Business Plan
- Tax Returns (last two years)
- Proof of Business Address
- Identification Documents (for business owners)
Complete the Application Form:
- Fill out the application form provided by the program.
- Ensure all sections are completed accurately.
Prepare a Detailed Project Proposal:
- Outline the purpose of the funding.
- Include a budget and timeline.
- Describe how the funding will benefit your business.
Submit the Application:
- Submit the completed application form and all required documents.
- Ensure submission is done through the specified channel (online, mail, or in-person).
Await Confirmation:
- Wait for a confirmation receipt of your application.
- This may include an acknowledgment email or letter.
Respond to Follow-Up Requests:
- Be prepared to provide additional information if requested.
- This may include further financial details or clarifications on your project proposal.
Review and Sign Agreement:
- If approved, review the terms and conditions of the funding agreement.
- Sign and return the agreement as instructed.
Receive Funds:
- Once the agreement is finalized, the funds will be disbursed.
- Ensure you understand the disbursement schedule and any reporting requirements.
Implement the Project:
- Use the funds as outlined in your project proposal.
- Keep detailed records of expenditures and progress.
Submit Progress Reports:
- Provide regular updates on the project's progress.
- Submit any required financial reports as per the program guidelines.
Complete Final Reporting:
- Once the project is completed, submit a final report.
- Include a summary of outcomes and financial statements showing how the funds were used.