FedDev Ontario Small Business Services — Community Partners
Highlights
This program is designed specifically for businesses like yours. It offers a unique opportunity to access financing that can help you grow and expand. 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 flexible repayment options. You can choose how to pay it back, with terms extending up to 15 years. This makes it easier to manage your cash flow and invest in your business's future. Qualifying for this program is straightforward, making it an accessible option for your business.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Marketing and advertising costs
- Employee training and development
- Research and development activities
Use of Funds:
- Funds cannot be used for personal expenses.
- Funds cannot be used to pay off existing debts.
- Funds cannot be used for any illegal activities.
Fees:
- No application fees.
- No processing fees.
Qualifications
- Must be a small business.
- Must be located in Ontario.
- Must be seeking to start or expand the business.
Must be in a rural or remote community for services from Community Futures Ontario.
Disqualifications:
- Businesses not located in Ontario.
- Businesses not classified as small.
- Businesses not in rural or remote communities for services from Community Futures Ontario.
Description
This program offers your business up to $500,000. You can use this money to buy new equipment, upgrade your facilities, or cover other business expenses.
Here's what you can do with the funds:
- Purchase machinery or technology
- Renovate or expand your workspace
- Invest in software or other operational needs
The money comes with favorable terms. You have up to 10 years to pay it back. This gives you plenty of time to see a return on your investment.
The best part? The government guarantees a portion of the loan. This makes it easier for you to get approved and reduces your financial risk.
Program Steps
Gather Required Documentation:
- Business registration documents
- Financial statements (last 2 years)
- Business plan
- Tax returns (last 2 years)
- Proof of address
- Identification documents
Complete the Application Form:
- Fill out the application form provided on the program's website.
- Ensure all sections are completed accurately.
Prepare a Detailed Proposal:
- Outline how the program will benefit your business.
- Include specific goals and expected outcomes.
Submit the Application:
- Upload the completed application form and required documents to the program's online portal.
- Double-check that all attachments are included.
Attend an Information Session:
- Register for and attend any mandatory information sessions or webinars.
- Take notes and ask questions to clarify any uncertainties.
Follow Up:
- Monitor your email for confirmation of receipt and any additional requests.
- Respond promptly to any follow-up questions or requests for more information.
Review and Sign Agreement:
- Once approved, review the terms and conditions of the program.
- Sign the agreement and return it as instructed.
Implement the Program:
- Begin utilizing the program benefits as outlined in your proposal.
- Keep records of all activities and expenses related to the program.
Report Progress:
- Submit regular progress reports as required by the program.
- Include updates on milestones and financial expenditures.
Complete Final Evaluation:
- At the end of the program, complete any final evaluation or reporting requirements.
- Provide feedback on your experience with the program.