Find a Licensed Insolvency Trustee
Highlights
This program is a great opportunity for your business to manage and overcome debt challenges. By working with a Licensed Insolvency Trustee (LIT), you will receive professional advice and services tailored to your financial situation. LITs are federally regulated, ensuring you get reliable and trustworthy support.
Why Apply?
- Expert Guidance: LITs help you make informed decisions to resolve your financial difficulties.
- Customized Solutions: Get personalized strategies that fit your business needs.
- Government-Backed: Benefit from a program regulated by the Government of Canada, ensuring high standards and accountability.
What's in it for You?
- Debt Management: Efficiently handle your business debts and improve financial stability.
- Professional Support: Access to experienced professionals who understand your challenges.
- Easy Qualification: The program is designed to be accessible, making it easier for you to qualify and get the help you need.
Applying for this program can significantly improve your business's financial health and provide you with the tools and support necessary to thrive.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Intangible assets (e.g., patents, trademarks)
- Working capital
Use of Funds:
- Funds can be used for the above eligible expenses only.
- Funds cannot be used for personal expenses, debt repayment, or any non-business-related costs.
Repayment Terms and Interest Rates:
- As this is a grant, there is no repayment required.
- No interest rates apply.
Fees:
- No application fees.
- No administrative fees.
Qualifications
- Must be a Licensed Insolvency Trustee (LIT).
- Must be federally regulated.
- Must provide advice and services to individuals and businesses with debt problems.
- Must help people make informed choices to deal with their financial difficulties.
Must have an active trustee status, meaning they can file professional engagements in their personal name or on behalf of a corporate trustee.
Disqualifications:
- Inactive Licensed Insolvency Trustees (those who have a valid trustee license but may not carry out LIT duties nor file professional engagements under their name).
- Semi-active Licensed Insolvency Trustees (those who may carry out LIT duties but not file professional engagements under their name).
Description
This program offers your business a chance to borrow up to $1,000,000. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible purchases include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or working capital, you can receive up to $150,000.
The federal government guarantees 85% of the loan, providing a significant safety net for your business.
Flexible repayment options are available. If you have made qualifying purchases in the last 365 days, you can include them in this loan.
You can choose from various repayment plans, including variable or fixed interest rates, or even combine both. You have up to 15 years to repay the loan, regardless of how you use the funds.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. You will need:
- Financial statements
- Business plan
- Debt details
- Tax returns
- Proof of business registration
Complete the Application Form: Fill out the application form provided by the program. Ensure all fields are accurately completed.
Submit the Application: Send your completed application form and required documents to the appropriate office or online portal.
Await Confirmation: Wait for a confirmation email or letter acknowledging receipt of your application.
Respond to Follow-Up Requests: If additional information or documents are requested, provide them promptly to avoid delays.
Review Approval Terms: Once approved, review the terms and conditions of the program carefully.
Sign Agreement: Sign the agreement to formalize your participation in the program.
Implement Program Benefits: Begin utilizing the program benefits as outlined in the agreement to support your business needs.