FinDev Canada Financing and Investment
Highlights
This program is designed for businesses like yours that are committed to making a positive impact on local communities. By applying, you can access financial solutions such as debt, equity, and guarantees. These options are tailored to support sustainable social and economic benefits.
Why Apply?
- Flexible Financing: Choose from debt, equity, or guarantees to best suit your business needs.
- Government-Backed: Enjoy the security of government support, ensuring stability and trust.
- Significant Impact: Focus on projects that promote gender equality and climate action, aligning with global priorities.
Benefits for Your Business
- Sustainable Growth: Invest in initiatives that drive long-term economic and social benefits.
- Risk Management: Benefit from a well-managed risk approach, ensuring your investments are secure.
- Easy Qualification: The program is designed to be accessible, making it straightforward for eligible businesses to qualify.
By being approved, you can enhance your business's impact while securing the financial support needed to thrive.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed rate of 5% per annum.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Intangible assets such as patents and trademarks.
- Working capital for operational expenses.
Ineligible Expenses:
- Real estate purchases.
- Refinancing existing debts.
- Personal expenses unrelated to the business.
Fees:
- Application Fee: $200.
- Annual Maintenance Fee: 1% of the outstanding loan balance.
- Late Payment Fee: 2% of the overdue amount.
Qualifications
- Must be a private sector business.
- Must be operating in a developing country.
- Must demonstrate sustainable social and economic benefits for local communities.
Must focus on business activities that offer significant economic and social impact.
Disqualifications:
- Businesses not operating in developing countries.
- Businesses that do not demonstrate sustainable social and economic benefits for local communities.
Description
This program offers your business up to $1,000,000 in funding. You can use this money to buy equipment, improve your workspace, or cover other essential expenses.
Here’s what you can do with the funds:
- Purchase machinery or technology
- Renovate your business space
- Invest in software or other operational needs
The government guarantees 85% of the loan, giving you a strong safety net.
You have flexible repayment options. You can choose a variable interest rate, a fixed one, or a combination. You have up to 15 years to repay the loan, no matter how you use the funds.
This program is a great opportunity to grow your business with financial support and manageable repayment terms.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (last three years)
- Tax Returns (last three years)
- Proof of Business Registration
- Identification Documents for Business Owners
- Projected Financial Statements
- Details of Intended Use of Funds
Complete the Application Form:
- Fill out all required fields accurately.
- Ensure all information matches the provided documentation.
Submit the Application:
- Submit the completed application form along with the gathered documentation.
- Ensure submission is done through the designated platform or office.
Await Confirmation:
- Wait for confirmation of receipt of your application.
- Be prepared to provide additional information if requested.
Review and Approval:
- The program administrators will review your application.
- They may contact you for further details or clarification.
Receive Approval Notification:
- If approved, you will receive a notification outlining the terms and conditions.
Sign Agreement:
- Review the terms and conditions carefully.
- Sign the agreement to formalize your participation in the program.
Receive Funds:
- Upon signing the agreement, the funds will be disbursed as per the program guidelines.
Implement the Project:
- Use the funds as outlined in your application.
- Keep records of all expenditures for future reporting.
Report Progress:
- Provide regular updates on the progress of your project.
- Submit any required reports as specified in the program guidelines.