Fisheries Loan and Loan Guarantees
Highlights
This program is designed for businesses like yours. It offers up to $1,000,000 in financing to help you grow and improve your operations. Additionally, you can receive $150,000 specifically for software or day-to-day operating costs.
What You Get
- Up to $1,000,000 in financing
- An additional $150,000 for software or operating costs
The funds can be used for:
- Operating expenses
- Restorations
- New equipment
- Software
- And much more
The key difference between this loan and others is that it is backed by the government. You have the flexibility to choose how you repay it, with up to 15 years to do so. This makes it a more secure and manageable option for your business.
Financing Details
Type of Financing: Grant
Repayment Terms:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Equipment purchases.
- Leasehold improvements.
- Research and development costs.
- Marketing and promotional activities.
- Training and development for employees.
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 registered business in New Brunswick.
- Must have an active Canada Revenue Agency Business Number.
- Must be a small or medium-sized enterprise (SME).
- Must have been in operation for at least one year.
- Must have a minimum of 1 employee and a maximum of 100 employees.
Must have an annual revenue between $30,000 and $5 million.
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Professional services such as law firms, accounting firms, and marketing agencies.
Description
This program offers your business a chance to receive up to $500,000. You can use this money to expand, upgrade, or improve your operations.
You can spend the funds on:
- Purchasing new equipment
- Renovating your business space
- Upgrading technology and software
The money is provided as a loan with favorable terms. You have up to 10 years to pay it back. This gives you ample time to see returns on your investment before needing to repay the loan.
The interest rates are competitive, making it easier for you to manage your finances. This program is designed to help your business grow and succeed.
Program Steps
Gather Required Documentation:
- Business Registration Certificate
- Financial Statements (last two years)
- Business Plan
- Tax Returns (last two years)
- Proof of Address
- Identification Documents (e.g., passport, driver's license)
Complete the Application Form:
- Fill out the official 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 breakdown.
- Explain how the funds will benefit your business.
Submit the Application:
- Submit the completed application form and all required documents to the designated office or online portal.
- Ensure you receive a confirmation of submission.
Follow Up on Application Status:
- Contact the program office to check the status of your application.
- Be prepared to provide additional information if requested.
Attend an Interview (if required):
- Be available for a potential interview to discuss your application in detail.
- Bring any additional documents that may support your application.
Receive Approval and Funding:
- Upon approval, review the terms and conditions.
- Sign any necessary agreements.
- Receive the funds as outlined in the program's disbursement schedule.
Implement the Project:
- Use the funds according to the approved project proposal.
- Keep detailed records of all expenditures.
Report on Progress:
- Submit regular progress reports as required by the program.
- Include financial updates and project milestones.
Complete Final Reporting:
- Once the project is complete, submit a final report.
- Include a summary of outcomes and financial statements.
