Grand Challenges Canada
Highlights
This program is designed for businesses like yours, offering a unique opportunity to secure funding that can significantly impact your growth and operations. By applying, you can access up to $1,000,000 in financing, with an additional $150,000 available for software or daily operating costs.
What You Get
- Up to $1,000,000 in financing
- An additional $150,000 for software or operating expenses
The funds can be used for:
- Operating expenses
- Restorations
- New equipment
- Software
- And much more
The key advantage of this financing is that it is backed by the government, offering more flexible repayment options compared to traditional loans. You can choose how to repay, with terms extending up to 15 years. This support can help stabilize and expand your business, making it easier to manage cash flow and invest in growth.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Research and development costs
- Prototyping and testing
- Market research and analysis
- Marketing and promotional activities
- Training and capacity building
- Equipment and materials directly related to the project
Use of Funds:
- Funds can be used for the above eligible expenses.
- Funds cannot be used for general operational expenses, debt repayment, or any activities not directly related to the project.
Repayment Terms:
- No repayment required, as this is a grant.
Fees:
- No application or processing fees associated with this program.
Qualifications
- Must be an innovator aiming to improve health in their community.
- Must focus on one of the following areas:
- Global Health Innovation
- Humanitarian Innovation
- Indigenous Innovation
Must aim to save and improve lives in low- and middle-income countries or Canada.
Disqualifications:
- Businesses not focused on health improvement.
- Businesses not targeting low- and middle-income countries or Canada.
Description
This program offers your business a fantastic opportunity to grow and innovate. You can receive up to $1,000,000 in funding. This money can be used for various purposes that can help your business thrive.
You can use the funds for:
- Buying new equipment
- Improving your workspace
- Expanding your operations
The program also allows you to use part of the funds for operational costs like software or other essential expenses. This can be up to $150,000.
The federal government guarantees 85% of the loan, providing a significant safety net for you. This means you have less risk and more security.
Flexible repayment options are available. You can choose between a variable interest rate, a fixed one, or a combination of both. Plus, you have up to 15 years to pay back the loan, giving you ample time to manage your finances effectively.
This program is a great chance to invest in your business and ensure its long-term success.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (last 2 years)
- Proof of Business Registration
- Identification Documents (e.g., passport, driver's license)
- Project Proposal or Detailed Description of Intended Use of Funds
Complete the Application Form:
- Visit the official program website.
- Download and fill out the application form with accurate information about your business.
Submit the Application:
- Upload the completed application form and required documentation to the program's online portal.
- Ensure all documents are clear and legible.
Schedule an Interview:
- After submission, you may be contacted to schedule an interview.
- Prepare to discuss your business plan and how the funding will be utilized.
Await Application Review:
- The program administrators will review your application and documents.
- Be available for follow-up questions or requests for additional information.
Receive Approval Notification:
- If approved, you will receive a notification detailing the funding amount and terms.
- Review the terms carefully before accepting.
Sign Agreement and Receive Funds:
- Sign the funding agreement.
- Funds will be disbursed to your business account as per the agreement terms.
Implement the Project:
- Use the funds according to the approved project proposal.
- Keep detailed records of expenditures and progress.
Submit Progress Reports:
- Periodically submit progress reports as required by the program.
- Include updates on project milestones and financial expenditures.
Complete Final Reporting:
- Upon project completion, submit a final report summarizing outcomes and impacts.
- Provide any additional documentation requested by the program administrators.