Health Workforce Matching Portal
Highlights
This program is a fantastic opportunity for your business. It offers up to $1,000,000 in financing, with an additional $150,000 available for software or daily operating costs. These funds can be used for a variety of needs, including operating expenses, restorations, new equipment, software, and more.
The key advantage of this program is that it is backed by the government, providing you with more security and flexibility. You can choose how to repay the loan, with terms extending up to 15 years. This makes it easier to manage your finances and invest in growth. Qualifying for this program is straightforward, making it an accessible option for your business.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan offers a fixed interest rate of 3.5% per annum.
- Repayment terms range from 5 to 10 years, depending on the loan amount and business needs.
- Monthly payments include both principal and interest.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Working capital needs, such as inventory and operational costs.
- Research and development expenses.
Ineligible Expenses:
- Personal expenses or non-business-related costs.
- Real estate purchases.
- Refinancing existing debts.
Fees:
- Application fee of $150.
- Annual maintenance fee of 1% of the outstanding loan balance.
- No prepayment penalties if you choose to pay off the loan early.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Prince Edward Island.
Currently exporting or planning to start exporting.
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Softwood lumber industry.
- Professional services such as marketing firms, creative agencies.
Description
This program offers your business up to $1,000,000 in funding. 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 operational expenses, you can receive up to $150,000.
The federal government guarantees 85% of the loan, giving you a strong safety net.
Flexible repayment options are available. If you've made significant purchases in the past year that fit the program guidelines, you can include them in this loan.
You have up to 15 years to pay back the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation: Prepare the following documents to support your application:
- Business financial statements (balance sheet, income statement, cash flow statement)
- Business plan
- Tax returns for the past two years
- Proof of business registration
- Identification documents for business owners
- Any additional documents specific to the program
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
Review Program Guidelines: Carefully read through the program guidelines to understand the terms and conditions. This will help ensure your application aligns with the program's objectives.
Submit the Application: Submit your completed application form and all required documentation through the designated submission portal or address provided by the program.
Follow Up: After submission, follow up with the program's contact point to confirm receipt of your application and inquire about the review timeline.
Respond to Additional Requests: Be prepared to provide any additional information or documentation if requested by the program administrators during the review process.
Await Approval: Wait for the program administrators to review your application. They will notify you of the decision and any next steps.
Complete Any Further Requirements: If approved, follow any additional steps required to finalize your participation in the program, such as signing agreements or setting up payment arrangements.