Impact Canada Challenge Hub
Highlights
This program is designed for you because it offers a unique opportunity to secure funding for your business. By participating, you can access up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. This can help you cover essential expenses, invest in new equipment, or even expand your operations.
Key Benefits:
- Flexible Financing: Choose how you repay, with terms up to 15 years.
- Government-Backed: Provides security and reliability.
- Wide Usage: Funds can be used for operating expenses, restorations, new equipment, software, and more.
Applying for this program is straightforward, and qualifying is easier than you might think. Approval can significantly boost your business, providing the financial support needed to achieve your goals.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Research and development costs
- Equipment purchases
- Marketing and promotional activities
- Employee training and development
- Operational costs directly related to the project
Use of Funds:
- Funds can be used to cover costs directly associated with the approved project.
- Cannot be used for unrelated business expenses, debt repayment, or personal expenses.
Repayment Terms:
- No repayment required as this is a grant.
Fees:
- No application or processing fees associated with the grant.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Canada.
Must be 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 a chance to receive up to $1,000,000. You can use this money to buy equipment or improve your rented space.
Eligible expenses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For costs like software or operational expenses, the program can provide up to $150,000.
The federal government guarantees 85% of the loan, giving you a significant safety net.
Flexible repayment options are available. You can choose a variable interest rate, a fixed rate, or a combination of both.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These typically include:
- Business plan
- Financial statements (e.g., balance sheet, income statement)
- Proof of business registration
- Tax returns
- Identification documents for business owners
- Any additional documents specific to your business or the program
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Submit your completed application form along with the required documentation. This can usually be done online through the program's website or by mail.
Await Confirmation: After submission, you will receive a confirmation that your application has been received. This may include a reference number for tracking purposes.
Respond to Follow-Up Requests: Be prepared to provide additional information or clarification if requested by the program administrators. This could involve further documentation or answering specific questions about your business.
Review Approval Terms: If your application is approved, review the terms and conditions of the program. Ensure you understand all requirements and obligations.
Sign Agreement: Sign any necessary agreements or contracts to formally accept the program's terms and receive the benefits.
Implement Program Benefits: Once everything is finalized, you can begin utilizing the program's benefits to support your business. This might include funding, resources, or other support provided by the program.