Industrial Designs
Highlights
This program is designed for business owners like you. It offers up to $1,000,000 in financing to help you make significant purchases for your business. Additionally, you can receive an extra $150,000 for software or day-to-day operating costs. This funding can be used for various needs, including operating expenses, restorations, new equipment, and software.
The key advantage of this program is that it is backed by the government, providing you with a sense of security and flexibility. You have the option to choose how you repay the loan, with terms extending up to 15 years. This makes it more manageable compared to other financing options.
Being approved for this program can significantly boost your business by providing the necessary funds to grow and innovate. The qualification process is straightforward, ensuring that you can access the support you need without unnecessary hurdles.
Financing Details
Type of Financing: Grant
Repayment Terms:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Research and development costs.
- Marketing and promotional activities.
- Purchase of equipment and technology.
- Employee training and development.
Use of Funds:
- Funds cannot be used for debt repayment.
- Funds cannot be used for real estate purchases.
- Funds cannot be used for personal expenses.
Fees:
- No application fees.
- No administrative fees.
Qualifications
- Must be a business operating in Canada.
- Must be involved in industrial designs.
- Must have an interest in applying or amending an industrial design.
Must be able to pay maintenance fees online.
Disqualifications:
- Businesses not operating in Canada.
- Businesses not involved in industrial designs.
- Businesses unable to manage e-access or pay fees online.
Description
This program offers your business up to $1,000,000. You can use up to $500,000 of this amount to purchase equipment or improve your rented space.
Eligible expenses 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, providing a strong safety net for your business.
The loan is flexible. If you have made qualifying purchases in the last 365 days, you can include them in this loan.
You have multiple options to repay the loan. 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 how you use the funds.
Program Steps
Create an Account: Visit the official website and create an account if you do not already have one. This will allow you to access the application portal.
Log In: Use your credentials to log in to your account on the application portal.
Access the Application Form: Navigate to the section for filing or amending an industrial design application. Select the option to start a new application.
Prepare Documentation: Gather the necessary documents required for the application. These typically include:
- Detailed drawings or photographs of the design
- A description of the design
- Information about the applicant (your business details)
- Payment information for the application fee
Complete the Application Form: Fill out the application form with accurate and detailed information about your industrial design. Ensure all fields are completed as required.
Upload Documentation: Upload the prepared documents to the application portal. Ensure that all files are in the correct format and clearly labeled.
Review and Confirm: Carefully review all the entered information and uploaded documents. Confirm that everything is accurate and complete.
Pay the Application Fee: Proceed to the payment section and pay the required application fee using the provided payment options.
Submit the Application: Once the payment is confirmed, submit your application through the portal.
Receive Confirmation: After submission, you will receive a confirmation email with details about your application and a reference number for tracking.
Monitor Application Status: Regularly check the application portal or your email for updates on the status of your application. Respond promptly to any requests for additional information or documentation.
Maintain Records: Keep copies of all submitted documents and correspondence for your records. This will be useful for any future reference or amendments.