INNO-CENTRE
Highlights
This program is a great opportunity for your business. It offers up to $1,000,000 in financing, plus an additional $150,000 for software or day-to-day operating costs. This funding can be used for various needs such as operating expenses, restorations, new equipment, and software.
The key advantage of this loan is that it is backed by the government, providing you with more security and flexibility. You can choose how to pay it back, with terms extending up to 15 years. This makes it easier to manage your cash flow and invest in growth without immediate financial pressure. Qualifying for this program is straightforward, making it an accessible option for your business.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment is required. This is a non-repayable grant.
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Research and development costs
- Marketing and advertising expenses
- Employee training and development
- Operational costs directly related to project implementation
Use of Funds:
- Funds cannot be used for debt repayment.
- Funds cannot be used for personal expenses.
- Funds cannot be used for activities outside the scope of the approved project.
Fees:
- There are no application or processing fees associated with this grant program.
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 $500,000. You can use this money to buy new equipment, upgrade your workspace, or cover other essential expenses.
Eligible expenses include:
- Office furniture and fixtures
- Production machinery
- Technology upgrades
- Renovations to your business premises
You can also use part of the funds for operational costs like software or working capital, up to $100,000.
The government guarantees 90% of the loan, giving you a strong safety net.
Flexible repayment options are available, allowing you to choose a fixed or variable interest rate. You can take up to 10 years to repay the loan, making it easier to manage your finances.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. These typically include:
- Business Plan
- Financial Statements (e.g., balance sheets, income statements)
- Tax Returns
- Proof of Business Registration
- Identification Documents (e.g., driver's license, passport)
Complete the Application Form: Fill out the application form provided by the program. Ensure all fields are accurately completed.
Review Program Guidelines: Carefully read through the program guidelines to understand the terms, conditions, and any specific requirements.
Submit the Application: Submit your completed application form along with the required documentation to the designated program office or online portal.
Follow Up: After submission, follow up with the program office 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 approval decision. If approved, review the terms and conditions of the program acceptance.
Implement the Program: Once approved, follow the program's guidelines to implement the benefits or funds received for your business.