Innovation Canada — Innovation Advisors
Highlights
If your business is ready to grow, this program is designed for you. By connecting with an Innovation Advisor, you gain access to a wealth of knowledge and resources. These advisors are experienced entrepreneurs and professionals who understand the challenges of scaling a business. They can guide you through various government programs and services, from financing to technical advice and market expertise.
Why apply?
- Expert Guidance: Benefit from the experience of advisors who have successfully grown businesses.
- Comprehensive Support: Access a wide range of government programs tailored to your needs.
- Networking Opportunities: Leverage the advisors' extensive networks to find the right partners and resources.
What’s in it for you?
- Tailored Financing: Find the best financing options to support your growth.
- Strategic Advice: Get help with business development, market expansion, and innovation.
- Ease of Access: The program is designed to be accessible, making it easier for you to qualify and benefit from the support.
Connecting with an Innovation Advisor can significantly enhance your business's growth potential, providing you with the tools and connections needed to succeed.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed at 3.5% per annum.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Research and development costs.
- Marketing and promotional activities.
- Employee training and development.
Ineligible Expenses:
- Real estate purchases.
- Debt refinancing.
- Personal expenses.
Fees:
- Application Fee: $150.
- Annual Administration Fee: 1% of the loan amount.
- Late Payment Fee: 2% of the overdue amount.
Qualifications
- Must be incorporated.
- Must be ready to grow or scale.
- Must be looking to create a new product, service, or process.
Must be seeking advice for business growth.
Disqualifications:
- None specified in the provided context.
Description
This program connects you with Innovation Advisors who can help your business grow. Innovation Advisors are experienced entrepreneurs and professionals who understand the challenges of scaling a business. They can guide you through various government programs and services available to you.
You can receive support in areas such as:
- Financing
- Technical advice
- Market expansion
These advisors use their extensive networks and knowledge to help you find the right resources. They can introduce you to programs that offer funding, expert advice, and opportunities for collaboration.
By leveraging this program, you can access valuable insights and connections that can help your business innovate, create jobs, and contribute to the economy.
Program Steps
Contact an Innovation Advisor: Call the toll-free number 1-833-201-4358 or send your details through the provided contact form to get in touch with an Innovation Advisor.
Consultation with an Innovation Advisor: Schedule a meeting with an Innovation Advisor to discuss your business needs, growth plans, and how the program can support your objectives.
Prepare Required Documentation: Gather the necessary documents for your application. These may include:
- Business Plan
- Financial Statements (e.g., balance sheets, income statements)
- Proof of Incorporation
- Details of Intended Use of Funds (e.g., quotes for new equipment, project plans)
- Market Analysis or Research Data
Complete the Application Form: Fill out the application form provided by the Innovation Advisor, ensuring all sections are completed accurately and thoroughly.
Submit the Application: Submit the completed application form along with the required documentation to the designated contact or portal as instructed by your Innovation Advisor.
Follow Up: Stay in contact with your Innovation Advisor to track the progress of your application and provide any additional information if requested.
Review and Approval: Once your application is reviewed, you will be notified of the decision. If approved, discuss the next steps, including any agreements or contracts that need to be signed.
Receive Support and Resources: Upon approval, work with your Innovation Advisor to access the support, resources, and services provided by the program to help your business grow and scale.