This program is designed for businesses like yours, ready to grow or scale. By connecting with an Innovation Advisor, you gain access to a wealth of knowledge and resources tailored to your needs. These advisors are seasoned entrepreneurs and professionals who can guide you through various government programs and services, from financing to technical advice.

Why Apply?

• Expert Guidance: Advisors with real-world experience in growing businesses.
• Comprehensive Support: Access to a network of government programs and services.
• Tailored Advice: Customized strategies for your specific business needs.

What's in it for You?

• Financing Options: Find the right funding opportunities, potentially better than traditional loans.
• Growth Support: Expert advice on scaling, new product development, and market expansion.
• Easy Qualification: If your business is incorporated and looking to grow, you likely qualify.

Connecting with an Innovation Advisor can significantly boost your business's growth and competitiveness, making it easier to navigate government resources and achieve your goals.

Type of Financing: Loan

Repayment Term and Interest Rates:

• Repayment options include floating rate with principal plus interest payments, floating rate with blended payments, fixed rate with principal plus interest payments, and fixed rate with blended payments.
• Amortization period of up to 15 years for all asset classes such as real property, equipment, leasehold improvements, intangible assets, and working capital.

Eligible Expenses:

• Includes purchases made within the past 365 days before the loan approval date for financing.

Use of Funds:

• Up to $1,000,000 can be borrowed, with specific allocations:
  • Up to $500,000 for equipment, leasehold improvements, intangible assets, and working capital.
  • Up to $150,000 specifically for intangible assets and working capital.

Fees:

• Document preparation fee of $175.
• Application fee of $100.
• No renewal fee for standalone loans.
• One-time Federal Government registration fee of 2% of the loan amount, which can be financed as part of the loan.
• A 1.25% Administration Fee, included in the interest rate.

If your business is developing a new product, technology, or process, you can get free, one-on-one help from an Innovation Advisor. These advisors are experienced entrepreneurs and professionals who understand what it takes to grow a business.

They can help you find the right government programs and services to support your business. This includes financing options, technical advice, and expertise in foreign markets.

The service is free and tailored to your specific needs, making it a valuable resource to help your business scale and succeed.

1. Contact an Innovation Advisor:

• Call toll-free at 1-833-201-4358 or TTY: 1-866-694-8389.
• Alternatively, send your details through the provided contact form.

2. Schedule a Consultation:

• Arrange a meeting with an Innovation Advisor to discuss your business needs and goals.
• The advisor will help identify the specific government programs and services that best suit your business.

3. Prepare Required Documentation:

• Gather the following documents:
  • Business plan
  • Financial statements (income statement, balance sheet, cash flow statement)
  • Proof of incorporation
  • Details of intended use of funds (e.g., quotes for equipment or service costs)
  • Any other relevant business documentation

4. Develop a Growth Strategy:

• Work with your Innovation Advisor to create a tailored growth strategy.
• This strategy should align with the identified government programs and services.

5. Submit Your Application:

• Complete the application forms provided by your Innovation Advisor.
• Attach all required documentation.
• Submit the application through the appropriate channels as guided by your advisor.

6. Follow Up:

• Stay in contact with your Innovation Advisor to monitor the progress of your application.
• Be prepared to provide any additional information or documentation if requested.

7. Receive Support and Resources:

• Upon approval, utilize the resources, funding, or services provided to implement your growth strategy.
• Continue to work with your Innovation Advisor to ensure successful execution and to address any challenges that arise.