This program is designed specifically for businesses like yours that are 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 experienced entrepreneurs and professionals who understand the challenges you face and can guide you through various government programs and services.

Why Apply?

• Expert Guidance: Receive personalized advice from former entrepreneurs and industry experts.
• Extensive Network: Leverage connections to access financing, technical advice, and foreign market expertise.
• Tailored Support: Get help finding the right government programs and services to support your growth.

What's in it for You?

• Comprehensive Support: From financing to market expansion, this program covers all aspects of business growth.
• Flexible Financing: Benefit from government-backed financing options that offer better terms and longer repayment periods.
• Ease of Access: The qualification process is straightforward, ensuring you can quickly tap into the resources you need.

By participating in this program, you can accelerate your business growth, make informed decisions, and gain a competitive edge in your industry.

Type of Financing:

• Loan: The program offers a loan to support your business growth and development.

Repayment Terms and Interest Rates:

• Repayment Options: You can choose between floating rate with principal plus interest payments, floating rate with blended payments, fixed rate with principal plus interest payments, or fixed rate with blended payments.
• Amortization Period: You have up to 15 years to repay the loan, applicable across various asset classes like real property, equipment, leasehold improvements, intangible assets, and working capital.

Eligible Expenses:

• The loan covers expenses incurred within the past 365 days before the loan approval date for financing.

Use of Funds:

• You can borrow up to $1,000,000, 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: $175
• Application Fee: $100
• Federal Government Registration Fee: One-time fee of 2% of the loan amount, which can be financed as part of the loan.
• Administration Fee: 1.25% included in the interest rate.

This program connects you with Innovation Advisors who are experienced entrepreneurs and private-sector professionals. They can help your business grow by leveraging their extensive network, knowledge, and experience.

You can receive expert advice on various aspects of your business, including financing, technical advice, and foreign market expertise. This can help you create new products, services, or processes, and scale your business efficiently.

The program offers valuable support by introducing you to the right government programs and services. This can save you time and effort, allowing you to focus on what you do best—running your business.

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 an Initial Consultation:

• Arrange a meeting with an Innovation Advisor to discuss your business needs and goals.

3. Prepare Required Documentation:

• Business Plan
• Financial Statements (last two years)
• Proof of Incorporation
• Details of intended use of funds (e.g., quotes for equipment or service costs)
• Market Analysis (if applicable)

4. Attend the Consultation:

• Present your business plan and financial statements.
• Discuss your growth objectives and how the program can support your business.

5. Develop a Customized Growth Plan:

• Work with your Innovation Advisor to create a tailored plan that leverages available government programs and services.

6. Submit the Application:

• Complete the application form provided by your Innovation Advisor.
• Attach all required documentation.

7. Review and Feedback:

• The Innovation Advisor will review your application and provide feedback or request additional information if needed.

8. Approval and Implementation:

• Once approved, follow the growth plan and utilize the resources and support provided.
• Maintain regular communication with your Innovation Advisor for ongoing support and guidance.