Innovation Canada — Innovation Advisors in NB
Highlights
This program is tailored for businesses like yours, ready to grow or scale. By connecting with an Innovation Advisor, you gain access to a wealth of expertise from former entrepreneurs and private-sector professionals. They can help you navigate and utilize various government programs and services, from financing to technical advice and foreign market expertise.
Why Apply?
- Expert Guidance: Innovation Advisors bring extensive experience and networks to help you grow.
- Comprehensive Support: From financing to market expansion, they guide you through all available government resources.
- Tailored Advice: Receive personalized advice specific to your business needs and goals.
Benefits for Your Business
- Access to Financing: Secure funding options that may be more flexible and favorable than traditional loans.
- Growth Opportunities: Leverage expert advice to scale your business and enter new markets.
- Ease of Qualification: If your business is incorporated and ready to grow, you likely qualify for this valuable support.
Connecting with an Innovation Advisor can significantly enhance your business's growth trajectory, providing the tools and connections needed to succeed.
Financing Details
- Type of Financing: Loan
- Repayment Terms 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 repayment.
- Eligible Expenses:
- Funds can be used for equipment, leasehold improvements, intangible assets, and working capital.
- Specific allocation of up to $1,000,000, with $500,000 for equipment and working capital, and $150,000 for intangible assets and working capital.
- Ineligible Expenses:
- Funds cannot be used for personal expenses or non-business-related purchases.
- Fees:
- Document preparation fee of $175.
- Application fee of $100.
- One-time Federal Government registration fee of 2% of the loan amount.
- Administration fee of 1.25%, included in the interest rate.
Qualifications
- Must be incorporated.
- Must be ready to grow or scale.
Must be looking to create a new product, service, or process.
- Disqualifications:
- None specified.
Description
If your business is developing a new product, technology, or process, an Innovation Advisor can offer you free, one-on-one assistance. This service helps you find the right government supports tailored to your needs.
Innovation Advisors are experienced professionals who have been entrepreneurs and private-sector experts. They understand the challenges of growing a business and can connect you with valuable resources. These resources include financing options, technical advice, and expertise in foreign markets.
By leveraging their extensive network and knowledge, Innovation Advisors can help you navigate various government programs and services. This means you can focus on what you do best—innovating and growing your business—while they guide you to the right supports to achieve your goals.
Program Steps
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 online form.
Schedule an Initial Consultation:
- Arrange a meeting with an Innovation Advisor to discuss your business needs and goals.
Prepare Required Documentation:
- Business Plan
- Financial Statements
- Proof of Incorporation
- Details of Intended Use of Funds (e.g., quotes for equipment, marketing plans)
- Any other relevant documents that support your business case
Submit Your Application:
- Complete the application form provided by the Innovation Advisor.
- Attach all required documentation.
Review and Follow-Up:
- The Innovation Advisor will review your application and may request additional information.
- Be prepared to provide further details or clarification if needed.
Approval and Next Steps:
- Once approved, discuss the terms and conditions of the support or funding.
- Implement the advised strategies or use the funds as outlined in your application.
Ongoing Support:
- Maintain regular contact with your Innovation Advisor for continued guidance and support.
- Utilize the advisor’s network and resources to maximize your business growth and development.