This program is designed for businesses like yours that are ready to grow or scale. By connecting with an Innovation Advisor, you can access a wealth of knowledge and resources tailored to your specific needs. These advisors are seasoned professionals with extensive experience in various industries, ready to guide you through the process of leveraging government programs and services.

Why Apply?

• Expert Guidance: Innovation Advisors are former entrepreneurs and private-sector professionals who understand the challenges you face.
• Comprehensive Support: From financing to technical advice and foreign market expertise, you’ll get the support you need to grow.
• Tailored Solutions: Advisors will help you find and utilize the right government programs and services to meet your business goals.

What’s In It For You?

• Access to Financing: Benefit from government-backed financing options that can be more flexible and supportive than traditional loans.
• Strategic Connections: Advisors can introduce you to key contacts and programs that can accelerate your growth.
• Ease of Qualification: The program is designed to be accessible, ensuring that businesses like yours can easily qualify and benefit.

Connecting with an Innovation Advisor can be the key to unlocking your business’s potential, providing you with the tools and connections to thrive in today’s competitive market.

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 loan repayment.

Eligible Expenses:

• Eligible expenses include purchases made within the past 365 days before the loan approval date for financing.
• Funds can be used for equipment, leasehold improvements, intangible assets, and working capital.

Ineligible Expenses:

• Funds cannot be used towards expenses not incurred within the specified timeframe or for purposes other than equipment, leasehold improvements, 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.
• 1.25% Administration Fee included in the interest rate.

This program is designed to help your business grow and innovate. You can receive up to $1,000,000 in funding. This money can be used for various purposes, such as buying new equipment, improving your workspace, or developing new products and services.

Here’s how you can use the funds:

• Purchase commercial kitchen appliances
• Buy manufacturing machinery
• Upgrade computers and IT infrastructure
• Renovate your retail space

You can also use up to $150,000 for operational costs like software or other essentials to keep your business running smoothly.

The federal government guarantees 85% of the loan, providing a significant safety net for your business. The loan program is flexible, allowing you to apply significant purchases made in the last 365 days to this loan.

You have up to 15 years to pay back the loan, with options to choose between a variable interest rate, a fixed rate, or a combination of both. This flexibility ensures that you can manage your finances in a way that best suits your business needs.