Innovation Canada — Innovation Advisors in NWT
Highlights
This program is designed for businesses like yours that are ready to grow, scale, or innovate. By connecting with an Innovation Advisor, you gain access to a wealth of knowledge and resources tailored to your needs. These advisors are seasoned professionals with extensive networks and experience in various industries, ensuring you get the best advice and support.
What You Get
- Expert advice on business development, financial planning, and market expansion.
- Access to government programs and services, including financing, technical advice, and foreign market expertise.
- Personalized support from advisors who understand the challenges and opportunities in your industry.
The financing options available through this program are more flexible and supportive than traditional loans. With government backing, you can expect favorable terms and the ability to choose a repayment plan that suits your business. Approval is straightforward, making it easier for you to focus on what matters most—growing your business.
Financing Details
- Type of Financing: Loan
- Repayment Term:
- Floating rate with principal plus interest payments
- Floating rate with blended payments (principal and interest combined)
- Fixed rate with principal plus interest payments
- Fixed rate with blended payments
- Interest Rates: Vary based on the chosen repayment option
- 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
- Allocations include equipment, leasehold improvements, intangible assets, and working capital
- Repayment Period:
- Offers up to 15 years to pay off the loan
- Fees:
- Document preparation fee of $175
- Application fee of $100
- One-time Federal Government registration fee of 2% of the loan amount
- A 1.25% Administration Fee, 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.
Must be seeking advice for business development.
- Disqualifications:
- None specified.
Description
If your business is developing a new product, technology, or process, you can get free, one-on-one assistance from an Innovation Advisor. These advisors are experienced entrepreneurs and professionals who can help you find the right government supports for your business.
Key benefits include:
- Personalized Guidance: Advisors provide tailored advice to help you navigate various government programs and services.
- Extensive Network: They can connect you with the right people and resources, from financing options to technical advice.
- Expertise: Advisors bring years of experience in different industries, ensuring you get relevant and practical support.
This service is designed to help your business grow and succeed by leveraging government resources effectively.
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 contact form here.
Schedule a Consultation:
- Arrange a meeting with an Innovation Advisor to discuss your business needs and growth goals.
Prepare Required Documentation:
- Business Plan
- Financial Statements (last two years)
- Details of intended use of funds (e.g., quotes for equipment, marketing plans)
- Proof of Incorporation
- Any relevant market research or feasibility studies
Review Available Programs and Services:
- With the help of the Innovation Advisor, identify the most suitable government programs and services for your business.
Complete Application Forms:
- Fill out the necessary application forms for the identified programs and services.
Submit the Application:
- Submit your completed application forms along with the prepared documentation to the appropriate government department or agency.
Follow Up:
- Maintain communication with your Innovation Advisor to track the progress of your application and address any additional requests for information.
Receive Approval and Support:
- Upon approval, work with your Innovation Advisor to understand the terms and conditions of the support and implement the necessary steps to utilize the resources effectively.
