Innovation Canada — Innovation Advisors in ON
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 former entrepreneurs and private-sector professionals who understand the challenges you face and can guide you through various government programs and services.
Why should you apply?
- Expert Guidance: Receive personalized advice from experienced professionals.
- Extensive Network: Leverage connections to access financing, technical advice, and foreign market expertise.
- Tailored Support: Find the right programs and services to meet your specific business goals.
What's in it for you?
- Comprehensive Support: From financing to technical advice, all under one roof.
- Government-Backed Financing: More flexible and reliable than traditional loans.
- Growth Opportunities: Expand your business domestically and internationally with expert help.
Being approved for this program can significantly ease your path to growth and innovation. The qualification process is straightforward, ensuring you can quickly start benefiting from the support and resources available.
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.
- Business 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 provide you with free, one-on-one assistance. This help can guide you to the right government supports for your business.
Innovation Advisors are experienced professionals who have been entrepreneurs and private-sector experts. They understand what it takes to grow a business and can connect you to various government programs and services. These services range from financing options to technical advice and foreign market expertise.
By working with an Innovation Advisor, you can leverage their extensive network, knowledge, and experience to find the best opportunities for your business. This can save you time and help you access resources that can drive your business growth and success.
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 contact form here.
Schedule a Consultation:
- Arrange a meeting with an Innovation Advisor to discuss your business needs and goals.
- The advisor will help identify the best government programs and services available to you.
Prepare Documentation:
- Gather necessary documents to support your application. These may include:
- Business Plan
- Financial Statements (e.g., balance sheets, income statements)
- Market Analysis
- Details of Intended Use of Funds (e.g., quotes for equipment or services)
- Proof of Incorporation
- Any relevant patents or intellectual property documentation
- Gather necessary documents to support your application. These may include:
Submit Application:
- Complete the application form provided by your Innovation Advisor.
- Ensure all required documents are attached and submit the application as instructed.
Review and Follow-Up:
- The Innovation Advisor will review your application and may request additional information.
- Be prepared to provide further details or clarifications as needed.
Approval and Next Steps:
- Once your application is approved, discuss the next steps with your Innovation Advisor.
- This may include setting up meetings with additional experts, accessing funding, or starting new projects.
Implementation and Support:
- Begin implementing the approved plan with the support and guidance of your Innovation Advisor.
- Regularly update your advisor on progress and seek further assistance as required.
