This program is designed for businesses like yours that are ready to grow or scale, create new products, or simply need expert advice. Innovation Advisors are former entrepreneurs and private-sector professionals who understand your challenges and can connect you with the right government programs and services. They offer financing, technical advice, and foreign market expertise to help you succeed.

Why Apply?

• Expert Guidance: Get advice from seasoned professionals who have been in your shoes.
• Extensive Network: Leverage their connections to access various government resources.
• Tailored Support: Receive personalized assistance to meet your specific business needs.

What's in it for You?

• Comprehensive Support: From financing to technical advice, you get a full suite of services.
• Flexible Financing Options: Benefit from government-backed financing, often with more favorable terms than traditional loans.
• Growth Opportunities: Expand your business with the help of experts who can guide you through new markets and innovative strategies.

Applying is straightforward, and the program is designed to be accessible to businesses like yours. Take advantage of this opportunity to accelerate your growth and achieve your business goals.

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.
• The loan offers an amortization period of up to 15 years for 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 Use of Funds:

• The funds cannot be used towards expenses not directly related to the business's growth or development.

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.

If your business is developing a new product, technology, or process, an Innovation Advisor can provide you with 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 use their extensive knowledge and networks to guide you through various government programs and services. This includes financing options, technical advice, and expertise in foreign markets.

By connecting with an Innovation Advisor, you can leverage their experience to navigate the complexities of government support. This can help you access the resources needed to grow and scale your business effectively.

1. Gather Required Documentation:

• Business Plan
• Financial Statements (last 3 years)
• Tax Returns (last 3 years)
• Proof of Incorporation
• Details of Intended Use of Funds (e.g., quotes for equipment or renovation costs)

2. Contact an Innovation Advisor:

• Call toll-free at 1-833-201-4358
• TTY: 1-866-694-8389
• Alternatively, send your details via the provided contact form

3. Schedule a Consultation:

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

4. Prepare for the Consultation:

• Review your business plan and financial statements
• Be ready to discuss your business objectives and how the program can support your growth

5. Submit Application:

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

6. Follow Up:

• Stay in touch with your Innovation Advisor for updates on your application status
• Provide any additional information if requested

7. Review and Approval:

• Once your application is reviewed, discuss the terms and conditions of the support offered
• Upon approval, finalize any agreements and begin utilizing the resources provided to grow your business