Innovation Canada — Innovation Advisors in QC
Highlights
This program is designed specifically 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. These advisors are seasoned professionals with extensive experience in various industries. They can help you navigate government programs and services, from financing to technical advice.
Why Apply?
- Expert Guidance: Get tailored advice from former entrepreneurs and private-sector professionals.
- Comprehensive Support: Access a wide range of government programs and services.
- Networking Opportunities: Leverage the advisors' extensive networks to find the right partners and resources.
What’s in it for You?
- Customized Financing Options: Benefit from government-backed financing that offers flexible repayment terms.
- Strategic Growth: Receive expert advice on scaling your business, entering new markets, and developing innovative products or services.
- Ease of Qualification: The program is designed to be accessible, making it easier for your business to qualify and benefit.
By participating in this program, you can accelerate your business growth, enhance your competitive edge, and achieve your strategic goals with the support of experienced advisors and government resources.
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
- Allocation:
- Up to $500,000 for equipment, leasehold improvements, intangible assets, and working capital
- Up to $150,000 specifically for intangible assets and working capital
- Amortization Period: Up to 15 years for repayment
- 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
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 mentioned.
Description
If you're developing a new product, technology, or process, an Innovation Advisor can provide you with free, one-on-one assistance to help you find the government supports that are right for your business.
Our advisors are former entrepreneurs and private-sector professionals who understand what it takes to grow a business. They can leverage their extensive network, knowledge, and experience to help you find and take advantage of all the government programs and services at your disposal—from financing to technical advice to foreign market expertise.
Key benefits include:
- Personalized guidance: Tailored advice to meet your specific business needs.
- Access to resources: Help in navigating and utilizing government programs and services.
- Expertise: Advisors with real-world experience in entrepreneurship and business growth.
This service can be a valuable asset to your business, providing the support and connections you need to innovate and expand.
Program Steps
1. Gather Required Documentation:
- Business registration or incorporation documents
- Financial statements (last two years)
- Business plan
- Details of intended use of funds (e.g., quotes for equipment, marketing plans)
- Proof of identity for business owners
2. Contact an Innovation Advisor:
- Call toll-free in Canada at 1-833-201-4358
- TTY: 1-866-694-8389
- Alternatively, send your details through the provided contact form
3. Schedule a Consultation:
- Arrange a meeting with an Innovation Advisor to discuss your business needs and goals
- Prepare to discuss your business plan and growth strategy
4. Review Available Programs and Services:
- Work with the Innovation Advisor to identify relevant government programs and services
- Understand the benefits and requirements of each program
5. Complete Application Forms:
- Fill out the necessary application forms for the identified programs
- Ensure all information is accurate and complete
6. Submit Application:
- Submit the completed application forms along with the required documentation
- Follow any additional instructions provided by the Innovation Advisor
7. Follow Up:
- Stay in touch with your Innovation Advisor to track the progress of your application
- Be prepared to provide any additional information or documentation if requested
8. Await Approval and Next Steps:
- Once approved, discuss the next steps with your Innovation Advisor
- Implement the approved plans and utilize the resources provided through the program
9. Monitor and Report Progress:
- Keep track of your business progress and outcomes as per the program requirements
- Report back to the Innovation Advisor or relevant government body as needed
10. Leverage Ongoing Support:
- Continue to work with your Innovation Advisor for ongoing support and guidance
- Explore additional programs and services as your business grows and evolves
