Innovation Canada — Innovation Advisors in SK
Highlights
This program is tailored for businesses like yours, ready to grow or scale. By connecting with an Innovation Advisor, you gain access to a wealth of knowledge and resources. These advisors are former entrepreneurs and private-sector professionals who understand the challenges you face. They can help you navigate government programs and services, from financing to technical advice and foreign market expertise.
Why should you apply?
- Expert Guidance: Innovation Advisors bring extensive networks and experience to the table.
- Comprehensive Support: From creating new products to scaling operations, they provide tailored advice.
- Access to Resources: Leverage government programs for financing, technical support, and market expansion.
What’s in it for you?
- Personalized Assistance: Advisors will help you find and utilize the right programs and services.
- Better Financing Options: Government-backed support can offer more favorable terms than traditional loans.
- Growth Opportunities: Expand your business with strategic advice and connections to industry experts.
Applying is straightforward and the benefits are substantial, making it easier for your business to achieve its growth objectives.
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
- 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 an incorporated business.
- Must be ready to grow or scale.
Must be looking to create a new product, service, or process.
- Disqualifications:
- None specified.
Description
This program connects your business with experienced Innovation Advisors. These advisors are former entrepreneurs and private-sector professionals who understand what it takes to grow a business. They can help you find and use various government programs and services, including financing, technical advice, and foreign market expertise.
You can receive funding and expert advice to help you create new products, services, or processes. The advisors can guide you on how to leverage government resources effectively, ensuring you get the most out of available opportunities.
The program offers valuable connections and insights that can accelerate your business growth. With their extensive networks and experience, Innovation Advisors can introduce you to the right people and programs to support your business goals. This can be a game-changer for your business, providing the support you need to scale and succeed.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (last two years)
- Proof of Incorporation
- Details of Intended Use of Funds (e.g., quotes for equipment, renovation costs)
Contact an Innovation Advisor:
- Call toll-free in Canada at 1-833-201-4358
- TTY: 1-866-694-8389
- Send your details via the provided contact form
Schedule a Consultation:
- Discuss your business needs and growth plans with an Innovation Advisor
- Identify the specific government programs and services that suit your business
Prepare Your Application:
- Complete the application form provided by the Innovation Advisor
- Ensure all required documentation is attached
Submit Your Application:
- Follow the instructions given by the Innovation Advisor for submission
- Ensure all information is accurate and complete
Review and Follow-Up:
- Wait for confirmation of receipt and review of your application
- Be prepared to provide additional information if requested
Approval and Next Steps:
- Upon approval, discuss the next steps with your Innovation Advisor
- Implement the advised strategies and utilize the provided resources to grow your business
