Innovation Canada — Innovation Advisors - Indigenous stream
Highlights
This program is designed to help your business grow and succeed. By connecting you with an Innovation Advisor, you gain access to a wealth of knowledge and experience from former entrepreneurs and private-sector professionals. They can guide you through various government programs and services, ensuring you find the best fit for your needs.
Why Apply?
- Expert Advice: Receive tailored advice on financing, technical support, and market expansion.
- Extensive Network: Leverage connections to industry experts and government resources.
- Customized Support: Get help with creating new products, services, or processes.
Key Benefits
- Flexible Financing: Access funds that can be used for a wide range of business needs.
- Growth Opportunities: Expand your business into new markets with expert guidance.
- Easy Qualification: The program is designed to be accessible, making it easier for you to qualify and benefit.
By participating in this program, you position your business for accelerated growth and long-term success.
Financing Details
- Type of Financing: Loan
- Repayment Terms:
- 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
- Amortization Period: Up to 15 years
- 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 incorporated.
- 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 ready to grow, an Innovation Advisor can be a valuable resource. These advisors are former entrepreneurs and private-sector professionals who understand the challenges you face. They offer free, one-on-one assistance to help you find the right government programs and services for your business.
What can you gain? Innovation Advisors can connect you to a wide range of supports, from financing to technical advice to foreign market expertise. Whether you need help developing a new product, technology, or process, they can guide you through the options available.
Why is this beneficial? By leveraging their extensive networks and experience, Innovation Advisors can save you time and effort in navigating government resources. This means you can focus more on growing your business and less on figuring out where to find the support you need.
Program Steps
1. Contact an Innovation Advisor:
- Call toll-free in Canada at 1-833-201-4358 or TTY: 1-866-694-8389.
- Alternatively, send your details through the provided contact form here.
2. Schedule an Initial Consultation:
- Arrange a meeting with an Innovation Advisor to discuss your business needs and how the program can support your growth.
3. Prepare Required Documentation:
- Incorporation documents.
- Business plan outlining growth or scaling strategies.
- Financial statements (e.g., balance sheets, income statements).
- Details of the new product, service, or process you aim to develop.
- Market analysis and projections.
4. Submit Your Application:
- Complete the application form provided by the Innovation Advisor.
- Attach all prepared documentation.
- Ensure all information is accurate and up-to-date.
5. Review and Follow-Up:
- The Innovation Advisor will review your application and may request additional information.
- Be prepared for follow-up discussions to clarify any details.
6. Approval and Next Steps:
- Upon approval, discuss the next steps with your Innovation Advisor.
- Leverage the advisor's network and expertise to access additional government programs and services.
7. Implement and Monitor:
- Begin implementing your growth or scaling plan with the support of the program.
- Regularly update your Innovation Advisor on progress and any challenges faced.
8. Utilize Additional Resources:
- Take advantage of ongoing support, technical advice, and market expertise offered by the Innovation Advisor.
- Explore other government programs and services that can further benefit your business.
