International Promotion Program
Highlights
This program is a fantastic opportunity for your business. It offers up to $1,000,000 in financing to help you make significant purchases. Additionally, you can receive an extra $150,000 for software or daily operating costs. This funding can be used for various needs, including operating expenses, restorations, new equipment, and software.
The key advantage of this program is that it is backed by the government, providing you with more security and flexibility. You can choose how to repay the loan, with terms extending up to 15 years. This makes it more manageable compared to other financing options. Approval for this program can significantly boost your business, making it easier to grow and thrive. Plus, qualifying is straightforward, ensuring you can access the funds you need without unnecessary hassle.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Travel costs for attending international festivals.
- Marketing and promotional activities related to festival participation.
- Production of promotional materials.
- Fees for festival registration and participation.
Use of Funds:
- Funds can be used exclusively for activities directly related to international marketing and festival participation.
- Funds cannot be used for unrelated business expenses, such as general operational costs, salaries, or unrelated travel.
Repayment Terms:
- As this is a grant, there is no repayment required.
Fees:
- There are no application or processing fees associated with this grant program.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Prince Edward Island.
Currently exporting or planning to start exporting.
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Softwood lumber industry.
- Professional services such as marketing firms, creative agencies.
Description
This program offers your business up to $1,000,000 in funding. You can use this money to buy equipment or improve your rented space.
Eligible expenses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, you can receive up to $150,000.
The federal government guarantees 85% of the loan, providing a strong safety net for you.
Flexible repayment options are available. If you have made significant purchases in the last year that fit the program guidelines, you can include them in this loan.
You can choose from various repayment methods, such as a variable interest rate, a fixed rate, or a combination of both. You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These typically include:
- Business registration documents
- Financial statements (balance sheet, income statement)
- Business plan
- Proof of business address
- Identification documents for business owners
- Any additional documents specified by the program
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Submit your completed application form along with all required documentation through the designated submission method (online portal, mail, or in-person).
Follow Up: After submission, follow up with the program administrators to confirm receipt of your application and to check if any additional information is needed.
Await Review and Decision: Wait for the program administrators to review your application. This may involve additional communication or requests for further documentation.
Receive Approval and Next Steps: If your application is approved, you will receive instructions on the next steps, including any agreements to sign or further actions to take.
Implement the Program Benefits: Once approved and all agreements are in place, begin utilizing the program benefits as outlined in your application and the program guidelines.