International Qualifications Assessment Service
Highlights
This program is designed for businesses like yours. It offers up to $1,000,000 in financing to help you make essential purchases. Additionally, you can receive $150,000 for software or daily operating costs. This funding can be used for various needs, including operating expenses, restorations, new equipment, and software.
What sets this program apart 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 easier to manage your finances and invest in your business's growth.
Qualifying for this program is straightforward, making it an excellent opportunity to secure the funds you need to expand and improve your business.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed rate of 3.5% per annum.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Working capital for day-to-day operations.
- Intangible assets like patents and trademarks.
Use of Funds Restrictions:
- Funds cannot be used for refinancing existing debts.
- Funds cannot be allocated towards personal expenses.
- Funds cannot be used for real estate purchases.
Fees:
- Application Fee: $200, non-refundable.
- Annual Maintenance Fee: 1% of the loan amount, billed annually.
- Late Payment Fee: 2% of the overdue amount per month.
Qualifications
- Must be a business operating in Alberta.
- Must have a valid Canada Revenue Agency Business Number.
- Must have been in operation for at least two years.
- Must have a minimum annual revenue of $100,000.
Must employ between 5 and 50 full-time employees.
Disqualifications:
- Businesses in the retail sector.
- Non-profit organizations.
- Government-owned entities.
- Businesses involved in gambling or adult entertainment.
Description
This program offers up to $1,000,000 to support your business. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible purchases include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or working capital, the program can provide up to $150,000.
The federal government guarantees 85% of the loan, giving you a significant safety net.
Flexible repayment options are available. You can choose between variable or fixed interest rates, or even combine them. You have up to 15 years to repay the loan, regardless of what you spend it on.
This program is a great opportunity to invest in your business's growth and stability.
Program Steps
Gather Required Documentation: Prepare the necessary documents for the application. These typically include:
- Business registration documents
- Financial statements (balance sheet, income statement)
- Business plan
- Proof of business address
- Identification documents for business owners
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
Submit the Application: Submit the completed application form along with the required documentation. This can usually be done online or by mail.
Await Confirmation: After submission, wait for confirmation that your application has been received. This may include a reference number for tracking purposes.
Respond to Follow-Up Requests: Be prepared to provide additional information or clarification if requested by the program administrators.
Review Approval Terms: If your application is approved, review the terms and conditions carefully. Make sure you understand all requirements and obligations.
Sign Agreement: Sign the agreement to formally accept the terms and conditions of the program.
Implement Program Benefits: Once the agreement is signed, you can start utilizing the benefits provided by the program. This may include funding, resources, or other support.
Maintain Compliance: Ensure ongoing compliance with the program’s requirements. This may involve submitting periodic reports or updates as specified in the agreement.
Provide Feedback: After utilizing the program, consider providing feedback on your experience to help improve the program for future applicants.