Invest Nova Scotia — Acceleration Initiatives
Highlights
This program is designed for businesses like yours, offering a unique opportunity to grow and expand. Why is this program for you? It provides substantial financial support to help you make critical investments in your business.
Why should you apply? The program offers up to $1,000,000 in financing, with an additional $150,000 available for software or operating costs. What’s in it for you? You can use these funds for operating expenses, restorations, new equipment, software, and more. How is this financing better? It is backed by the government, giving you flexible repayment options with up to 15 years to pay it back.
How will being approved help you? It will provide the financial stability and resources needed to enhance your business operations and competitiveness. Is it easy to qualify? Yes, the program is designed to be accessible, ensuring that businesses like yours can benefit from this support.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Research and development costs
- Marketing and promotional expenses
- Equipment purchases
- Employee training programs
Use of Funds:
- Funds cannot be used for debt repayment, real estate purchases, or personal expenses.
Repayment Terms:
- No repayment required as this is a grant.
Interest Rates:
- Not applicable since this is a grant.
Fees:
- No fees associated with this program.
Qualifications
- Must be a start-up located in Nova Scotia.
Must be involved in one of the following sectors: Ocean Technology, Seafood, Information Communications Technology, Agri-Food, Advanced Manufacturing, Naval Defence, Financial Services, Digital Media, Clean Technology, Life Sciences, Film & Television Production.
Disqualifications:
- Businesses outside of Nova Scotia.
- Businesses not involved in the specified sectors.
Description
This program offers your business a great opportunity to grow and succeed. You can receive up to $1,000,000 in funding. This money can be used for various purposes to help your business thrive.
Here's what you can use the money for:
Up to $500,000 for buying equipment or improving your rented space. This includes items like:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
Up to $150,000 for other costs like software or working capital to keep your business running smoothly.
The federal government backs 85% of the loan, giving you a strong safety net. You also have flexible repayment options. You can choose a variable interest rate, a fixed rate, or a combination of both.
You have up to 15 years to pay back the loan, regardless of what you spend it on. This program is designed to support your business's growth and stability.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. You will need:
- Business Plan
- Financial Statements (last two years)
- Tax Returns (last two years)
- Proof of Business Registration
- Identification Documents (for business owners)
- Detailed Project Proposal
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 and all required documentation to the designated program office or online portal.
Attend an Interview (if required): Some programs may require an interview or a presentation. Be prepared to discuss your business plan and project proposal in detail.
Wait for Review: Your application will be reviewed by the program administrators. They may contact you for additional information or clarification.
Receive Approval: If your application is approved, you will receive an official notification. This will include details on the next steps and any conditions you must meet.
Sign Agreement: Review and sign the agreement provided by the program. This document outlines the terms and conditions of your participation.
Receive Funding: Once the agreement is signed, the funds will be disbursed according to the program’s schedule. Use the funds as outlined in your project proposal.
Report Progress: Regularly report your progress to the program administrators. This may include financial reports, project updates, and any other required documentation.
Complete the Program: Follow through with your project to completion. Ensure all objectives are met and final reports are submitted as required by the program.