Invest Nova Scotia — Incubation
Highlights
This program is designed for businesses like yours, offering a unique opportunity to grow and succeed. You can receive up to $1,000,000 in financing, with an additional $150,000 available 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 its government backing, providing you with more flexible repayment options compared to traditional loans. You can choose how to repay the loan, with terms extending up to 15 years. This flexibility can help you manage your cash flow more effectively and invest in your business's future.
Qualifying for this program is straightforward, making it an accessible option for your business. By being approved, you gain not only financial support but also the credibility and resources needed to thrive in your industry.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Research and development costs.
- Marketing and promotional activities.
- Training and development programs for staff.
- Purchase of equipment and technology.
- Expansion into new markets.
Ineligible Expenses:
- Personal expenses.
- Debt repayment.
- Real estate purchases.
- Any expenses not directly related to business operations.
Fees:
- No application fees.
- No administrative fees.
Qualifications
- Must be located in Nova Scotia.
Must be a business in one of the following sectors:
- Clean technology
- Life sciences
- Ocean technology
- Information communications technology
- Agri-food
- Advanced manufacturing
- Naval defence
- Financial services
- Digital media
- Clean technology
- Life sciences
- Film & television production
Disqualifications:
- Businesses not located in Nova Scotia.
- Businesses outside the specified sectors.
Description
This program offers your business a chance to receive up to $1,000,000. You can use this money to buy equipment or improve your rented space, with up to $500,000 available for these purposes.
Eligible purchases include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, the program provides 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 a variable interest rate, a fixed rate, or a combination of both. You can also apply significant purchases made in the last 365 days to this loan.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (last two years)
- Tax Returns (last two years)
- Proof of Business Registration
- Identification Documents (e.g., driver's license, passport)
- Any other relevant documents specific to your business
Complete the Application Form:
- Fill out all sections of the application form accurately.
- Ensure all required fields are completed.
Prepare a Detailed Proposal:
- Outline how the program will benefit your business.
- Include specific goals and expected outcomes.
- Provide a timeline for implementation.
Submit the Application:
- Review the completed application and attached documents.
- Submit the application through the designated online portal or by mail, as instructed.
Follow Up:
- Confirm receipt of your application.
- Monitor any communications for additional information requests or updates on your application status.
Attend an Interview or Meeting (if required):
- Be prepared to discuss your business and proposal in detail.
- Provide any additional information or documentation requested during the interview.
Await Approval:
- The program administrators will review your application.
- You will be notified of the decision and any next steps.
Implement the Program:
- Once approved, follow the guidelines provided to utilize the program benefits.
- Keep detailed records of how the program funds are used.
Report Progress:
- Submit regular progress reports as required by the program.
- Include financial updates and any milestones achieved.
Maintain Compliance:
- Ensure ongoing compliance with program requirements.
- Address any issues or updates promptly with the program administrators.