Invest Ottawa Accelerator Program
Highlights
This program is designed to help your business grow and succeed. By joining, you will receive expert guidance on finding product-market fit, securing funding, and building out major business disciplines. This support can make a significant difference in your business's ability to scale and thrive in multiple markets.
Key Benefits:
- Expert Guidance: Access to experienced advisors who will help you navigate product development, finance, sales, marketing, and HR.
- Funding Connections: Get connected with angel investors and venture capitalists, and receive help navigating funding programs.
- Market Insights: Benefit from curated intel on untapped markets, sales leads, and customer insights.
- Exclusive Perks: Enjoy discounts on essential business software and services, including legal, finance, accounting, and marketing tools.
Being approved for this program can provide your business with the resources and support needed to achieve scalable growth. The application process is straightforward, and the benefits are tailored to help you succeed.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Equipment purchases.
- Leasehold improvements.
- Intangible assets.
- Working capital.
Ineligible Expenses:
- Personal expenses.
- Debt refinancing.
- Real estate purchases.
Fees:
- No application fees.
- No document preparation fees.
- No administration fees.
Qualifications
- Must have developed a minimum viable product (MVP).
- Must be able to demonstrate customer traction (i.e., revenue or pilots with customers).
- Must have less than $2 million in annual revenue.
Must be ready to invest time in following a high-touch, milestone-driven program.
Disqualifications:
- Businesses with more than $2 million in annual revenue.
Description
This program offers up to $1,000,000 to help your business grow. 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 operational expenses, you can receive up to $150,000.
The federal government guarantees 85% of the loan, giving you added security.
Flexible repayment options are available. You can choose a variable interest rate, a fixed one, or a combination of both. You have up to 15 years to repay the loan, regardless of how you use the funds.
This program is a great opportunity to invest in your business's future with confidence and support.
Program Steps
Create an Account: Visit the Invest Ottawa website and create an account if you do not already have one. This will allow you to access the application portal.
Complete the Online Application Form: Log in to your account and fill out the online application form. Provide detailed information about your business, including your business name, contact information, and a brief description of your business activities.
Prepare Documentation: Gather the necessary documents to support your application. These may include:
- Business Plan
- Financial Statements (e.g., balance sheet, income statement)
- Proof of Business Registration
- Tax Returns
- Identification Documents (e.g., passport, driver’s license)
- Any relevant contracts or agreements
Upload Documentation: Upload the prepared documents to the application portal. Ensure all files are clear and legible.
Review and Submit: Review your application and attached documents to ensure all information is accurate and complete. Once you are satisfied, submit your application through the portal.
Confirmation and Follow-Up: After submission, you will receive a confirmation email. The Invest Ottawa team may contact you for additional information or clarification. Be prompt in your responses to avoid delays.
Attend an Interview: If required, schedule and attend an interview with an Invest Ottawa advisor. This may be conducted in person or virtually.
Await Decision: Wait for the Invest Ottawa team to review your application. You will be notified of their decision via email.
Sign Agreement: If approved, review and sign the program agreement. This will outline the terms and conditions of your participation.
Begin Program: Once the agreement is signed, you can begin participating in the program and take advantage of the resources and support offered.