Investment Accelerator Fund
Highlights
This program is a great opportunity for your business. It offers up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. This funding can be used for a variety of needs, including operating expenses, restorations, new equipment, and software.
Key Benefits:
- Government-backed loan: This means lower risk and more favorable terms.
- Flexible repayment options: You can choose how to pay it back, with up to 15 years to do so.
- Easy qualification: The program is designed to be accessible to businesses like yours.
By being approved, you can secure the funds needed to grow and improve your business, all with the support and flexibility that other loans may not offer.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Research and development costs
- Marketing and advertising expenses
- Employee training programs
Use of Funds:
- Funds cannot be used for personal expenses
- Funds cannot be used for debt repayment
- Funds cannot be used for any non-business-related activities
Fees:
- No application fee
- No processing fee
- No renewal fee
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 a chance to borrow up to $1,000,000. You can use up to $500,000 of this amount to purchase 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 working capital, the program can provide up to $150,000.
The federal government guarantees 85% of the loan, giving you a significant safety net.
Flexibility is a key feature. If you've made qualifying purchases in the last year, you can include them in this loan.
You have multiple repayment options. You can choose a variable interest rate, a fixed rate, or even a combination of both.
You have up to 15 years to repay the loan, regardless of how you use it.
Program Steps
Gather Necessary Documentation: Prepare the following documents:
- Business registration details
- Financial statements (last 2 years)
- Business plan
- Tax returns (last 2 years)
- Proof of identity (for all business owners)
- Any additional documents specified by the program guidelines
Complete the Application Form: Fill out the application form provided by the program. Ensure all information is accurate and complete.
Review Application Requirements: Double-check the program’s specific requirements and ensure your application meets all criteria.
Submit the Application: Submit your completed application form and all required documents through the designated submission method (e.g., online portal, mail).
Follow Up: After submission, follow up with the program’s contact point to confirm receipt of your application and inquire about the review timeline.
Respond to Additional Requests: Be prepared to provide any additional information or documentation if requested by the program administrators.
Await Decision: Wait for the program administrators to review your application and notify you of their decision.
Review Approval Terms: If approved, carefully review the terms and conditions of the program.
Accept the Offer: Formally accept the offer by signing any required agreements or contracts.
Implement the Program: Begin utilizing the program benefits as outlined in the approval terms.