JACOBB Center for Applied Artificial Intelligence
Highlights
This program is designed for businesses like yours that are looking to innovate and grow using artificial intelligence. By applying, you can access up to $1,000,000 in financing to support your AI-related projects. Additionally, you can receive an extra $150,000 for software or daily operating costs.
What You Get
- Up to $1,000,000 in financing
- An additional $150,000 for software or operating costs
The funds can be used for:
- Operating expenses
- Restorations
- New equipment
- Software
- And much more
The key difference with this program is that it is backed by the government, offering you flexible repayment options with up to 15 years to pay it back. This makes it more advantageous than other financing options. Approval is straightforward, ensuring you can quickly benefit from the support to drive your business forward.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Research and development costs
- Purchase of AI-related software and hardware
- Training for staff on AI technologies
- Consulting fees for AI implementation
Use of Funds:
- Funds can be used to cover costs directly related to AI projects.
- Cannot be used for unrelated business expenses, debt repayment, or non-AI related investments.
Repayment Terms:
- No repayment required, as this is a grant.
Fees:
- No application or processing fees.
Qualifications
- Must be a business operating in Quebec.
- Must be involved in the utilization of artificial intelligence.
Must be seeking to develop or innovate through applied artificial intelligence.
Disqualifications:
- Businesses not operating in Quebec.
- Businesses not utilizing or planning to utilize artificial intelligence.
Description
This program allows your business to receive up to $1,000,000. You can use up to $500,000 of this amount to buy 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 operational expenses, the program can provide up to $150,000.
The federal government guarantees 85% of the loan, giving you a strong safety net.
Flexible repayment options are available. If you have made qualifying purchases in the last 365 days, you can include them in this loan.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Gather Necessary 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)
- Project Proposal (detailing how AI will be used)
Complete the Online Application Form:
- Visit the official program website.
- Fill out the required fields with accurate information about your business.
Submit Supporting Documents:
- Upload the gathered documentation to the application portal.
- Ensure all files are clear and legible.
Review and Confirm Application:
- Double-check all entered information and uploaded documents.
- Confirm that everything is correct and complete.
Submit the Application:
- Click the submit button to send your application for review.
- You will receive a confirmation email acknowledging receipt.
Follow Up:
- Monitor your email for any updates or requests for additional information.
- Respond promptly to any inquiries from the program administrators.
Await Approval:
- The program administrators will review your application.
- You will be notified of the decision via email.
Receive Funds:
- If approved, discuss the terms and conditions.
- Upon agreement, the funds will be disbursed to your business account.
Implement AI Solutions:
- Use the funds to implement the AI solutions as detailed in your project proposal.
- Keep records of all expenditures and progress for future reporting.