Junior Mining Assistance Program
Highlights
This program is designed for businesses like yours. It offers up to $1,000,000 in financing to help you grow and improve your operations. Additionally, you can receive $150,000 specifically for software or day-to-day operating costs. This funding can be used for various needs such as operating expenses, restorations, new equipment, and software.
What sets this program apart is that it is backed by the government, providing you with more security and flexibility. You can choose how to repay the loan, with terms extending up to 15 years. This makes it a more manageable option compared to traditional loans.
Applying for this program is straightforward, and qualifying is easier than you might think. By being approved, you will have the financial support needed to take your business to the next level.
Financing Details
Type of Financing: Loan
Repayment Terms:
- Interest Rate: Fixed at 3.5% per annum.
- Repayment Period: Up to 10 years.
- Grace Period: No payments required for the first 6 months.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Working capital.
- Intangible assets such as patents and trademarks.
Ineligible Expenses:
- Real estate purchases.
- Dividends or bonuses to owners.
- Personal expenses unrelated to the business.
Fees:
- Application Fee: $150, non-refundable.
- Administration Fee: 1% of the loan amount, deducted at disbursement.
- Late Payment Fee: 2% of the overdue amount, applied monthly.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in New Brunswick.
Must be engaged in agriculture, aquaculture, fisheries, or related sectors.
Disqualifications:
- Businesses outside the agriculture, aquaculture, and fisheries sectors.
- Businesses not operating in New Brunswick.
Description
This program offers your business up to $500,000 to help you grow and succeed. You can use this money for various purposes, such as:
- Buying new equipment
- Renovating your workspace
- Expanding your operations
Additionally, you can use part of the funds for operational costs like software or other essential expenses.
The best part? This money comes with favorable conditions. You have up to 10 years to pay it back, giving you plenty of time to see a return on your investment. The interest rates are competitive, making it easier for you to manage your finances.
This program is a great opportunity to invest in your business’s future without the immediate financial strain.
Program Steps
Gather Required Documents:
- Business registration details
- Financial statements (last 2 years)
- Business plan
- Tax returns (last 2 years)
- Proof of business address
- Identification documents (e.g., driver's license, passport)
Complete the Application Form:
- Fill out the application form provided by the program.
- Ensure all sections are completed accurately.
Prepare a Business Plan:
- Outline your business goals.
- Include financial projections.
- Describe how the program will benefit your business.
Submit the Application:
- Attach all required documents.
- Double-check for completeness.
- Submit through the designated online portal or mailing address.
Follow Up:
- Confirm receipt of your application.
- Monitor any communications for additional information requests.
- Provide any additional documentation if requested.
Await Approval:
- The program administrators will review your application.
- This may involve further discussions or clarifications.
Receive Funds:
- Upon approval, review the terms and conditions.
- Sign any necessary agreements.
- Funds will be disbursed as per the program guidelines.