Launch Lab — Entrepreneurs In Residence (EIR)
Highlights
This program is designed to help your business grow and succeed. 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 purposes, including operating expenses, restorations, new equipment, and software.
Key benefits of this program include:
- Government-backed financing, providing you with security and flexibility.
- Flexible repayment options, allowing you up to 15 years to repay the loan.
- Support from a dedicated team of advisors, who will help you develop a plan tailored to your business needs.
Applying for this program is straightforward, and qualifying is easier than you might think. Approval can provide the financial boost your business needs to innovate, expand, and compete globally.
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.
- Equipment and technology purchases.
- Training and development programs for staff.
- Operational costs directly related to the project.
Ineligible Expenses:
- General operating expenses not related to the project.
- Debt repayment.
- Real estate purchases.
- Personal expenses.
Fees:
- No application or processing fees.
Qualifications
- Must be located in Eastern Ontario (Trenton, Picton, Cornwall, Smiths Falls, Bancroft).
- Must have an innovative technology or idea.
Must be a new startup or an existing business experiencing challenges and looking to grow.
Disqualifications:
- Businesses located outside of Eastern Ontario.
Description
This program offers your business a chance 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, you can get up to $150,000.
The federal government backs 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 have up to 15 years to repay the loan, regardless of how you use the funds.
Program Steps
Gather Necessary Information: Start by collecting all relevant details about your business, including its structure, operations, and financial status.
Prepare Documentation: You will need to prepare the following documents:
- Business Plan
- Financial Statements (e.g., income statement, balance sheet)
- Tax Returns (last two years)
- Proof of Business Registration
- Identification Documents (e.g., driver's license, passport)
- Any other documents specific to your business or the program
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately and thoroughly.
Review Application Requirements: Double-check the program's requirements to ensure you have met all criteria and included all necessary information.
Submit the Application: Submit your completed application form and all required documentation 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 next steps.
Prepare for Additional Requests: Be ready to provide any additional information or documentation that may be requested during the review process.
Await Approval: Wait for the program administrators to review your application. They may contact you for further information or clarification.
Receive Notification: Once your application is reviewed, you will receive a notification regarding the approval status. If approved, you will be informed about the next steps to access the program benefits.
Implement Program Benefits: Upon approval, follow the instructions provided to implement the benefits of the program for your business.