Livestock Incentive Loan Program
Highlights
This program is designed specifically for businesses like yours. It offers a unique opportunity to secure financing that can help you grow and improve your operations. The program provides up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day 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 between this loan and others is that it is backed by the government. This means you have more flexibility in repayment, with up to 15 years to pay it back. This program is easier to qualify for than many other financing options, making it an excellent choice for your business.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan offers a fixed interest rate of 3.5% per annum.
- Repayment term is up to 10 years.
- Early repayment is allowed without penalties.
Eligible Expenses:
- Purchase of new or used equipment.
- Renovation or expansion of existing facilities.
- Research and development costs.
- Marketing and promotional expenses.
- Training and development for employees.
Ineligible Expenses:
- Personal expenses.
- Repayment of existing debts.
- Real estate purchases.
- Dividends or bonuses to owners or shareholders.
Fees:
- Application fee of $150.
- Annual maintenance fee of $100.
- No prepayment penalties.
Qualifications
- Must be a business operating in New Brunswick.
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
Must be 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 receive up to $500,000. You can use this money to buy new equipment, improve your workspace, or cover other business expenses.
You can use the funds for:
- Upgrading machinery
- Renovating your office or retail space
- Purchasing technology and software
The money comes with favorable conditions. You have up to 10 years to pay it back, giving you plenty of time to grow your business and manage repayments comfortably.
This program is a great opportunity to invest in your business without immediate financial pressure.
Program Steps
Gather Necessary Information:
- Collect details about your business, including its legal name, address, and contact information.
- Have your business registration number and tax identification number ready.
Prepare Documentation:
- Financial Statements: Recent balance sheets, income statements, and cash flow statements.
- Business Plan: A detailed plan outlining your business goals, strategies, and how the program will support these objectives.
- Proof of Eligibility: Documents that demonstrate your business meets the program's criteria.
- Identification: Copies of personal identification for business owners or authorized representatives.
Complete the Application Form:
- Fill out the application form provided by the program. Ensure all sections are completed accurately.
Review and Double-Check:
- Review the completed application and all attached documents to ensure accuracy and completeness.
Submit the Application:
- Submit the application form and all required documentation through the specified submission method (online portal, mail, or in-person).
Follow Up:
- After submission, follow up with the program office to confirm receipt and check the status of your application.
Respond to Requests:
- Be prepared to provide additional information or clarification if requested by the program administrators.
Await Approval:
- Wait for the program administrators to review your application. This may take some time, so be patient.
Receive Notification:
- Once your application is reviewed, you will receive a notification regarding the decision. If approved, you will receive further instructions on how to proceed.
Implement Program Benefits:
- Upon approval, follow the provided guidelines to utilize the program benefits effectively for your business.