Marine Biotechnology Research Centre (MBRC)
Highlights
This program is designed for businesses like yours that are involved in marine biotechnology. It offers a unique opportunity to access significant financial support to help you innovate and grow. By applying, you can receive 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
- $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, providing you with flexible repayment options, including up to 15 years to pay it back. This makes it easier to manage your finances and focus on what you do best—innovating and growing your business. The application process is straightforward, ensuring that you can quickly access the funds you need.
Financing Details
Type of Financing:
- Loan: This program offers a loan to support your business needs.
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed at 3.5% annually.
Eligible Expenses:
- Equipment purchases.
- Leasehold improvements.
- Research and development costs.
- Operational expenses related to marine biotechnology projects.
Use of Funds:
- The funds cannot be used for:
- Personal expenses.
- Real estate purchases.
- Debt refinancing.
Fees:
- Application Fee: $150.
- Annual Maintenance Fee: 1% of the loan amount.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must be involved in marine biotechnology or related fields.
- Business must be operating in Quebec, Canada.
- Must be engaged in research and development (R&D) activities.
Must have a physical presence in Rimouski, Quebec.
Disqualifications:
- Businesses not involved in marine biotechnology.
- Businesses not located in Quebec.
- Businesses without a physical presence in Rimouski.
Description
This program offers your business a chance to receive up to $1,000,000. You can use this money for various purposes that will help grow and improve your business.
You can use up to $500,000 of the funds to buy equipment or make improvements to your rented space. This includes things like:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs, such as software or working capital, you can get up to $150,000. This helps keep your business running smoothly.
The federal government guarantees 85% of the loan, which provides a significant safety net for you.
Flexible repayment options are available. You can choose a variable interest rate, a fixed one, or a combination of both. You have up to 15 years to repay the loan, no matter what you spend it on. This program is a great opportunity to invest in your business's future with confidence.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (last two years)
- Tax Returns (last two years)
- Proof of Business Registration
- Identification Documents (e.g., passport, driver's license)
- Detailed Project Proposal (including budget and timeline)
Complete the Application Form:
- Fill out the application form provided by the program.
- Ensure all sections are completed accurately.
Prepare a Detailed Project Proposal:
- Outline the scope of your project.
- Include objectives, methodologies, and expected outcomes.
- Provide a detailed budget and timeline.
Submit the Application:
- Attach all required documentation.
- Submit the completed application form and project proposal through the designated submission portal or via email.
Follow Up:
- Confirm receipt of your application with the program office.
- Be available for any follow-up questions or additional information requests.
Await Decision:
- The program office will review your application.
- You will be notified of the decision within the stipulated timeframe.
Sign Agreement:
- If approved, review and sign the funding agreement.
- Ensure you understand all terms and conditions.
Implement Project:
- Begin your project as outlined in your proposal.
- Adhere to the budget and timeline provided.
Submit Progress Reports:
- Provide regular updates on project progress.
- Submit interim and final reports as required by the program.
Complete Project and Final Reporting:
- Upon project completion, submit a final report.
- Include outcomes, financial statements, and any other required documentation.