MaRS Growth Acceleration Program
Highlights
This program is designed specifically for businesses like yours. It offers up to $1,000,000 in financing, with an additional $150,000 available for software or daily operating costs. This funding can be used for a variety of needs, including 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 easier to manage your finances and invest in the growth of your business. The application process is straightforward, making it easier for you to qualify and get the support you need.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Research and development costs
- Purchase of new technology and equipment
- Marketing and promotional activities
- Employee training and development
- Operational costs directly related to the project
Use of Funds:
- Funds cannot be used for debt repayment
- Funds cannot be used for personal expenses
- Funds cannot be used for unrelated business activities
Fees:
- No application fees
- No administrative fees
Qualifications
- Must be a startup.
- Must have partners.
- Must be part of our fund.
- Must operate within our spaces.
Must work in the tech industry.
Disqualifications:
- Businesses not classified as startups.
- Businesses without partners.
- Businesses not part of our fund.
- Businesses not operating within our spaces.
- Businesses not in the tech industry.
Description
This program offers your business a chance to borrow up to $1,000,000. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible purchases include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, you can receive up to $150,000.
The federal government guarantees 85% of the loan, giving you a significant safety net.
Flexible repayment options are available. If you have made eligible purchases in the last 365 days, you can include them in this loan.
You can choose from different repayment methods, such as 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 it.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. These typically include:
- Business Plan
- Financial Statements (e.g., balance sheets, income statements)
- Proof of Business Registration
- Tax Returns (for the past two years)
- 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.
Submit the Application: Send the completed application form along with the required documentation to the designated program office or online portal.
Await Confirmation: After submission, wait for a confirmation that your application has been received. This may come via email or postal mail.
Participate in Follow-Up: Be prepared for any follow-up requests for additional information or clarification from the program administrators.
Review Approval Terms: If your application is approved, review the terms and conditions of the program carefully. Ensure you understand all obligations and benefits.
Sign Agreement: Sign any necessary agreements or contracts to formally accept the terms of the program.
Implement Program Benefits: Once all agreements are signed, begin utilizing the resources, funds, or support provided by the program to benefit your business.
Maintain Compliance: Ensure ongoing compliance with the program’s requirements and provide any requested updates or reports as needed.