MaRS Momentum
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.
The key advantage of this program 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, ensuring that you can quickly access the funds you need to take your business to the next level.
Financing Details
Type of Financing: This program offers a Grant to eligible businesses.
Eligible Expenses:
- Salaries and wages for new hires.
- Costs associated with training and development.
- Purchase of equipment and technology.
- Marketing and promotional activities.
- Rent and utilities for business premises.
Use of Funds: The funds cannot be used for:
- Repayment of existing debts.
- Personal expenses.
- Purchase of real estate.
- Any illegal activities.
Fees: There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be a startup.
- Must have partners.
- Must be part of the "Our Fund" initiative.
- Must utilize "Our Spaces."
Must work in the tech industry.
Disqualifications:
- Businesses not classified as startups.
- Businesses without partners.
- Businesses not involved with "Our Fund."
- Businesses not using "Our Spaces."
- Businesses outside the tech industry.
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 workspace.
Eligible uses include:
- Buying commercial kitchen appliances
- Purchasing manufacturing machinery
- Upgrading computers and IT infrastructure
- Renovating retail spaces
For other costs, like software or operational expenses, you can get up to $150,000.
The federal government guarantees 85% of the loan, giving you a strong safety net.
Flexible repayment options are available. You can choose between a variable interest rate, a fixed one, 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 Required Documentation: Prepare the necessary documents to support your application. You will need:
- Business Plan
- Financial Statements (past two years)
- Tax Returns (past two years)
- Proof of Business Registration
- Identification Documents (for all owners)
- Bank Statements (past six months)
Complete the Application Form: Fill out the official application form for the program. Ensure all sections are completed accurately.
Prepare a Business Proposal: Write a detailed proposal outlining how your business will benefit from the program. Include goals, strategies, and expected outcomes.
Submit the Application: Send your completed application form, business proposal, and all required documentation to the designated program office or online portal.
Follow Up: After submission, follow up with the program office to confirm receipt and check the status of your application.
Attend an Interview (if required): Be prepared to attend an interview or meeting to discuss your application in more detail.
Review and Sign Agreement: If your application is approved, review the terms and conditions of the program agreement. Sign and return the agreement to finalize your participation.
Implement Program Requirements: Once accepted, follow the guidelines and requirements set by the program to ensure compliance and successful participation.