Newfoundland & Labrador Organization of Women Entrepreneurs
Highlights
This program is designed specifically for women entrepreneurs in Newfoundland and Labrador. Whether you are just starting out or looking to expand, this program offers valuable resources and support tailored to your needs. You will have access to experienced business advisors who can provide one-on-one confidential services to help you navigate the complexities of starting and growing your business.
What You Get:
- Expert advice on business start-up and growth
- Networking opportunities with other women entrepreneurs
- Export consultation to help you take your business international
- Training and events to enhance your business skills
Why Apply?
- Tailored support for women-owned businesses
- Access to a strong network of like-minded entrepreneurs
- Opportunities for growth and development through specialized programs and events
Qualifying for this program is straightforward, and being approved can significantly boost your business. Take advantage of this opportunity to connect, grow, and succeed in today’s competitive business environment.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required. This is a grant, so you do not need to pay back the funds.
- No interest rates apply as it is not a loan.
Eligible Expenses:
- Business Development: Costs related to expanding your business operations.
- Training and Development: Expenses for professional development and training programs.
- Marketing and Promotion: Costs for advertising, promotional materials, and marketing campaigns.
- Equipment Purchase: Funds can be used to buy new equipment necessary for business operations.
Ineligible Expenses:
- Personal Expenses: Funds cannot be used for personal use or non-business-related expenses.
- Debt Repayment: The grant cannot be used to pay off existing debts or loans.
- Real Estate: Funds cannot be used for purchasing real estate properties.
Fees:
- No application fees are associated with this grant program.
- No administrative fees will be charged for processing the grant.
Qualifications
- Must be a woman-owned business.
- Must be located in Newfoundland and Labrador.
- Must be at any level of business development or growth, from start-up to established businesses.
Must be entrepreneurial-minded.
Disqualifications:
- Businesses not owned by women.
- Businesses located outside Newfoundland and Labrador.
Description
This program offers you a fantastic opportunity to grow your business. You can receive up to $1,000,000 to help with various business needs.
Here's how you can use the money:
- Up to $500,000 for buying equipment or improving your rented space. This could include things like commercial kitchen appliances, manufacturing machinery, computers, and IT infrastructure, or renovating a retail space.
- Up to $150,000 for costs like software or working capital to keep your business running smoothly.
The federal government guarantees 85% of the loan, which provides a significant safety net for you.
You also have flexibility in how you pay back the loan. You can choose a variable interest rate, a fixed one, or even combine your loan amount and interest into blended payments. You have up to 15 years to pay back the loan, regardless of what you spend it on.
This program is a great way to secure the funds you need to take your business to the next level.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (last 2 years)
- Proof of Business Registration
- Identification Documents (e.g., driver's license, passport)
- Tax Returns (last 2 years)
- Any additional documents specific to your business type
Complete the Application Form:
- Visit the program's official website.
- Download or access the application form.
- Fill in all required fields accurately.
Prepare a Detailed Proposal:
- Outline your business goals.
- Describe how the program will benefit your business.
- Include a timeline for implementation.
Submit the Application:
- Attach all required documentation.
- Review the application for completeness.
- Submit the application online or via mail as instructed.
Follow Up:
- Monitor your email or mail for any communication from the program.
- Respond promptly to any requests for additional information.
Attend an Interview or Meeting (if required):
- Be prepared to discuss your application in detail.
- Bring any additional documents that may support your application.
Receive Approval and Next Steps:
- Review the approval terms.
- Follow the instructions provided for the next steps.
- Implement your business plan as outlined in your proposal.