Northern Ontario Angels
Highlights
This program is designed for you, offering a unique opportunity to secure growth capital and investments. By connecting you with accredited angel investors, you gain access to not just funding but also invaluable expertise and industry contacts. This can help you take your business to the next level.
What You Get
- Access to accredited angel investors
- Investment readiness guidance
- Opportunities to pitch to suitable investors
Benefits
- Business capital to fuel growth
- Expert mentorship and guidance
- Industry connections to expand your network
This program is easier to qualify for than traditional financing options and provides a comprehensive support system to ensure your success.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan has a fixed interest rate of 3.5% per annum.
- Repayment term is up to 10 years, with monthly installments.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Working capital.
- Intangible assets like patents or software.
Ineligible Expenses:
- Personal expenses.
- Real estate purchases.
- Debt refinancing.
Fees:
- Application fee of $150.
- Annual maintenance fee of $50.
- No prepayment penalties.
Qualifications
- Must be a business located in Northern Ontario.
- Must be seeking growth capital and investments.
Must have high-growth potential.
Disqualifications:
- Businesses located outside Northern Ontario.
Description
This program provides your business with a significant opportunity to grow and succeed. You can receive up to $1,000,000 in funding. This money can be used for various purposes, including purchasing equipment, improving your workspace, or covering operational costs.
You can use the funds for:
- Buying commercial kitchen appliances
- Acquiring manufacturing machinery
- Upgrading computers and IT infrastructure
- Renovating retail spaces
For costs like software or working capital, 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 rate, or a combination of both. You have up to 15 years to repay the loan, regardless of how you use the funds. This flexibility ensures that the program can adapt to your business needs, making it a valuable resource for your growth and stability.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These include:
- Business Plan
- Financial Statements (last two years)
- Tax Returns (last two years)
- Proof of Business Registration
- Identification Documents (for all owners)
- Projected Financial Statements (next two years)
- Details of Intended Use of Funds
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Submit your completed application form along with the required documentation to the designated program office or online portal.
Attend an Interview (if required): Be prepared to attend an interview or meeting with a program representative to discuss your application and business plans in more detail.
Wait for Approval: The program administrators will review your application and documentation. This process may take several weeks. Be available to provide any additional information if requested.
Receive Notification: You will be notified of the decision regarding your application. If approved, you will receive details on the next steps, including any agreements or contracts that need to be signed.
Disbursement of Funds: Upon approval and completion of all necessary agreements, the funds will be disbursed to your business account. You can then proceed with using the funds as outlined in your application.