Northwestern Ontario IT Connect
Highlights
This program is designed for businesses like yours, offering a unique opportunity to secure financing that can significantly boost your operations. You can receive up to $1,000,000 in funding, with an additional $150,000 available for software or daily operating costs. This financial support can be used for a variety of purposes, including operating expenses, restorations, new equipment, and software.
What sets this program apart is its government backing, which provides you with flexible repayment options. You can choose how to repay the loan, with terms extending up to 15 years. This flexibility makes it easier for you to manage your finances and invest in the growth of your business.
Qualifying for this program 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: Loan
Repayment Terms and Interest Rates:
- The loan offers a fixed interest rate of 3.5% per annum.
- Repayment term is up to 10 years.
- Early repayment is allowed without penalties.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Intangible assets such as patents and trademarks.
- Working capital to cover operational expenses.
Use of Funds:
- Funds cannot be used for refinancing existing debts.
- Cannot be used for personal expenses or non-business-related activities.
Fees:
- Application fee of $150.
- One-time processing fee of 1% of the loan amount, which can be included in the loan.
- No annual renewal fees.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a place of business in Northwestern Ontario.
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Thunder Bay or Kenora.
- Must have a minimum of 1 employee and a maximum of 500 employees.
Must have an annual revenue of less than $50 million.
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Professional services such as marketing firms, creative agencies.
Description
This program offers your business up to $1,000,000 in funding. You can use this money to buy equipment or improve your rented space.
Eligible expenses 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, providing a significant security net for you.
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 what you spend it on.
Program Steps
Gather Necessary Information:
- Business name
- Business address
- Contact information
- Business registration number
Prepare Documentation:
- Financial statements (last two years)
- Business plan
- Proof of business registration
- Tax returns (last two years)
- Identification documents (e.g., driver's license, passport)
Complete the Application Form:
- Fill out all required fields accurately
- Provide detailed information about your business and its operations
Review and Attach Documentation:
- Ensure all prepared documents are attached
- Double-check for completeness and accuracy
Submit the Application:
- Submit the completed application form and attached documents through the specified online portal or by mail
Follow Up:
- Contact the program's support team if you have any questions or need assistance
- Monitor your email or postal mail for any communication regarding your application status
Await Approval:
- The program administrators will review your application
- Be prepared to provide additional information if requested
Receive Funding:
- Upon approval, review the terms and conditions
- Sign any necessary agreements
- Receive the funds to support your business activities