NRC — Aerospace Manufacturing Technologies Centre
Highlights
This program is designed for businesses like yours in the aerospace sector. It offers a unique opportunity to access cutting-edge manufacturing technologies and expert support. By participating, you can enhance your production capabilities, reduce costs, and stay competitive in a rapidly evolving market.
Why Apply?
- Access to Advanced Technologies: Utilize state-of-the-art equipment such as 3D metal printers, high-energy welding systems, and robotic machining platforms.
- Expert Support: Benefit from the guidance of technical experts and engineers to develop and implement innovative manufacturing methods.
- Cost Savings: Implement next-generation, cost-effective manufacturing techniques that can lead to significant savings while maintaining high quality and reliability.
What's in it for You?
- Enhanced Capabilities: Improve your manufacturing processes with advanced tools and technologies.
- Competitive Edge: Stay ahead in the aerospace industry by adopting the latest innovations.
- Ease of Qualification: The program is designed to support businesses like yours, making it easier to qualify and benefit from these resources.
Participating in this program can help your business achieve new heights in efficiency and innovation.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Interest Rate: Fixed at 3% per annum.
- Repayment Term: Up to 10 years.
- Grace Period: No payments required for the first 6 months.
Eligible Expenses:
- Equipment: Purchase or lease of new or used equipment.
- Research and Development: Costs associated with R&D activities.
- Training: Employee training and development programs.
- Operational Costs: Day-to-day operational expenses, including utilities and rent.
Ineligible Expenses:
- Debt Repayment: Cannot be used to pay off existing debts.
- Personal Expenses: Funds cannot be used for personal use or non-business-related expenses.
- Real Estate: Purchase of real estate is not covered.
Fees:
- Application Fee: $150, non-refundable.
- Processing Fee: 1% of the loan amount, deducted from the disbursed funds.
- Late Payment Fee: 2% of the overdue amount per month.
Qualifications
- Must be located in Quebec or Ontario.
- Must be involved in the aerospace sector.
Must be engaged in manufacturing activities.
Disqualifications:
- Businesses outside Quebec or Ontario.
- Businesses not involved in the aerospace sector.
- Non-manufacturing businesses.
Description
This program offers your business a great opportunity to receive financial support. You can get up to $1,000,000 to help grow and improve your operations. Here’s how you can use the funds:
Up to $500,000 can be used to buy new equipment or enhance your rented space. This includes:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
Up to $150,000 can be used for other costs like software or working capital to keep your business running smoothly.
The federal government guarantees 85% of the loan, giving you a significant security net.
Flexible repayment options are available. You can choose a variable interest rate, a fixed one, or a combination of both. You also have the option to apply significant purchases made in the last 365 days to this loan.
You have up to 15 years to pay back the loan, no matter what you spend it on. This flexibility allows you to manage your finances effectively while growing your business.
Program Steps
Gather Required Documentation:
- Business registration documents
- Financial statements (last 3 years)
- Business plan
- Project proposal detailing intended use of funds
- Quotes for equipment or services
- Tax returns (last 3 years)
- Proof of business address
Complete the Application Form:
- Fill out the application form provided by the program.
- Ensure all sections are completed accurately.
Prepare a Project Proposal:
- Outline the project goals and objectives.
- Detail the expected outcomes and benefits.
- Include a timeline for project completion.
Submit the Application:
- Submit the completed application form along with all required documentation.
- Ensure submission is done through the specified channel (e.g., online portal, mail).
Follow Up on Application Status:
- Contact the program office to confirm receipt of your application.
- Inquire about the timeline for review and approval.
Respond to Additional Information Requests:
- Be prepared to provide any additional information or clarification if requested by the program administrators.
Review and Sign Agreement:
- Upon approval, review the terms and conditions of the agreement.
- Sign the agreement and return it as instructed.
Receive Funds and Implement Project:
- Once the agreement is signed, funds will be disbursed.
- Begin implementing the project as outlined in your proposal.
Submit Progress Reports:
- Provide regular updates on project progress as required by the program.
- Include any financial reports or documentation of expenses.
Complete Final Report:
- Upon project completion, submit a final report detailing the outcomes and benefits achieved.
- Include any required financial documentation and receipts.