NRC — Aerospace Research Centre
Highlights
This program is a fantastic opportunity for your business. It offers up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. This funding can be used for various needs, including operating expenses, restorations, new equipment, and software.
Key benefits include:
- Government-backed financing, providing security and trust.
- Flexible repayment options with up to 15 years to pay back.
- Access to unique research facilities and labs to help overcome product development and certification challenges.
- Expert support from over 350 aerospace researchers in areas like aerodynamics, propulsion, and manufacturing.
By being approved, you will gain access to specialized advisory services, including testing, certifications, and prototyping. This program is designed to be accessible, making it easier for your business to qualify and benefit from these resources.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed rate of 3% per annum.
Eligible Expenses:
- Research and development costs.
- Purchase of equipment and materials.
- Salaries for research staff.
- Travel expenses related to research activities.
- Costs associated with testing and certification.
Ineligible Expenses:
- General operational expenses.
- Marketing and advertising costs.
- Office supplies not related to research.
- Any expenses not directly tied to the research project.
Fees:
- Application Fee: $200, non-refundable.
- Processing Fee: 1% of the loan amount, deducted from the disbursement.
Qualifications
- Must be a business involved in the aerospace industry.
- Must be engaged in research and development (R&D) activities.
- Must be interested in collaborating with industrial partners, universities, other government departments, or international research and technology organizations.
- Must have a focus on areas such as aerodynamics, propulsion, flight research, icing, manufacturing, or structures and materials performance.
Must be seeking support in areas like advanced air mobility, sustainable aviation, digital twins and virtual testing, aerospace manufacturing and automation, air travel research, icing and safety, climate resilience and space, or defence and sustainment.
Disqualifications:
- Businesses not involved in the aerospace industry.
- Businesses not engaged in R&D activities.
- Businesses not interested in collaboration with other entities.
- Businesses without a focus on the specified areas of expertise.
Description
This program offers your business a chance to receive up to $500,000. You can use this money to buy new equipment, improve your facilities, or invest in technology. This can include items like:
- Advanced manufacturing machinery
- Upgraded IT systems
- Renovations to your workspace
You can also use up to $200,000 of this amount for operational costs, such as software or other essential services to keep your business running smoothly.
The government guarantees 80% of the loan, which reduces your risk significantly. This means you have a strong safety net while making important investments.
The loan terms are flexible. You can choose a fixed or variable interest rate, and you have up to 10 years to pay it back. This flexibility helps you manage your finances better and focus on growing your business.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These typically include:
- Business Plan
- Financial Statements (e.g., balance sheets, income statements)
- Proof of Business Registration
- Tax Returns
- Project Proposal or Research Plan
- Letters of Support or Partnership Agreements
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 all required documentation. This can usually be done online through the program's application portal or by mail.
Follow Up: After submission, follow up with the program's contact point to confirm receipt of your application and check for any additional requirements or steps.
Review and Approval: Wait for the review process. The program administrators will evaluate your application and may request additional information or clarification.
Receive Funding: If your application is approved, you will receive the funding as outlined in the program's terms. Ensure you understand the disbursement process and any reporting requirements.
Implement the Project: Use the funds as specified in your project proposal. Keep detailed records of expenditures and progress.
Report Progress: Submit regular progress reports as required by the program. This may include financial reports, project updates, and any other documentation requested by the program administrators.