NRC — Automotive and Surface Transportation
Highlights
This program is designed for businesses like yours in the transportation and manufacturing sectors. It offers leading-edge research, technical, and engineering services to help you de-risk and validate new technologies. By participating, you can access state-of-the-art facilities and expert guidance to advance your manufacturing processes and join the global value chain.
Key Benefits:
- Product Development and De-risking: Get support in developing and testing new products, ensuring they meet industry standards.
- Access to Expertise: Collaborate with top researchers and engineers to innovate and improve your business operations.
- Sustainable Solutions: Develop and integrate clean technologies, contributing to a net-zero future.
Why Apply?
- Comprehensive Support: From research to commercialization, receive assistance at every stage.
- Competitive Edge: Stay ahead in the market with cutting-edge solutions and technologies.
- Ease of Qualification: The program is designed to be accessible, ensuring you can benefit without unnecessary hurdles.
By being approved, you will not only enhance your business capabilities but also contribute to a more sustainable and efficient transportation system.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Interest rate: Fixed at 3.5% per annum.
- Repayment term: Up to 10 years.
- Early repayment: No penalties for early repayment.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Research and development costs.
- Employee training and development.
- Marketing and promotional activities.
Ineligible Expenses:
- Real estate purchases.
- Personal expenses.
- Debt refinancing.
- Dividends or shareholder distributions.
Fees:
- Application fee: $150.
- Annual administration fee: 1% of the loan amount, deducted annually.
- No additional fees for early repayment or loan modifications.
Qualifications
- Must be a business in the transportation or manufacturing sectors.
- Must be seeking research, technical, and engineering services.
- Must be interested in de-risking and validating technologies.
- Must aim to advance manufacturing processes.
- Must be looking to join the global value chain in the transportation sector.
Must be engaged in low-emission ground transportation, climate resilience, digital and sustainable manufacturing, circular economy, biodegradable materials, or defence and security systems.
Disqualifications:
- Businesses outside the transportation or manufacturing sectors.
- Businesses not seeking research, technical, and engineering services.
- Businesses not interested in de-risking and validating technologies.
- Businesses not aiming to advance manufacturing processes.
- Businesses not looking to join the global value chain in the transportation sector.
Description
This program offers funding up to $1,000,000 for your business. You can use up to $500,000 of this amount to buy new equipment or improve your rented space. This could include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or working capital, the program provides 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 one, or a combination of both. You can take up to 15 years to pay back the loan, regardless of what you spend it on.
This program is designed to help your business grow and succeed.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. You will need:
- Business plan
- Financial statements (balance sheet, income statement, cash flow statement)
- Proof of business registration
- Tax returns (last two years)
- Description of the project or technology you aim to develop
Complete the Application Form: Fill out the application form provided by the program. Ensure all fields are accurately completed and all required information is included.
Submit the Application: Send your completed application form and all supporting documents to the designated contact or submission portal indicated by the program.
Await Review and Feedback: The program administrators will review your application. Be prepared to provide additional information or clarification if requested.
Participate in Follow-Up Discussions: If your application is shortlisted, you may be invited to discuss your project in more detail. This could include meetings or presentations.
Receive Approval and Funding: If your application is approved, you will receive confirmation and details on the funding amount and terms. Follow the instructions provided to access the funds.
Implement and Report: Use the funds as outlined in your application. Be prepared to submit progress reports and financial updates as required by the program.