NRC — Ice Tank - 90 m Research Facility
Highlights
This program is a fantastic opportunity for your business. It offers up to $1,000,000 in financing to help you make critical investments. Additionally, you can receive an extra $150,000 for software or daily operating costs. This funding can be used for various purposes, including operating expenses, restorations, new equipment, and software.
What sets this program apart is that it is backed by the government, providing you with a reliable source of funding. You also have the flexibility to choose how you repay the loan, with up to 15 years to do so. This makes it a more manageable and secure option compared to other financing solutions.
Being approved for this program can significantly boost your business by providing the necessary funds to grow and innovate. The application process is straightforward, ensuring that you can quickly access the support you need.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed rate of 3.5% per annum.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Research and development costs.
- Employee training and development.
- Marketing and promotional expenses.
Ineligible Expenses:
- Personal expenses.
- Real estate purchases.
- Repayment of existing debts.
- Dividends or bonuses to owners and shareholders.
Fees:
- Application Fee: $150, non-refundable.
- Processing Fee: 1% of the loan amount, deducted from the loan disbursement.
- Late Payment Fee: 2% of the overdue amount per month.
Qualifications
- Must be a business operating in St. John's, Newfoundland and Labrador.
- Must require testing of offshore structures and ship models in ice conditions.
- Must be involved in industries such as marine, Arctic, or northern marine conditions.
Must need access to advanced engineering for complex water environments.
Disqualifications:
- Businesses not located in St. John's, Newfoundland and Labrador.
- Businesses not requiring ice condition testing for vessels or structures.
- Businesses outside the marine, Arctic, or northern marine sectors.
- Businesses not needing advanced engineering for water environments.
Description
This program offers your business a great opportunity to access up to $1,000,000 in funding. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible purchases include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or working capital, you can receive up to $150,000.
The federal government guarantees 85% of the loan, providing a significant safety net for you.
Flexible repayment options are available. You can choose a variable interest rate, a fixed rate, or a combination of both. You can also apply significant purchases made in the last 365 days to this loan.
You have up to 15 years to repay the loan, no matter what you spend it on. This program is designed to help your business grow and succeed with minimal risk.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These typically include:
- Business registration details
- Financial statements (e.g., balance sheets, income statements)
- Business plan
- Project proposal or description
- Any relevant permits or licenses
Complete the Application Form: Fill out the application form provided by the program. Ensure all fields are completed accurately.
Submit Supporting Documents: Attach all the required documents to your application. Double-check to ensure nothing is missing.
Review and Sign: Carefully review your completed application and all attached documents. Sign the application where required.
Submit the Application: Send your completed application and supporting documents to the appropriate office or submit them online if the option is available.
Follow Up: After submission, follow up with the program office to confirm receipt of your application and inquire about the next steps.
Prepare for Additional Requests: Be ready to provide any additional information or documents if requested by the program administrators.
Wait for Approval: Wait for the program administrators to review your application. This process may take some time, so be patient.
Receive Notification: Once your application is reviewed, you will receive a notification regarding the status of your application. If approved, you will receive further instructions on how to proceed.
Implement the Project: Upon approval, follow the guidelines provided to implement your project or use the funds as specified in your application.