NRC — Large Area Basin - Research Facility
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 a variety of needs, 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 secure and 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 can significantly ease your financial planning and help you focus on growing your business.
Being approved for this program can help you enhance your operations, improve safety, and reduce lifecycle costs. The application process is straightforward, making it easier for you to qualify and benefit from this valuable support.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rates: Fixed interest rate of 3% per annum.
Eligible Expenses:
- Purchase of equipment and machinery.
- Renovation and expansion of business premises.
- Research and development activities.
- Marketing and promotional activities.
- Training and development for staff.
Ineligible Expenses:
- Personal expenses.
- Purchase of residential property.
- Payment of existing debts.
- Investment in financial instruments.
Fees:
- Application Fee: $200, 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 involved in infrastructure project designs, marine vehicles, or marine operations.
- Must be interested in assessing performance in operational and extreme conditions.
- Must aim to improve performance, increase safety, and reduce lifecycle costs.
Must be willing to collaborate with the National Research Council (NRC) and utilize their testing facilities and research staff.
Disqualifications:
- Businesses not involved in marine or coastal engineering.
- Businesses not focused on innovation and commercialization in the specified fields.
- Businesses not seeking to optimize performance or safety in marine environments.
Description
This program offers your business up to $1,000,000. You can use up to $500,000 of this amount 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 strong safety net for you.
Flexible repayment options are available. You can choose a variable interest rate, a fixed one, or a combination of both.
You have up to 15 years to repay the loan, regardless of how you use the funds.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. You will need:
- Business registration documents
- Financial statements (last two years)
- Business plan
- Project proposal detailing the intended use of the facility
- Proof of insurance
Complete the Application Form: Fill out the application form provided by the National Research Council Canada. Ensure all sections are completed accurately.
Submit the Application: Send your completed application form and all required documentation to the provided email address: [email protected].
Review and Follow-Up: After submission, monitor your email for any follow-up requests or additional information needed by the review team. Respond promptly to ensure your application proceeds smoothly.
Await Approval: The review team will assess your application. If approved, they will contact you to discuss the next steps, including scheduling and any additional requirements.
Finalize Agreement: Once approved, finalize any agreements or contracts with the National Research Council Canada. This may include signing terms of use and confirming project timelines.
Begin Project: Upon finalizing the agreement, you can start utilizing the facility as per the approved project proposal.