Ontario Bioindustrial Innovation Network
Highlights
This program is designed for businesses like yours to help you grow and succeed. It offers up to $1 million in financing, with matching investments from venture capital partners. This funding can be used for various purposes, including operating expenses, new equipment, and software. The program also supports the development of high-performing clusters that build clean technology companies, creating jobs and economic value.
What You Get:
- Up to $1,000,000 in financing
- Matching investments from venture capital partners
- Support for operating expenses, new equipment, and software
Key Benefits:
- Government-backed financing ensures stability and trust
- Flexible repayment options tailored to your business needs
- Access to expert advice and services to help you grow and scale your business
By participating in this program, you will strengthen your supply chains, remove barriers to commercialization, and position your business as a world-class player in the industry. The application process is straightforward, making it easy for you to qualify and start benefiting from the support offered.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Research and development costs
- Purchase of equipment and machinery
- Marketing and promotional activities
- Training and development for employees
- Operational costs directly related to the project
Use of Funds:
- Funds can be used to cover costs associated with the development and commercialization of sustainable chemistry technologies.
- Funds cannot be used for general operational expenses unrelated to the project, debt repayment, or acquisition of land or buildings.
Repayment Terms:
- As this is a grant, there is no requirement for repayment.
Fees:
- There are no application or processing fees associated with this grant program.
Qualifications
- Must be located in Southern Ontario or Eastern Ontario.
- Must be involved in the hybrid chemistry or sustainable chemistry sectors.
- Must be a technology company focused on clean technology.
- Must be able to generate jobs and create economic value.
- Must support the transition towards a sustainable, net-zero carbon economy.
- Must be able to leverage regional and global partners.
Must be able to provide matching investments of at least $4 million for larger COMM SCI investments.
Disqualifications:
- Businesses not located in Southern Ontario or Eastern Ontario.
- Businesses not involved in the hybrid chemistry or sustainable chemistry sectors.
- Businesses that do not focus on clean technology.
- Businesses that cannot generate jobs or create economic value.
- Businesses that do not support the transition towards a sustainable, net-zero carbon economy.
- Businesses unable to leverage regional and global partners.
- Businesses unable to provide matching investments of at least $4 million for larger COMM SCI investments.
Description
This program offers your business a fantastic opportunity to grow and thrive. You can receive up to $1,000,000 in funding. This money can be used for various purposes, such as buying new equipment, renovating your workspace, or even covering operational costs.
Here’s how you can use the funds:
- Up to $500,000 for equipment purchases or workspace improvements. This includes items like commercial kitchen appliances, manufacturing machinery, computers, and IT infrastructure.
- Up to $150,000 for software and other operational costs to keep your business running smoothly.
The federal government guarantees 85% of the loan, providing a significant safety net for your business. This means less risk for you and more security as you expand.
Flexible repayment options are available. You can choose between a variable interest rate, a fixed rate, or a combination of both. Additionally, you have up to 15 years to repay the loan, regardless of how you use the funds. This flexibility allows you to manage your finances in a way that best suits your business needs.
Program Steps
Gather Required Documentation: Prepare the following documents to support your application:
- Business Plan
- Financial Statements (e.g., balance sheet, income statement)
- Proof of Business Registration
- Tax Returns (last two years)
- Details of Intended Use of Funds (e.g., quotes for equipment or renovation costs)
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
Submit the Application: Submit the completed application form along with the required documentation to the designated program office or online portal.
Review and Verification: The program office will review your application and verify the information provided. They may contact you for additional information or clarification.
Approval and Agreement: If your application is approved, you will receive an approval notification. Review the terms and conditions of the program agreement.
Sign the Agreement: Sign the program agreement and return it to the program office. This step finalizes your participation in the program.
Receive Funds: Once the agreement is signed, the funds will be disbursed to your business account as per the program guidelines.
Utilize Funds: Use the funds as specified in your application to support your business activities.
Report Progress: Periodically report on the progress and impact of the funds on your business as required by the program.
Compliance and Monitoring: Ensure compliance with all program requirements and participate in any monitoring or evaluation activities conducted by the program office.