PARO Services
Highlights
This program is designed specifically for women entrepreneurs like you, aiming to support your business growth and development. By participating, you can access valuable resources, expert advice, and a supportive network that can help you overcome challenges and achieve your business goals.
Why Apply?
- Financial Support: Receive up to $1,000,000 in financing, with an additional $150,000 available for software or operating costs.
- Flexible Use of Funds: Use the funds for operating expenses, restorations, new equipment, software, and more.
- Government-Backed: This loan is backed by the government, offering you security and flexibility in repayment terms, with up to 15 years to pay it back.
Benefits for Your Business
- Expert Guidance: Access to business development programs, advisory services, and technical resources.
- Networking Opportunities: Build connections with other entrepreneurs through workshops, conferences, and events.
- Ease of Qualification: The program is designed to be accessible, ensuring that you can easily qualify and benefit from the support offered.
By being approved for this program, you will gain the financial and professional support needed to take your business to the next level.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
There are no repayment terms or interest rates associated with this grant. The funds provided do not need to be repaid.
Eligible Expenses:
The grant can be used for the following expenses:
- Business development and growth initiatives
- Marketing and promotional activities
- Training and skill development for employees
- Purchase of equipment and technology
- Operational costs
Ineligible Expenses:
The grant cannot be used for:
- Personal expenses
- Debt repayment
- Real estate purchases
- Any illegal activities
Fees:
There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be a small or medium-sized business.
- Must be a social enterprise.
- Must be located in Ontario.
Must be a woman-owned business.
Disqualifications:
- Businesses not owned by women.
- Businesses located outside Ontario.
Description
This program offers your business 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 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 significant 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 can also apply significant purchases made in the last 365 days to this loan.
You have up to 15 years to repay the loan, regardless of how you use the funds.
Program Steps
Gather Necessary Documents: Prepare the following documents to complete your application:
- Business Plan
- Financial Statements (last two years)
- Tax Returns (last two years)
- Proof of Business Registration
- Identification Documents (e.g., driver's license, passport)
- Any other relevant documents specific to your business
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
Submit the Application: Submit your completed application form along with the gathered documents. This can typically be done online or via mail, depending on the program's submission guidelines.
Attend an Interview or Consultation: If required, attend an interview or consultation session. This step may involve discussing your business plan and financial projections with a program representative.
Review and Sign Agreement: Once your application is approved, review the terms and conditions of the program. Sign the agreement to formalize your participation.
Receive Funding or Support: After signing the agreement, you will receive the funding or support as outlined in the program. Use these resources to grow and enhance your business.
Follow Up and Reporting: Maintain regular communication with the program administrators. Provide any required progress reports or updates as specified in the agreement.