PrairiesCan — Aerospace Regional Recovery Initiative — Indigenous Stream
Highlights
This program is designed specifically for businesses like yours in the aerospace sector. It offers up to $10 million in funding to help you expand, improve productivity, and adopt greener practices. The financing is interest-free and repayable over five years, starting one year after project completion. This makes it more affordable than many other financing options.
What You Get:
- Up to 75% of eligible project costs covered for commercial projects
- Up to 90% of eligible costs covered for non-commercial projects
- Interest-free loans with flexible repayment terms
Benefits:
- Boost productivity with advanced manufacturing and AI
- Adopt sustainable practices to reduce your carbon footprint
- Strengthen supply chains and integrate new technologies
- Support workforce development through training and upskilling
Applying is straightforward, and if approved, you will gain access to resources that can significantly accelerate your growth and competitiveness. This program is a unique opportunity to enhance your business while contributing to a stronger, more inclusive economy.
Financing Details
Type of Financing: Interest-Free Repayable Loan
Repayment Terms:
- Repayment starts one year after project completion.
- 60 equal monthly payments.
- Early repayment is allowed without penalties.
Eligible Expenses:
- Capital costs (equipment, machinery).
- Labour (wages and benefits).
- Marketing.
- Costs related to intellectual property.
- Technology development and commercial demonstrations.
- Professional, advisory, and technical services.
Ineligible Expenses:
- Basic and applied R&D (Technology readiness level 1-6).
- Land and buildings.
- Salary bonuses and dividend payments.
- Entertainment expenses.
- Refinancing of existing debt.
- Amortization or depreciation of assets.
- Lobbying activities.
- Donations, dues, and membership fees.
- Goodwill.
- Purchase of any assets for more than fair market value.
- Any cost deemed unreasonable, non-incremental, or not directly related to project activities.
Fees:
- No fees associated with the program.
Qualifications
- Must be operating in the aerospace industry.
- Must be a small or medium-sized enterprise (SME) or a not-for-profit organization providing services to SMEs, including municipalities, post-secondary institutions, provinces, and Indigenous organizations.
- Indigenous businesses and organizations are invited to apply.
Must be located in the Prairie provinces.
Disqualifications:
- Basic and applied research and development (Technology readiness level 1-6).
- Land and buildings.
- Salary bonuses and dividend payments.
- Entertainment expenses.
- Refinancing of existing debt.
- Amortization or depreciation of assets.
- Lobbying activities.
- Donations, dues, and membership fees.
- Goodwill.
- The purchase of any assets for more than fair market value.
- Any cost deemed unreasonable, non-incremental, or not directly related to project activities.
Description
This program offers significant financial support for your business. You can receive up to $10 million for your project. This money can be used for various purposes, such as:
- Greening your operations: Adopt environmentally sustainable practices.
- Improving productivity: Invest in advanced manufacturing, artificial intelligence, or workforce development.
- Commercializing products: Bring innovative products and services to market.
For commercial projects, you can get up to 75% of eligible project costs covered through interest-free, repayable loans. You start repaying one year after project completion, with 60 equal monthly payments. Early repayment is allowed. Non-commercial projects can receive up to 90% of eligible costs as non-repayable funding.
This initiative is designed to help your business grow and compete globally. It supports activities like adopting clean technologies, scaling up operations, and integrating new technologies. Priority is given to projects that promote sustainability, economic benefits, diversity, and digital adoption. This is a great opportunity to enhance your business and contribute to a stronger economy.
Program Steps
Gather Required Documentation: Prepare the following documents:
- Financial statements (past 2-3 years)
- Business plan
- Project proposal detailing the intended use of funds
- Quotes for equipment or services
- Proof of other funding sources (bank statements, letters of confirmation)
Complete the Application Form: Fill out the application form available on the program's website. Ensure all sections are completed accurately.
Submit the Application: Submit your completed application form along with the required documentation through the designated online portal or via mail as instructed.
Await Confirmation: After submission, wait for a confirmation email or letter acknowledging receipt of your application.
Respond to Follow-Up Requests: Be prepared to provide additional information or clarification if requested by the program administrators.
Review Approval Terms: If your application is approved, review the terms and conditions of the funding, including repayment schedules and any other obligations.
Sign Agreement: Sign the funding agreement and return it to the program administrators.
Receive Funds: Once the agreement is signed, the funds will be disbursed to your business account.
Implement Project: Use the funds as outlined in your project proposal to achieve the program objectives.
Report Progress: Periodically report on the progress of your project as required by the program guidelines. This may include financial updates and project milestones.