Production program — English market budgets under $3.5M
Highlights
This program is a great opportunity for your business. It offers up to $1,000,000 in financing to help you make important purchases. Additionally, you can receive an extra $150,000 for software or day-to-day operating costs. This funding can be used for various needs such as operating expenses, restorations, new equipment, software, and much more.
The key advantage of this program 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 attractive option compared to other financing methods. Approval for this program can significantly boost your business, making it easier to manage finances and invest in growth. Plus, qualifying is straightforward, ensuring you can access the funds you need without unnecessary hassle.
Financing Details
Type of Financing: This program offers a Grant.
Eligible Expenses:
- Costs associated with production, including pre-production, production, and post-production expenses.
- Salaries and wages for employees directly involved in the production.
- Equipment rentals and purchases necessary for the production.
- Licensing and rights acquisition fees.
- Marketing and distribution costs directly related to the production.
Use of Funds:
- Funds cannot be used for general business overhead, unrelated to the specific production.
- Funds cannot be used for debt repayment or refinancing existing loans.
- Funds cannot be used for personal expenses or any non-business-related activities.
Fees:
- There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Prince Edward Island.
Currently exporting or planning to start exporting.
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Softwood lumber industry.
- Professional services such as marketing firms, creative agencies.
Description
This program offers your business a chance to receive 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 get up to $150,000.
The federal government guarantees 85% of the loan, providing a strong safety net for your business.
This loan program is flexible. If you have made significant purchases in the last 365 days that fit the program guidelines, you can include them in this loan.
You have various repayment options. You can choose a variable interest rate, a fixed one, or combine your loan amount and interest into blended payments.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These may include:
- Business registration documents
- Financial statements (balance sheets, income statements)
- Business plan
- Tax returns (personal and business)
- Proof of business address
- Identification documents (e.g., passport, driver's license)
Complete the Application Form: Fill out the application form provided by the program. Ensure all information is accurate and complete.
Submit Supporting Documents: Attach the prepared documentation to your application. Make sure all documents are up-to-date and clearly labeled.
Review and Submit Application: Double-check your application and attached documents for completeness and accuracy. Submit the application through the designated submission method (e.g., online portal, mail).
Follow Up: After submission, follow up with the program's contact point to confirm receipt of your application and inquire about the next steps.
Respond to Additional Requests: Be prepared to provide any additional information or documentation if requested by the program administrators.
Await Decision: Wait for the program administrators to review your application and notify you of their decision. This may take several weeks.
Accept Terms and Conditions: If approved, review the terms and conditions of the program. Sign any required agreements to formalize your participation.
Receive Funding or Support: Once all agreements are signed, you will receive the funding or support as outlined in the program's terms. Use the resources as specified in your application.