Production program — Indigenous stream
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 operating expenses, restorations, new equipment, software, and much more.
The key difference between this loan and others is that it is backed by the government. You have the flexibility to choose how you pay it back, with up to 15 years to do so. This makes it a more secure and manageable option compared to traditional loans. Qualifying for this program is straightforward, making it easier for you to access the funds you need to grow your business.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Salaries and wages for project staff.
- Costs for equipment and supplies directly related to the project.
- Travel expenses necessary for project implementation.
- Marketing and promotional activities specific to the project.
- Professional services such as consulting or legal fees directly tied to the project.
Use of Funds:
- Funds can be used to cover the costs of project implementation, including staff salaries, equipment, travel, marketing, and professional services.
Restrictions:
- Funds cannot be used for general operating expenses not related to the project.
- Funds cannot be used for debt repayment or financial restructuring.
- Funds cannot be used for any expenses not directly tied to the project’s objectives.
Fees:
- There are no application or processing fees associated with this grant program.
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 in funding. You can use up to $500,000 of this money 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 working capital, you can get up to $150,000.
The federal government guarantees 85% of the loan, giving you a strong safety net.
This loan program is flexible. If you have made significant purchases in the last year that fit the program guidelines, you can include them in this loan.
You have various options for repayment. You can choose a variable interest rate, a fixed rate, or a combination of both.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Register for an Account: Visit the official program website and create an account if you do not already have one.
Complete the Online Application Form: Log in to your account and fill out the online application form. Ensure all fields are accurately completed.
Prepare Documentation: Gather the necessary documents to support your application. These typically include:
- Business registration documents
- Financial statements (e.g., balance sheets, income statements)
- Business plan
- Tax returns for the past two years
- Proof of business address
- Identification documents for business owners
Upload Documentation: Upload the prepared documents to the application portal. Make sure each document is clear and legible.
Review and Submit Application: Carefully review your application and uploaded documents. Ensure all information is correct and complete. Submit the application once you are satisfied.
Confirmation and Tracking: After submission, you will receive a confirmation email with a tracking number. Use this number to monitor the status of your application.
Respond to Follow-Up Requests: Be prepared to respond promptly to any follow-up requests for additional information or clarification from the program administrators.
Await Decision: Wait for the program administrators to review your application. This process may take several weeks.
Receive Approval and Next Steps: If your application is approved, you will receive instructions on the next steps, including how to access the program benefits.
Implement Program Benefits: Once approved, follow the provided guidelines to implement the benefits of the program into your business operations.