Program Supporting the Development of Tourist Attractions — Stream 2
Highlights
This program is designed specifically for business owners like you who are looking to enhance their hotel properties. With term loans ranging from $100,000 to $5 million, you can cover up to 90% of eligible costs for your renovation projects. This means you can make significant improvements without bearing the entire financial burden.
Applying for this program gives you an excellent opportunity to upgrade your facilities and attract more guests. By improving the guest experience, your hotel could see increased bookings and higher revenue. The requirement for a minimum 10% investment from private sources ensures your commitment while allowing you to leverage significant financial support.
Moreover, this program operates throughout Quebec and has no set end date, providing you with the flexibility to plan your projects at your own pace. This is a chance to transform your business and drive growth in a manageable way. Don't miss out on this valuable resource for your hotel renovation!
Financing Details
Type of Financing
This program offers a term loan ranging from $100,000 to $5 million. It covers up to 90% of eligible costs for hotel renovation projects.
Repayment Terms and Interest Rates
The loan has a repayment term that you can discuss further to find out the exact duration. Interest rates are typically competitive and designed to support business growth. You'll get clear terms whenever you apply.
Eligible Expenses
You can use the funds for various renovation costs, which may include construction, upgrades, and essential infrastructure improvements for your hotel.
Ineligible Expenses
The funds cannot be used for routine maintenance, non-renovation related purchases, or any expenses that do not directly contribute to the renovation project.
Fees Associated
Currently, there are no hidden fees tied to this program, making it straightforward and easy to plan your budget.
Qualifications
- Location: Business must be located in Quebec.
- Funding Amount: Eligible for a loan between $100,000 and $5 million.
- Project Requirement: Must be for hotel renovation projects.
- Contribution: Requires a minimum 10% contribution from private sources.
- Employees: No minimum or maximum number of employees required.
- Company Revenue: No minimum or maximum revenue qualifications.
- Legal Structure: All legal structures are applicable.
- Profit Structure: All profit structures are applicable.
Disqualifications:
- No specific disqualifications mentioned.
Description
You can access a term loan ranging from $100,000 to $5 million to support your hotel renovation projects. This program covers up to 90% of eligible costs, allowing you to upgrade or expand your hotel infrastructure without shouldering the entire financial burden.
To participate, you need to contribute a minimum of 10% from private sources. This is a great way to take advantage of funding while still ensuring a level of investment from your end. The money can be used for various renovation needs, helping you to improve your facilities and attract more guests.
This program operates throughout Quebec and has no set end date, giving you flexibility in planning your projects. With the support of this loan, your business can enhance its offerings, improve guest experiences, and ultimately drive growth.
Program Steps
Develop Your Project Proposal
Outline your hotel renovation project. Include details on the scale of renovations, expected impact on guest experience, and how it will enhance your hotel's offerings.Determine Your Funding Needs
Decide how much financial support you will need. Remember, the program offers term loans ranging from $100,000 to $5 million and can cover up to 90% of eligible costs.Prepare the Required Documentation
Gather essential documents for your application, including:- Business registration or incorporation documents
- Recent financial statements (balance sheet and income statement)
- Detailed project budgets and cost estimates
- Proof of your 10% contribution from private sources
- Business plan or project plan outlining goals and objectives
Complete the Application Form
Fill out the application form provided by the program. Ensure all sections are accurately completed and double-check for any missing information.Submit Additional Supporting Evidence
If needed, provide any extra documentation that supports your application, such as letters of support from stakeholders or testimonials from past guests.Review and Submit Your Application
Go through your application to ensure everything is correct and complete. Once you're satisfied, submit it as instructed on the program's website.Wait for Confirmation
After submission, monitor your email for a confirmation or follow-up from the program administrators regarding the next steps.
