Racialized and Indigenous Supports for Entrepreneurs (RAISE)
Highlights
This program is designed specifically for businesses like yours. It offers a unique opportunity to secure financing that can help you grow and meet your business goals. The program provides up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs.
What You Get
- Up to $1,000,000 in financing
- An additional $150,000 for software or operating costs
The funds 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, offering you flexible repayment options with up to 15 years to pay it back. This makes it a more secure and manageable option compared to traditional loans. Qualifying for this program is straightforward, making it an excellent choice for your business.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Digital marketing services
- E-commerce platform development
- Website creation and optimization
- Digital advertising
- Social media management
- Search engine optimization (SEO)
- Purchase of digital tools and software
Use of Funds:
- Funds can be used exclusively for digital transformation initiatives.
- Cannot be used for non-digital expenses such as rent, utilities, or non-digital marketing.
Fees:
- No application or processing fees associated with this grant program.
Qualifications
- Must be a business located in Alberta, Atlantic Canada, British Columbia, Northwest Territories, Ontario, Saskatchewan, or Yukon.
Must be a main street small business.
Disqualifications:
- None specified in the provided context.
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 significant security net for your business.
Flexible repayment options are available. 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 how you use the funds.
Program Steps
Sign Up or Log In: Visit the Digital Main Street website and either sign up for a new account or log in to your existing one.
Complete the Digital Roadmap: Fill out the Digital Roadmap to receive custom recommendations and connections to trusted digital providers.
Prepare Documentation: Gather the necessary documents for your application. You will need:
- Business registration details
- Financial statements
- Business plan
- Quotes or invoices for digital services or equipment
- Proof of business address
Submit the Application Form: Complete and submit the application form available on the Digital Main Street portal.
Await Pre-Approval: Wait for the pre-approval notification. You may need to provide additional information if requested.
Receive Grant Funding: Once approved, you will receive the grant funding. Ensure you keep all receipts and documentation for reporting purposes.
Monthly Reporting: Start monthly reporting one month after receiving the grant. This will continue for six months. You will receive email notifications when it is time to report.
Final Reporting: Complete the final reporting at the end of the program. You will be notified via email when the final report is due.
Review and Feedback: If you worked with a Digital Main Street Vendor, consider submitting a review to help rank vendors and provide feedback on your experience.