REGI — Business Scale-up and Productivity
Highlights
This program is designed specifically for businesses like yours in Northern Ontario. It offers up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. This funding can be used for a variety of needs, including operating expenses, restorations, new equipment, and software.
Why should you apply? This program provides government-backed loans, giving you the flexibility to choose how you repay, with terms up to 15 years. This makes it more manageable than other financing options. Being approved can help you make important purchases, expand your operations, and improve your business infrastructure. The qualification process is straightforward, making it easier for you to access the funds you need.
Financing Details
Type of Financing: Grant
Repayment Terms: This grant does not require repayment. There are no interest rates or repayment terms associated with this funding.
Eligible Expenses:
- Purchase of equipment and machinery
- Leasehold improvements
- Research and development costs
- Marketing and promotional activities
- Training and development for staff
- Operational costs directly related to the project
Use of Funds: The funds cannot be used for:
- General operating expenses not related to the project
- Debt repayment
- Purchase of land or buildings
- Personal expenses
Fees: There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be located in Northern Ontario.
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Must be in operation for at least one year.
Must demonstrate potential for growth and job creation.
Disqualifications:
- Businesses outside Northern Ontario.
- Large enterprises.
- Businesses without a Canada Revenue Agency Business Number.
- New businesses operating for less than one year.
- Businesses with no potential for growth or job creation.
Description
This program offers your business a chance to receive up to $1,000,000. You can use this money to buy new equipment or improve your rented space.
Eligible purchases include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, the program can provide up to $150,000.
The federal government guarantees 85% of the loan, giving you added security.
Flexible repayment options are available. You can choose between a variable interest rate, a fixed rate, or a combination of both.
You have up to 15 years to pay back the loan, regardless of what you spend it on. This program is a great opportunity to grow and enhance your business.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. You will need:
- Business plan
- Financial statements (past three years)
- Project proposal
- Proof of business registration
- Identification documents for business owners
- Any relevant permits or licenses
Complete the Application Form: Fill out the application form provided by the Federal Economic Development Agency for Northern Ontario (FedNor). Ensure all sections are completed accurately.
Submit the Application: Submit your completed application form along with the gathered documentation to FedNor. This can usually be done online through their official website or via mail.
Follow Up: After submission, follow up with FedNor to confirm receipt of your application. This step ensures that your application is being processed.
Respond to Additional Requests: Be prepared to provide any additional information or documentation if requested by FedNor. This may include clarifications or further details about your business or project.
Await Decision: Wait for the decision from FedNor. They will review your application and notify you of the outcome.
Review and Accept Terms: If approved, review the terms and conditions of the funding. Ensure you understand all obligations and requirements before accepting the offer.
Receive Funds: Once you accept the terms, the funds will be disbursed to your business. Use the funds as outlined in your project proposal.
Report Progress: Regularly report on the progress of your project as required by FedNor. This may include financial updates and project milestones.
Complete the Project: Ensure the project is completed as per the proposal. Maintain records and documentation of all expenses and activities related to the project.