REGI — Business Scale-up and Productivity — CED (QC) — Not-for-profit
Highlights
This program is designed specifically for businesses like yours to foster growth and innovation. It offers up to 50% financial assistance for SMEs on authorized costs, which is repayable without interest. This means you can invest in new technologies, equipment, or market expansion without the burden of immediate repayment. The repayment starts two years after your project ends, giving you ample time to see returns on your investment.
Key benefits include:
- Interest-free financial assistance up to 50% of project costs.
- Flexible repayment terms starting two years post-project.
- Support for various projects like acquiring new machinery, adopting new technologies, and market development.
Applying for this program can significantly boost your productivity and competitiveness. It's easier to qualify than many other financing options, as it is tailored to support SMEs in sectors like manufacturing, food processing, and technology. Approval can help you scale up efficiently, manage resources better, and ultimately drive your business towards greater success.
Financing Details
Type of Financing:
- For SMEs, the financial assistance provided is a repayable loan.
- The loan covers generally up to 50% of authorized costs and is repayable without interest.
- Repayment is scheduled to begin two years after the project's completion.
Eligible Expenses:
- All costs directly related to the project that are deemed reasonable and essential for project implementation are eligible.
- Examples include the acquisition of digital production equipment, technology adoption, market development activities, and business management resources.
Ineligible Use of Funds:
- The funds cannot be used for non-essential costs unrelated to the project.
- Additionally, the funds cannot be used for refinancing existing debts, purchasing assets above fair market value, amortization expenses, goodwill costs, or land purchases.
Fees:
- There are no interest charges on the loan.
- However, there is a document preparation fee of $175 and an application fee of $100 associated with the program.
Qualifications
- Must be a small or medium-sized enterprise (SME) or a non-profit organization (NPO).
- Business must be operating in the manufacturing, food processing, information, communications and multimedia technologies, or life sciences sectors. Other sectors may also be eligible.
Must be located in Quebec.
- Disqualifications:
- Retail businesses (e.g., clothing stores, grocery stores, automobile sales and maintenance outlets).
- Food services (e.g., restaurants and cafés).
- Transportation services.
- Housing construction.
- Daycare services.
- Hair and beauty salons.
- Nightclubs, bars, and cabarets.
Description
This program offers financial assistance to help your business grow and innovate. You can receive funding to support various stages of your business development. This includes acquiring new equipment, adopting new technologies, and enhancing productivity.
You can get up to 50% of your project costs covered if you are an SME. This funding is repayable without interest, and you start repayments two years after your project ends. For NPOs, up to 90% of costs can be covered, and this funding is non-repayable.
Eligible expenses include:
- Digital production equipment or machinery
- New technologies or production processes
- Commercialization and market development activities
- Hiring marketing staff or participating in trade fairs
- Adopting best management practices
This program is a great opportunity to boost your business's competitiveness and productivity.
Program Steps
Visit the Program Website: Go to the official Canada Economic Development (CED) website to access detailed information about the funding program.
Download the Project Submission Guide: Refer to the Project Submission Guide available on the CED website. This guide will provide step-by-step instructions and additional details on the application process.
Prepare Necessary Documentation: Gather the required documents to support your application. These typically include:
- Business plan
- Financial statements
- Project proposal
- Quotes for equipment or services
- Market studies or diagnostics
- Resumes of key personnel
Develop a Detailed Project Proposal: Outline your project, including objectives, expected outcomes, and how it will foster business growth, productivity, or innovation. Be clear about the costs and the timeline.
Contact CED for Clarification: If you have any questions or need further information, reach out to CED through their contact page. They can provide guidance and answer any specific queries you might have.
Submit Your Application: Follow the instructions in the Project Submission Guide to submit your application. Ensure all required documents are included and your proposal is comprehensive.
Await Review and Feedback: After submission, CED will review your application. They may contact you for additional information or clarification.
Approval and Agreement: If your application is approved, you will receive an agreement outlining the terms of the funding, including repayment conditions if applicable.
Project Implementation: Once the agreement is signed, you can begin implementing your project as outlined in your proposal.
Reporting and Repayment: Keep detailed records of your project’s progress and expenses. Submit required reports to CED and begin repayment as per the agreed schedule.