REGI — Regional Innovation Ecosystems
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 daily 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. Approval can help you expand, upgrade, or stabilize your business, ensuring long-term success. Plus, qualifying is straightforward, making it easier for you to access the funds you need.
Financing Details
Type of Financing: Grant
Repayment Terms:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Research and development costs
- Marketing and promotional activities
- Training and development programs
Use of Funds:
- Funds cannot be used for personal expenses.
- Funds cannot be used for debt repayment.
- Funds cannot be used for any illegal activities.
Fees:
- No application fees.
- No administrative fees.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
Business must be operating in Northern Ontario.
Disqualifications:
- Businesses outside Northern Ontario.
- Businesses without a Canada Revenue Agency Business Number.
Description
This program offers your business a chance to receive up to $1,000,000 in funding. You can use this money to buy equipment, improve your workspace, or cover other essential costs.
You can use the funds for:
- Purchasing new machinery or equipment
- Renovating your business premises
- Upgrading your technology and IT infrastructure
The program provides a flexible payback period, allowing you to repay the loan over a span of up to 15 years. This gives you ample time to manage your finances and grow your business without immediate pressure.
The government guarantees 85% of the loan, offering a significant security net for your business. This means less risk for you and more confidence in making necessary investments.
This is a great opportunity to enhance your business operations, expand your capabilities, and ensure long-term success with the support of government-backed funding.
Program Steps
Gather Required Documentation: Prepare the following documents to support your application:
- Business Plan
- Financial Statements (last 2-3 years)
- Tax Returns (last 2-3 years)
- Proof of Business Registration
- Project Proposal (if applicable)
- Quotes or Estimates for Project Costs
Complete the Application Form: Fill out the application form provided by FedNor. Ensure all sections are completed accurately.
Submit the Application: Submit the completed application form along with the required documentation to FedNor. This can typically be done online or via mail.
Follow Up on Submission: After submission, follow up with FedNor to confirm receipt of your application and inquire about the review timeline.
Respond to Additional Requests: Be prepared to provide any additional information or documentation if requested by FedNor during the review process.
Review Approval Terms: If your application is approved, review the terms and conditions of the funding. Ensure you understand the obligations and requirements.
Sign Agreement: Sign the funding agreement provided by FedNor to formalize the acceptance of the terms.
Implement the Project: Once the agreement is signed, proceed with implementing the project as outlined in your proposal.
Report Progress: Regularly report on the progress of your project to FedNor as required. This may include financial updates and project milestones.
Complete Final Reporting: Upon project completion, submit a final report detailing the outcomes and impacts of the funded project.