Regional Economic Growth through Innovation — Business Scale-up and Productivity — ACOA
Highlights
The Regional Economic Growth through Innovation (REGI) program is designed to help your business thrive. This program offers unsecured, interest-free repayment contributions to help you scale up, adopt new technologies, and improve productivity. You can use the funds to expand your operations, create new products, and enter new markets. This flexibility allows you to grow your business without the burden of high-interest loans.
What You Get:
- Unsecured, interest-free funding to support your growth
- Flexible repayment terms tailored to your business needs
- Support for adopting new technologies and improving productivity
- Opportunities to reach new markets and compete globally
By participating in the REGI program, you can accelerate your business growth and enhance your competitive edge. The application process is straightforward, and the program is designed to be accessible, making it easier for you to qualify and benefit from this valuable support.
Financing Details
Type of Financing: Repayable Contribution
Repayment Terms:
- The contributions are unsecured and interest-free.
- The repayment schedule and conditions will be detailed in your agreement.
Eligible Expenses:
- Scaling up and expanding your business.
- Adopting new technologies.
- Improving productivity.
- Creating new products and entering new markets.
Ineligible Expenses:
- The funds cannot be used for regular operating expenses or debt repayments.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be a business located in Atlantic Canada.
- Must be one of the following types of businesses:
- Sole proprietorships
- Partnerships
- Social enterprises
- Incorporated companies
- Corporations or co-operatives
- Indigenous-owned businesses
- All other types of enterprises
Must be a non-profit organization that offers services to businesses.
Disqualifications:
- Businesses located outside of Atlantic Canada.
Description
The Regional Economic Growth through Innovation (REGI) program is designed to help your business grow and succeed. Through this program, you can receive unsecured, interest-free funding to scale up, adopt new technologies, improve productivity, and enter new markets. This funding can be used to expand your operations, create new products, and reach more customers.
Key benefits include:
- Unsecured, interest-free funding: No need for collateral, and you won't pay interest.
- Flexible use of funds: Scale up, adopt new technologies, improve productivity, and create new products.
- Repayment terms: Details will be outlined in your agreement, making it clear and manageable.
Additionally, the program supports non-profit organizations that help businesses like yours at every stage of development. This creates a strong network of support, especially for under-represented groups such as women, Indigenous peoples, and young entrepreneurs.
By participating in this program, your business can gain the resources and support needed to compete globally and achieve sustainable growth.
Program Steps
Contact Your Nearest ACOA Office: Reach out to your local Atlantic Canada Opportunities Agency (ACOA) office to discuss your project and get initial guidance on the application process.
Prepare Documentation: Gather the necessary documents to support your application. These include:
- Business plan
- Financial statements (e.g., balance sheets, income statements)
- Details of intended use of funds (e.g., quotes for equipment, technology, or expansion costs)
- Any additional documents requested by the ACOA representative
Complete the Application for Financial Assistance: Fill out the official application form provided by ACOA. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Send your completed application and all supporting documents to the ACOA office. This can typically be done via mail, email, or through an online submission portal, depending on the office's requirements.
Review and Follow-Up: After submission, the ACOA office will review your application. Be prepared to provide any additional information or clarification if requested. Stay in touch with the ACOA representative to monitor the status of your application.
Approval and Agreement: If your application is approved, you will receive an agreement outlining the terms and conditions of the funding. Review this document carefully, and if everything is in order, sign and return it to ACOA.
Receive Funds: Once the agreement is finalized, the funds will be disbursed according to the agreed-upon schedule. You can then use the funds to scale up your business, adopt new technologies, or improve productivity as planned.