Scotians Global Advisors Program
Highlights
This program is designed for businesses like yours, offering a unique chance to expand your network and gain valuable insights. By connecting with a Scotians Global Advisor, you can receive personalized advice, market insights, and strategic guidance tailored to your specific business needs. This can help you navigate challenges and seize opportunities in global markets.
Why Apply?
- Expert Advice: Get one-on-one conversations with seasoned executives.
- Global Connections: Access a network of high-level contacts across various industries.
- Market Insights: Gain knowledge to improve and validate your business strategies.
What's in it for You?
- Enhanced Competitiveness: Improve your business plans and strategies.
- New Opportunities: Open doors to markets and industries worldwide.
- Ease of Access: The program is designed to be straightforward and easy to qualify for.
By participating, you can significantly boost your business's growth and competitiveness on a global scale. Connect with an advisor today and start imagining the outcomes.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years
- Interest Rate: Fixed at 3.5% per annum
Eligible Expenses:
- Purchase of equipment
- Leasehold improvements
- Intangible assets (e.g., patents, trademarks)
- Working capital
Ineligible Expenses:
- Real estate purchases
- Personal expenses
- Existing debt refinancing
Fees:
- Application Fee: $200
- Annual Maintenance Fee: 1% of the outstanding loan balance
Qualifications
- Must be a business operating in Nova Scotia.
- Must be looking to increase sales outside of Nova Scotia.
Must be aiming to improve competitiveness in global markets.
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, the program can provide up to $150,000.
The federal government guarantees 85% of the loan, giving you a significant safety net.
This loan program is flexible. If you have made eligible purchases in the last 365 days, you can include them in this loan.
You have various options to repay the loan. You can choose a variable interest rate, a fixed one, or a combination of both.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation: Prepare the necessary documents for the application. These include:
- Business Plan
- Financial Statements (e.g., balance sheet, income statement)
- Proof of Business Registration
- Identification Documents for Business Owners
- Detailed Description of the Project or Purpose for Funding
Complete the Application Form: Fill out the application form provided by the program. Ensure all fields are accurately completed and all required information is included.
Submit the Application: Submit the completed application form along with the required documentation to the designated program office or online portal.
Review and Follow-Up: After submission, monitor the status of your application. Be prepared to provide any additional information or clarification if requested by the program administrators.
Await Approval: Once your application is reviewed, you will receive a notification regarding the approval status. If approved, you will be informed of the next steps to receive the program benefits.
Implement the Program Benefits: Upon approval and receipt of the program benefits, proceed with the implementation of your project or intended use of funds as outlined in your application.
Report Progress: Periodically report on the progress and outcomes of your project as required by the program guidelines. Ensure compliance with any reporting requirements to maintain eligibility for continued support.