Settlement Investment Corporation
Highlights
This program is a fantastic opportunity for your business. It offers up to $1,000,000 in financing, with an additional $150,000 specifically for software or daily operating costs. These funds can be used for a variety of needs, including operating expenses, restorations, new equipment, and software.
The key advantage of this program is that it is backed by the government, providing you with more security and flexibility. You can choose how to repay the loan, with terms extending up to 15 years. This makes it easier to manage your cash flow and invest in growth. The application process is straightforward, ensuring you can quickly access the funds you need to take your business to the next level.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Research and development costs
- Marketing and advertising expenses
- Employee training programs
Use of Funds:
- Funds cannot be used for debt repayment.
- Funds cannot be used for personal expenses.
- Funds cannot be used for any illegal activities.
Fees:
- No application fees.
- No processing fees.
- No renewal fees.
This grant provides a straightforward way to support your business growth without the burden of repayment.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Prince Edward Island.
Currently exporting or planning to start exporting.
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Softwood lumber industry.
- Professional services such as marketing firms, creative agencies.
Description
This program offers your business up to $1,000,000 in funding. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible uses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or working capital, you can receive up to $150,000.
The federal government guarantees 85% of the loan, providing a strong safety net for your business.
Flexible repayment options are available. If you have made qualifying purchases in the last 365 days, you can include them in this loan. You can choose from variable interest rates, fixed rates, or a combination of both.
You have up to 15 years to repay the loan, no matter how you use the funds.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. You will need:
- Business financial statements
- Business plan
- Tax returns
- Proof of business registration
- Identification documents for business owners
- Any additional documents specific to your business type
Complete the Application Form: Fill out the application form provided by the program. Ensure all information is accurate and complete.
Review Application Requirements: Double-check the application requirements to ensure you have met all criteria and included all necessary information.
Submit the Application: Submit your completed application form along with the required documentation to the designated submission portal or address.
Follow Up: After submission, follow up with the program's contact point to confirm receipt of your application and inquire about the next steps.
Prepare for Potential Interviews or Additional Requests: Be ready to provide further information or attend interviews if requested by the program administrators.
Await Decision: Wait for the program administrators to review your application and notify you of their decision.
Complete Any Additional Steps: If approved, follow any additional steps provided by the program to finalize your participation and access the benefits.