SK Startup Institute — Business Advising
Highlights
This program is perfect for your business because it offers expert advice and mentorship at no cost. Whether you're starting up or expanding, our advisors can guide you through critical areas like business planning, market research, and funding. This support can help you make informed decisions and set your business up for long-term success.
What You Get
- One-on-one support for business registration, licensing, and tax account setup
- Expert guidance on creating a comprehensive business plan
- Funding advice to help you find the right financial resources
Key Benefits
- Customized assistance tailored to your specific needs
- Access to experienced advisors who can provide practical advice and mentorship
- No cost for these valuable services
By participating in this program, you can streamline your business setup, improve your planning, and secure the funding you need. It's easy to qualify, and the support you receive can make a significant difference in your business's success.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Marketing and advertising costs
- Employee training programs
- Research and development
Ineligible Expenses:
- Personal expenses
- Debt repayment
- Real estate purchases
- Routine operational costs (e.g., utilities, rent)
Fees:
- No application fee
- No processing fee
- No hidden charges
This grant provides non-repayable funds to support your business's growth and development. The funds must be used for specific eligible expenses that directly contribute to your business's success. Personal expenses, debt repayment, and routine operational costs are not covered. There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be a business operating in Saskatchewan.
- Must have completed the registration process with Information Services Corporation’s Corporate Registry.
- Must have acquired a business license from the relevant municipality.
Must have opened necessary business administration accounts (sales tax, bank, and insurance accounts).
Disqualifications:
- None specified in the provided context.
Description
This program offers your business up to $1,000,000 in funding. You can use up to $500,000 of this amount to purchase equipment or improve your rented space.
Eligible expenses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Retail space renovations
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 significant safety net for you.
Flexible repayment options are available. If you've made eligible purchases in the last 365 days, you can include them in this loan. You can choose between a variable interest rate, a fixed rate, or a combination of both.
You have up to 15 years to repay the loan, regardless of how you use the funds.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements
- Market Analysis
- Marketing Strategy
- Human Resources Strategy
- Operations Strategy
- Financial Projections
- Exit or Succession Plan
Book an Appointment with an Advisor:
- Schedule a meeting with an expert advisor to discuss your business needs and get guidance on the application process.
Develop a Strong Business Plan:
- Conduct research.
- Develop 2-3 specific and measurable long-term goals.
- Create strategies for achieving these goals.
- Customize your plan to fit your business.
Register Your Business:
- Decide on the structure of your business.
- Register your business name with Information Services Corporation’s Corporate Registry.
- Open necessary business administration accounts (e.g., sales tax, bank, insurance).
Acquire a Business License:
- Submit a completed application and pay the appropriate fee to your municipality.
Submit Your Application:
- Complete the application form with all required information and documentation.
- Ensure your business plan includes all necessary sections and is well-organized.
Follow Up:
- Stay in contact with your advisor to track the progress of your application.
- Provide any additional information or documentation if requested.