Standards Council of Canada
Highlights
This program is designed specifically for businesses like yours, offering a unique opportunity to secure financing that can significantly boost your operations. The program provides up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. This flexibility ensures you have the resources needed to grow and sustain your business.
What You Get
- Up to $1,000,000 in financing
- An additional $150,000 for software or operating costs
The funds can be used for:
- Operating expenses
- Restorations
- New equipment
- Software
- And much more
The key difference between this loan and others is that it is backed by the government, providing you with more favorable terms and the option to repay over a period of up to 15 years. This makes it easier to manage your finances and invest in the future of your business.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed at 3% per annum.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Working capital.
- Intangible assets such as patents and trademarks.
Ineligible Expenses:
- Real estate purchases.
- Refinancing existing debts.
- Personal expenses.
Fees:
- Application Fee: $150.
- Annual Administration Fee: 1% of the outstanding loan balance.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Canada.
- Must have annual revenue between $100,000 and $50 million.
Must have between 1 and 500 employees.
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 up to $500,000 in funding to help your business grow. You can use this money for various needs like buying new equipment, improving your facilities, or covering operational costs.
You can use the funds for:
- Upgrading machinery
- Renovating your workspace
- Purchasing new technology
- Covering day-to-day expenses
The government covers 75% of the loan, giving you a safety net and reducing your financial risk.
Flexible repayment options are available, allowing you to choose between fixed or variable interest rates. You can also take up to 10 years to repay the loan, making it easier to manage your finances.
This program is a great opportunity to invest in your business without the immediate financial strain.
Program Steps
Gather Required Documentation: Prepare the following documents:
- Business registration details
- Financial statements (last two years)
- Business plan
- Tax returns (last two years)
- Proof of business address
- Identification documents for business owners
Complete the Application Form: Fill out the application form with accurate and up-to-date information about your business.
Submit the Application: Submit your completed application form along with the required documentation to the designated program office or online portal.
Attend an Interview (if required): Be available for any follow-up interviews or meetings to discuss your application in detail.
Await Approval: Wait for the program administrators to review your application and provide a decision.
Receive Funding: If approved, review the terms and conditions, sign the necessary agreements, and receive the funding for your business.