Student Entrepreneurship
Highlights
This program is designed for businesses like yours. It offers up to $1,000,000 in financing to help you make essential purchases. Additionally, you can receive $150,000 for software or daily operating costs. This funding can be used for various needs, including operating expenses, restorations, new equipment, and software.
What sets this program apart 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 finances and invest in your business's growth.
Applying is straightforward, and qualifying is easier than you might think. By being approved, you gain access to substantial funds that can drive your business forward, ensuring you have the resources needed to succeed.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- This is a non-repayable grant. There are no repayment terms or interest rates associated with this funding.
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Research and development
- Marketing and advertising
- Employee training and development
Ineligible Expenses:
- Personal expenses
- Debt repayment
- Real estate purchases
- Any expenses not directly related to the business operations
Fees:
- There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
Business must be operating in New Brunswick.
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 to help your business grow. You can use this money to buy new equipment, upgrade your facilities, or even expand your operations.
Eligible expenses include:
- New machinery and tools
- Office renovations
- Technology upgrades
- Marketing and advertising costs
The program provides interest-free loans for the first two years. After that, you have up to 10 years to pay it back with a low-interest rate. This gives you the flexibility to invest in your business without immediate financial pressure.
Why is this beneficial for you? It allows you to make significant improvements and expansions without straining your cash flow. This can lead to increased productivity, better customer experience, and ultimately, higher profits.
Program Steps
Gather Necessary Documentation:
- Business registration documents
- Financial statements (last two years)
- Business plan
- Tax returns (last two years)
- Identification documents (e.g., driver's license, passport)
- Proof of address (e.g., utility bill)
Complete the Application Form:
- Fill out the online or paper application form provided by the program.
- Ensure all sections are completed accurately.
Prepare a Detailed Business Plan:
- Include an executive summary.
- Outline your business objectives.
- Provide a market analysis.
- Detail your marketing and sales strategy.
- Include financial projections.
Submit the Application:
- Attach all required documents.
- Double-check for completeness and accuracy.
- Submit the application through the designated submission portal or mail it to the specified address.
Follow Up:
- Confirm receipt of your application.
- Monitor your email or phone for any communication from the program administrators.
- Be prepared to provide additional information if requested.
Review and Approval:
- Wait for the application review process.
- Respond promptly to any requests for additional information or clarification.
- Once approved, review the terms and conditions of the program.
Receive Funding:
- Upon approval, follow the instructions to receive the funds.
- Ensure you understand the disbursement process and any reporting requirements.
Utilize the Funds:
- Use the funds as outlined in your business plan.
- Keep detailed records of how the funds are used.
Report and Compliance:
- Submit any required reports on the use of funds.
- Ensure compliance with all program requirements and deadlines.
Maintain Communication:
- Stay in touch with program administrators.
- Seek assistance if you encounter any issues or have questions.
