Student Summer Employment Program — Post‐secondary
Highlights
This program is designed specifically for businesses like yours. It offers significant financial support to help you grow and sustain your operations. By applying, you can access up to $1,000,000 in financing, with an additional $150,000 available for software or daily operating costs.
Benefits for Your Business:
- Flexible Use of Funds: Cover operating expenses, restorations, new equipment, software, and more.
- Government-Backed Loan: Enjoy the security and reliability of government support.
- Flexible Repayment Terms: Choose how you pay back the loan, with up to 15 years to do so.
Qualifying for this program is straightforward, and being approved can provide the financial stability and resources you need to take your business to the next level. This is an excellent opportunity to secure funding that is both substantial and flexible, tailored to meet the unique needs of your business.
Financing Details
Type of Financing:
- Wage Subsidy: Receive a subsidy of up to $14.50 per hour, covering 60% of wages for hiring post-secondary summer students for 5 to 12 weeks. Non-profit organizations can receive 100% wage coverage.
Repayment Terms and Interest Rates:
- Repayment: No repayment required for the subsidy received.
- Interest Rates: No interest charges on the subsidy amount.
Eligible Expenses:
- Covered Expenses: The subsidy can be used to cover wages for post-secondary summer students hired for 5 to 12 weeks.
Ineligible Expenses:
- Non-Eligible Usage: The subsidy cannot be used for any expenses other than covering the wages of post-secondary summer students.
Fees:
- No Fees: There are no fees associated with receiving the wage subsidy.
Qualifications
- Must be a business operating in Newfoundland and Labrador.
- Must hire a post-secondary summer student.
Employment duration must be between 5 to 12 weeks.
- Disqualifications:
- None specified.
Description
This program offers your business a subsidy of up to $14.50 per hour. It can cover up to 60% of wages for hiring a post-secondary summer student. If your organization is not-for-profit, it can cover 100% of wages.
You can hire a student for a period of 5 to 12 weeks. This is a great way to bring in fresh talent and new ideas while reducing your labor costs.
By participating, you can save on wage expenses and invest those savings back into your business. This program provides financial relief and supports workforce development.
Program Steps
Register for a MyGovNL Account: If you do not already have one, visit the MyGovNL website and create an account. This will allow you to access and submit the application online.
Access the Application Portal: Log in to your MyGovNL account and navigate to the application portal for the program.
Prepare Required Documentation: Gather the necessary documents to support your application. These may include:
- Business registration details
- Financial statements (e.g., balance sheet, income statement)
- Business plan
- Proof of business address
- Tax returns
- Quotes or estimates for intended use of funds (if applicable)
Complete the Online Application Form: Fill out the application form with accurate and detailed information about your business and the purpose of the funding.
Upload Supporting Documents: Upload the prepared documentation to the application portal. Ensure all files are clear and legible.
Review and Submit: Carefully review your application and attached documents for accuracy. Once confirmed, submit the application through the portal.
Monitor Application Status: After submission, regularly check your MyGovNL account for updates on the status of your application. Be prepared to provide additional information if requested.
Await Approval and Follow-Up: If your application is approved, follow the instructions provided for the next steps, which may include signing agreements or providing further documentation.
Receive Funding: Upon final approval and completion of all required steps, the funds will be disbursed according to the program’s guidelines.