Talent to Watch program
Highlights
This program is a fantastic opportunity for your business. It offers up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. This funding can be used for a variety of needs, including operating expenses, restorations, new equipment, and software. The key advantage of this loan is that it is backed by the government, providing you with more security and flexibility in repayment, with terms up to 15 years.
Applying for this program is straightforward, and qualifying is easier than many other financing options. By being approved, you can secure the funds needed to grow and sustain your business, ensuring you have the resources to make important purchases and investments. This program is designed to support businesses like yours, making it an excellent choice for your financial needs.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Development and production costs
- Marketing and distribution expenses
- Equipment purchases
- Staff salaries and wages
- Travel and accommodation related to the project
Use of Funds:
- Funds cannot be used for personal expenses
- Funds cannot be used for unrelated business activities
- Funds cannot be used to pay off existing debts
Fees:
- No application fees
- No processing fees
- No hidden charges
This grant provides financial support without the need for repayment, allowing you to focus on growing your business and achieving your project goals.
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 a chance to receive up to $500,000. You can use this money to buy new equipment, upgrade your facilities, or cover other essential business expenses.
Eligible expenses include:
- Purchasing machinery or technology
- Renovating your office or retail space
- Investing in software or IT infrastructure
The program provides flexible repayment options. You can choose a fixed or variable interest rate, and you have up to 10 years to pay back the loan. This flexibility helps you manage your finances better.
The government guarantees 75% of the loan, reducing your financial risk. This program is a great opportunity to grow your business with less worry about the financial burden.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. These typically include:
- Business registration documents
- Financial statements (balance sheet, income statement)
- Business plan
- Tax returns
- 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 sections are completed accurately and thoroughly.
Submit the Application: Submit your completed application form along with the required documentation. This can usually be done online through the program's website or by mail.
Await Confirmation: After submission, you will receive a confirmation that your application has been received. This may include a reference number for tracking purposes.
Respond to Follow-Up Requests: Be prepared to provide additional information or clarification if requested by the program administrators. This may involve submitting more documents or answering specific questions about your business.
Review Approval Terms: If your application is approved, review the terms and conditions of the program. Ensure you understand any obligations or commitments required.
Sign Agreement: Sign any necessary agreements or contracts to formalize your participation in the program.
Implement Program Benefits: Once approved and all agreements are signed, you can begin to utilize the benefits provided by the program to support and grow your business.