Technology Access Centres (TAC)
Highlights
This program is designed for businesses like yours to access top-tier research and development (R&D) support. By engaging with Technology Access Centres (TACs), you can leverage state-of-the-art equipment and expertise to innovate and grow your business.
Key Benefits:
- Access to $477 million worth of cutting-edge equipment and research facilities
- Collaboration with over 2,000 experts in business innovation and applied R&D
- Flexible intellectual property (IP) policies allowing you to commercialize research results
Why Apply?
- De-risk financial investments by leveraging government funding programs
- Customized training to upgrade your technical skills
- Enhanced competitiveness through innovative solutions and productivity improvements
Qualifying for this program is straightforward, making it an excellent opportunity to advance your business with minimal hassle.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rates: Fixed at 3% per annum.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Working capital for day-to-day operations.
- Research and development costs.
- Marketing and advertising expenses.
Ineligible Expenses:
- Personal expenses.
- Real estate purchases.
- Repayment of existing debts.
- Any expenses not directly related to business operations.
Fees:
- Application Fee: $200 (non-refundable).
- Processing Fee: 1% of the loan amount, deducted from the loan disbursement.
- Late Payment Fee: 5% of the overdue amount.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must be a Canadian business.
- Must be engaged in research and development (R&D) or innovation activities.
- Must be seeking to develop new prototypes, scale-up processes, or solve unique business challenges.
Must be willing to collaborate with a Technology Access Centre (TAC).
Disqualifications:
- Businesses not engaged in R&D or innovation activities.
- Businesses not willing to collaborate with a TAC.
Description
This program offers your business a chance to receive up to $1,000,000. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible uses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, you can get up to $150,000.
The federal government guarantees 85% of the loan, providing a strong safety net for your business.
Flexible repayment options are available. If you have made significant purchases in the last 365 days that fit the program's guidelines, 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 Necessary Documentation: Prepare the following documents:
- Business plan
- Financial statements (income statement, balance sheet, cash flow statement)
- Proof of business registration
- Tax returns (last two years)
- Details of intended use of funds (e.g., quotes for equipment or renovation costs)
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
Submit the Application: Submit the completed application form along with the required documentation to the designated office or online portal.
Review and Verification: The program administrators will review your application and verify the provided information. They may contact you for additional details or clarification.
Await Approval: Once your application is reviewed, you will be notified of the decision. If approved, you will receive instructions on the next steps.
Sign Agreement: Upon approval, you will need to sign an agreement outlining the terms and conditions of the program.
Receive Funds: After signing the agreement, the funds will be disbursed to your business account. You can then use the funds as specified in your application.
Report Usage: Periodically, you may be required to report on how the funds are being used and the progress of your business.
Maintain Records: Keep detailed records of all transactions and activities related to the program for future reference and compliance checks.