Theatrical documentary 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. These funds can be used for a variety of needs, including operating expenses, restorations, new equipment, software, and more.
The key advantage of this financing is that it is backed by the government, providing you with a level of security and flexibility that other loans may not offer. You have the freedom to choose how you repay the loan, with terms extending up to 15 years. This makes it easier to manage your cash flow and invest in the growth of your business. The qualification process is straightforward, ensuring that you can access the funds you need without unnecessary hassle.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan must be repaid within 10 years.
- Interest rates are fixed at 3% per annum.
- Monthly payments are required, including both principal and interest.
Eligible Expenses:
- Production costs, including equipment and materials.
- Marketing and distribution expenses.
- Salaries and wages for staff directly involved in the project.
- Licensing fees and permits.
Use of Funds:
- Funds cannot be used for personal expenses.
- Funds cannot be used to pay off existing debts.
- Funds cannot be used for any activities not directly related to the project.
Fees:
- Application fee of $150.
- No additional fees for early repayment.
- Annual maintenance fee of 1% of the remaining 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 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 up to $1,000,000 in funding. You can use this money to buy equipment or improve your rented space, with up to $500,000 available for these purposes.
Eligible expenses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, you can receive up to $150,000.
The federal government guarantees 85% of the loan, providing a strong safety net for you.
This loan is flexible. If you have made significant purchases in the last year that fit the program guidelines, you can apply them to this loan.
You have various options to repay the loan, including variable or fixed interest rates, or even combining your loan amount and interest into one payment.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation: Prepare the following documents needed for the application:
- Business registration documents
- Financial statements (last two years)
- Business plan
- Proof of ownership or lease agreement for business premises
- 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.
Submit the Application: Submit the completed application form along with the required documentation to the designated program office or online portal.
Await Confirmation: After submission, you will receive a confirmation of receipt. Keep this for your records.
Respond to Follow-Up Requests: Be prepared to provide any additional information or clarification if requested by the program administrators.
Review Approval Terms: If your application is approved, review the terms and conditions of the program carefully.
Sign Agreement: Sign any necessary agreements or contracts to formalize your participation in the program.
Implement Program Benefits: Once all agreements are signed, begin utilizing the program benefits as outlined in your approval notice.