Training-on-the-job program
Highlights
This program is designed specifically for businesses like yours. It offers up to $1,000,000 in financing to help you make crucial purchases and investments. Additionally, you can receive an extra $150,000 for software or day-to-day operating costs. This financial support can be used for a variety of needs, including operating expenses, restorations, new equipment, and software.
Key benefits of this program include:
- Government-backed financing, providing you with security and trust.
- Flexible repayment options, allowing you up to 15 years to repay the loan.
- Comprehensive support, ensuring you have the resources needed to grow and sustain your business.
Applying for this program is straightforward, and qualifying is easier than you might think. Approval will provide you with the financial stability and flexibility to focus on what matters most—running and expanding your business.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan has a fixed interest rate of 3.5% per annum.
- Repayment term is up to 10 years.
- Early repayment is allowed without penalties.
Eligible Expenses:
- Purchase of new equipment.
- Leasehold improvements.
- Intangible assets such as patents and software.
- Working capital needs.
Ineligible Expenses:
- Personal expenses.
- Real estate purchases.
- Debt refinancing.
Fees:
- Application fee of $150.
- Annual maintenance fee of $100.
- No prepayment penalties.
Qualifications
- Must be a business operating in Alberta.
- Must have workers' compensation coverage as required by law.
- Must be in an industry classified by WCB-Alberta.
- Must comply with premium payment requirements.
Must submit annual returns.
Disqualifications:
- Businesses not operating in Alberta.
- Businesses without required workers' compensation coverage.
- Businesses failing to comply with premium payment requirements.
- Businesses not submitting annual returns.
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 purchases include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, the program can provide up to $150,000.
The federal government guarantees 85% of the loan, giving you a significant safety net.
Flexible repayment options are available. You can choose a variable interest rate, a fixed one, or a combination of both.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Log in to myWCB: Access the myWCB portal using your business credentials.
Complete the Online Application Form: Fill out the required fields in the application form with accurate information about your business.
Prepare Documentation: Gather the necessary documents to support your application. These may include:
- Business registration documents
- Financial statements (e.g., balance sheet, income statement)
- Proof of payroll records
- Details of workplace safety programs
- Any other relevant documentation as specified in the application guidelines
Upload Documentation: Upload the prepared documents to the myWCB portal as part of your application.
Review and Submit: Double-check all the information and documents to ensure accuracy. Once reviewed, submit your application through the portal.
Confirmation and Follow-Up: After submission, you will receive a confirmation email. Monitor your email for any follow-up requests or additional information needed from WCB-Alberta.
Await Approval: Your application will be reviewed, and you will be notified of the decision. If approved, follow the instructions provided for the next steps.