Vehicle Retrofit Program — Persons with disabilities
Highlights
This program is designed for business owners like you. It offers up to $1,000,000 in financing to help you make important purchases for your business. Additionally, you can receive $150,000 specifically for software or day-to-day operating costs.
What You Get
- Up to $1,000,000 in financing
- An additional $150,000 for software or operating costs
The funds can be used for:
- Operating expenses
- Restorations
- New equipment
- Software
- And much more
The key difference between this loan and others is that it is backed by the government, giving you flexible repayment options with up to 15 years to pay it back. This makes it easier to manage your finances and invest in your business's growth.
Financing Details
Type of Financing: Grant
Repayment Terms:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Research and development costs
- Marketing and promotional activities
- Employee training programs
Use of Funds:
- Funds cannot be used for debt repayment.
- Funds cannot be used for personal expenses.
- Funds cannot be used for any illegal activities.
Fees:
- No application fee.
- No processing fee.
- No hidden charges.
Qualifications
- Must be a business operating in New Brunswick.
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
Must be in good standing with the New Brunswick government.
Disqualifications:
- Businesses not operating in New Brunswick.
- Businesses that do not have a Canada Revenue Agency Business Number.
- Businesses not classified as SMEs.
- Businesses not in good standing with the New Brunswick government.
Description
This program offers your business up to $500,000 in funding. You can use this money for various purposes, such as:
- Purchasing new equipment
- Upgrading your facilities
- Expanding your operations
The funds can also cover operational costs, like software or other essential expenses, up to a certain limit.
You don't have to pay back the money right away. The program gives you a flexible payback period, which can be up to 10 years. This means you have time to grow your business without immediate financial pressure.
There are no upfront costs to access this funding. This program is designed to help you invest in your business and achieve long-term success.
Program Steps
Gather Required Documentation:
- Business registration documents
- Financial statements (last 2 years)
- Business plan
- Tax returns (last 2 years)
- Identification for business owners
- Proof of address for business premises
Complete the Application Form:
- Fill out the application form provided by the program.
- Ensure all sections are completed accurately.
Prepare Supporting Documents:
- Attach the gathered documentation to the application form.
- Ensure all documents are up-to-date and correctly formatted.
Submit the Application:
- Submit the completed application form and supporting documents through the designated submission method (online portal, mail, or in-person).
Follow Up on Application:
- Monitor the status of your application.
- Respond promptly to any requests for additional information or clarification from the program administrators.
Review Approval and Terms:
- Once approved, review the terms and conditions of the program.
- Ensure you understand the obligations and benefits.
Implement Program Benefits:
- Utilize the program benefits as outlined in your application.
- Keep records of how the benefits are used for future reporting or audits.