VERGE Capital — Startup Fund
Highlights
This program is designed for businesses like yours, offering affordable and flexible loan financing to help you grow and succeed. Whether you are a startup or an established enterprise, this program provides the financial support you need to make a positive impact on your community and the environment.
Why Apply?
- Equitable Access to Capital: Especially beneficial for businesses owned by or serving historically excluded and marginalized populations.
- Flexible Loan Terms: Tailored to meet your specific needs, making it easier to manage repayments.
- Support for Social Enterprises: Ideal for businesses that prioritize social and environmental goals alongside profit.
What's in It for You?
- Affordable Financing: Lower interest rates compared to traditional loans.
- Community Impact: Your business can contribute to a greener and more inclusive economy.
- Easy Qualification: Designed to be accessible, ensuring you can get the support you need without unnecessary hurdles.
By being approved for this program, you will not only receive the financial backing to grow your business but also join a network of enterprises committed to making a difference. This is a unique opportunity to access funding that aligns with your values and business goals.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan offers flexible repayment terms.
- Interest rates are competitive and vary based on the specific needs of your business.
Eligible Expenses:
- Equipment purchases
- Leasehold improvements
- Intangible assets
- Working capital
Ineligible Expenses:
- Personal expenses
- Non-business-related activities
- Any expenses not directly tied to the business operations
Fees:
- Application fee: $100
- Document preparation fee: $175
- No renewal fee for standalone loans
- One-time registration fee: 2% of the loan amount (can be financed as part of the loan)
- Administration fee: 1.25% (included in the interest rate)
Qualifications
- Must be a social enterprise.
- Business must be located in Southwestern Ontario.
Can be a for-profit business, nonprofit, or charity.
Disqualifications:
- Businesses located outside Southwestern Ontario.
Description
This program offers your business a fantastic opportunity to grow and thrive. You can receive up to $1.75 million in funding. This money can be used for various purposes, such as expanding your operations, purchasing new equipment, or investing in sustainable practices.
You can use the funds for:
- Buying new machinery or technology
- Renovating your business space
- Implementing eco-friendly initiatives
The funding is designed to be flexible and supportive. You don't have to pay it back immediately. The program offers a generous payback period, allowing you to focus on using the funds to boost your business first.
This program is a great chance to secure the resources you need to take your business to the next level. With affordable and flexible loan options, you can make significant improvements without the immediate financial pressure.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These include:
- Business Plan
- Financial Statements (last two years)
- Tax Returns (last two years)
- Proof of Business Registration
- Identification Documents (e.g., driver's license, passport)
- Any other relevant financial documents
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
Submit the Application: Submit your completed application form along with the required documentation to the designated office or online portal specified by the program.
Attend an Interview (if required): Some programs may require an interview or a meeting with a program officer. Be prepared to discuss your business plan and how the funds will be used.
Wait for Approval: After submission, your application will be reviewed. This process may take several weeks. Be patient and check for any updates or requests for additional information.
Receive Funds: Once approved, you will receive the funds as outlined in the program’s terms. Ensure you understand the disbursement process and any conditions attached.
Comply with Reporting Requirements: Follow any reporting requirements set by the program. This may include periodic financial reports or updates on how the funds are being used.
Repay the Loan (if applicable): If the program involves a loan, ensure you adhere to the repayment schedule. Keep track of due dates and amounts to maintain good standing.