WinterTech Development
Highlights
This program is designed specifically for businesses like yours. It offers up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs. This funding can be used for a variety of needs, including operating expenses, restorations, new equipment, and software.
What sets this program apart is that it is backed by the government, providing you with more security and flexibility. You can choose how to repay the loan, with terms extending up to 15 years. This makes it easier to manage your finances and invest in the growth of your business.
Qualifying for this program is straightforward, and being approved can significantly boost your business's capabilities. This is a unique opportunity to secure the resources you need to thrive and expand.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rate: Fixed interest rate of 3.5% per annum.
Eligible Expenses:
- Purchase of new equipment.
- Leasehold improvements.
- Research and development costs.
- Employee training and development.
- Marketing and promotional activities.
Ineligible Expenses:
- Real estate purchases.
- Debt refinancing.
- Dividends or bonuses to owners.
- Personal expenses.
Fees:
- Application Fee: $200.
- Annual Maintenance Fee: 1% of the outstanding loan balance.
- Late Payment Fee: 2% of the overdue amount.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Ontario.
Currently involved in the development or deployment of connected and automated vehicle (C/AV) technology or electric vehicle (EV) technology.
Disqualifications:
- Businesses outside the technology sector.
- Businesses not involved in C/AV or EV technology.
- Businesses operating outside Ontario.
Description
This program allows your business to receive up to $1,000,000. You can use this money to buy equipment or improve your business space.
You can use the funds for:
- Purchasing commercial kitchen appliances
- Buying manufacturing machinery
- Upgrading computers and IT infrastructure
- Renovating retail spaces
For other costs like software or operational expenses, the program can provide up to $150,000.
The government guarantees 85% of the loan, giving you a safety net.
Flexible repayment options are available. 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 what you spend it on.
This program offers a valuable opportunity to invest in your business’s growth and stability.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (last two years)
- Tax Returns (last two years)
- Proof of Business Registration
- Identification Documents (for all business owners)
- Project Proposal (detailing how the program will benefit your business)
Complete the Application Form:
- Access the application form on the official program website.
- Fill out all required fields accurately.
Submit Supporting Documents:
- Attach all gathered documentation to your application form.
- Ensure all documents are clear and legible.
Review and Confirm Application:
- Double-check all information for accuracy.
- Confirm that all required documents are included.
Submit the Application:
- Submit your completed application form and supporting documents through the designated submission portal or email address provided by the program.
Await Confirmation:
- Wait for an acknowledgment receipt of your application.
- Monitor your email for any follow-up requests or additional information needed.
Follow Up:
- If you do not receive confirmation within the specified timeframe, contact the program’s support team for an update.
Prepare for Evaluation:
- Be ready to provide additional information or clarification if requested during the evaluation process.
Receive Decision:
- Await the decision on your application.
- If approved, review the terms and conditions provided.
Implement the Program:
- Upon approval, follow the guidelines and timelines provided to implement the program effectively in your business.