World Trade Centre Winnipeg — Business Resources
Highlights
This program is designed specifically for businesses like yours. It offers up to $1,000,000 in financing to help you make significant investments. Additionally, you can receive an extra $150,000 for software or daily operating costs. This funding can be used for various purposes, 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 flexible repayment options. You can choose how to pay it back, with terms extending up to 15 years. This makes it a more attractive option compared to other loans, giving you the financial support you need without the immediate pressure of repayment.
Applying for this program is straightforward, and qualifying is easier than you might think. By getting approved, you will have the financial backing to grow and expand your business, ensuring long-term success and stability.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment term is up to 10 years.
- Interest rates are fixed at 3.5% per annum.
Eligible Expenses:
- Purchase of new or used equipment.
- Leasehold improvements.
- Working capital for day-to-day operations.
- Intangible assets such as patents, trademarks, and software.
Use of Funds:
- Funds cannot be used for refinancing existing debts.
- Funds cannot be used for personal expenses or non-business-related activities.
Fees:
- Application fee of $150.
- Annual administration fee of 1% of the outstanding loan balance.
Qualifications
- Must be a business operating in Manitoba.
- Must be seeking to start, grow, or expand a business.
Must be interested in business planning, networking, or accessing grants and funding.
Disqualifications:
- None specified in the provided context.
Description
This program offers your business up to $1,000,000 in funding. You can use up to $500,000 of this amount to purchase equipment or improve your rented space.
Eligible expenses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or working capital, you can receive up to $150,000.
The federal government guarantees 85% of the loan, providing a significant safety net for you.
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 extended period makes it easier to manage your finances.
Program Steps
Gather Required Documentation:
- 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 relevant permits or licenses
Complete the Application Form:
- Fill out the official application form provided by the program.
- Ensure all sections are completed accurately.
Prepare a Detailed Project Proposal:
- Outline the purpose of the funding.
- Include a detailed budget and timeline.
- Explain how the funding will benefit your business.
Submit the Application:
- Review the application and attached documents for completeness.
- Submit the application through the designated submission portal or by mail, as instructed.
Follow Up:
- Contact the program office to confirm receipt of your application.
- Be available to answer any follow-up questions or provide additional information if requested.
Attend an Interview (if required):
- Some programs may require an interview or presentation.
- Prepare to discuss your business plan and project proposal in detail.
Wait for Approval:
- The program administrators will review your application.
- You will be notified of the decision within the specified timeframe.
Receive Funding:
- If approved, review the terms and conditions of the funding.
- Sign any necessary agreements.
- Funds will be disbursed according to the program's guidelines.