Youth Ventures NL
Highlights
This program is a great opportunity for your business. It offers up to $1,000,000 in financing and an additional $150,000 for software or day-to-day operating costs. This can help you make important purchases and investments to grow your business.
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. You also have the flexibility to choose how you pay it back, with up to 15 years to do so. This makes it easier and more secure for you to manage your finances and focus on growing your business.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rates: Fixed rate of 3.5% per annum.
Eligible Expenses:
- Equipment purchases.
- Leasehold improvements.
- Working capital.
- Intangible assets such as patents and trademarks.
Ineligible Expenses:
- Real estate purchases.
- Personal expenses.
- Debt refinancing.
Fees:
- Application Fee: $150.
- Processing Fee: 1% of the loan amount.
- Annual Maintenance Fee: $100.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have a Canada Revenue Agency Business Number.
- Business must be operating in Prince Edward Island.
Currently exporting or planning to start exporting.
Disqualifications:
- Businesses in the retail/wholesale sector.
- Real estate businesses.
- Government services.
- Personal or social services.
- Softwood lumber industry.
- Professional services such as marketing firms, creative agencies.
Description
This program offers your business a fantastic opportunity to receive 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, the program provides up to $150,000.
Key benefits include:
- 85% of the loan is guaranteed by the federal government, giving you a significant security net.
- Flexible repayment options: Choose between variable or fixed interest rates, or combine your loan amount and interest into blended payments.
- Up to 15 years to repay the loan, regardless of what you spend it on.
This program is designed to help your business grow and succeed by providing the financial support you need.
Program Steps
Gather Required Documentation: Prepare the following documents to support your application:
- Business Plan
- Financial Statements (e.g., balance sheets, income statements)
- Tax Returns
- Proof of Business Registration
- Identification Documents (e.g., driver's license, passport)
- Any additional documents specified by the program guidelines
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Submit your completed application form along with the required documentation to the designated submission portal or address specified by the program.
Await Confirmation: After submission, wait for confirmation from the program administrators. They may contact you for additional information or clarification.
Review and Sign Agreement: If your application is approved, review the agreement terms carefully. Sign the agreement and return it as instructed.
Receive Funds: Once the agreement is signed and processed, the funds will be disbursed to your business account. Use the funds as outlined in your application.