What Can the Panorama Program Fund?
The Panorama Program, administered by Investissement Québec, is designed to support Canadian exporters aiming to diversify their markets outside of Quebec. This program provides crucial financial assistance and expert guidance to help businesses expand into new international territories. For those unfamiliar with its offerings, this article details the types of expenses the Panorama Program can fund.
Program Funding Overview
The Panorama Program focuses on helping businesses with financial needs related to export diversification. It offers loans ranging from $250,000 to $1,000,000, with the possibility of combining with other financial solutions for projects exceeding $1,000,000. The primary objective is to aid businesses in expanding their sales and operations internationally, excluding the United States.
Funding Amounts & Rates
Businesses can access term loans between $250,000 and $1,000,000 with a capital repayment moratorium of up to 24 months. There are no initial requirements for collateral or corporate/personal guarantees, although these might be requested if financial or credit quality criteria are not met. For projects requiring more than $1,000,000, a combination of financial products and collaboration with partners like Export Development Canada (EDC) may be utilized.
Eligible Expenses
The Panorama Program covers a wide range of expenses associated with export diversification, including:
Business Development: Costs related to increasing sales in new markets, such as consulting fees, travel and promotional expenses, hiring local representatives, and legal fees.
Office Establishment Abroad: Expenses for setting up sales, service, or logistics offices in foreign markets.
Contract Fulfillment: Costs incurred to meet the contractual demands of a buyer outside Quebec.
These expenses aim to facilitate the entry and expansion of businesses into diverse international markets.
Ineligible Expenses
Certain expenses are not covered by the Panorama Program, such as:
Costs related to projects that result in job losses or factory closures within Quebec.
Activities that do not comply with international trade regulations.
Expenses incurred in the United States due to specific program conditions.
Understanding these exclusions is essential for businesses to align their project plans with the program's funding criteria.
Expense Documentation Requirements
Applicants must maintain comprehensive records of eligible expenses, such as invoices, receipts, and contracts. These documents should be readily accessible for audits and must adhere to high standards of financial documentation to ensure compliance and transparency.
Examples of Funded Projects
Examples of projects that could be funded include:
Acquiring a foreign company to expand sales networks or diversify product portfolios.
Purchasing new equipment or adding production lines to meet international client specifications.
These examples highlight how the program supports significant growth initiatives across various sectors.
Funding Disbursement & Claiming Process
Funds are typically disbursed based on project milestones or through reimbursement after expenses are incurred. Businesses must submit detailed claims with supporting documents to receive funding, following the specified timelines for processing.
Stacking Rules
The Panorama Program can be combined with other funding sources, provided the total funding does not exceed the project budget. Applicants must disclose all other funding sources to comply with program rules and avoid conflicts.
Real-World Budgeting Tips
To maximize the benefits of the Panorama Program, businesses should:
Carefully plan eligible expenses to ensure alignment with program criteria.
Maintain detailed financial records to support funding claims.
Consider potential ineligible costs when budgeting for projects.
By strategically managing their budgets, businesses can effectively leverage program funding to achieve their export diversification goals.
Conclusion
The Panorama Program offers extensive financial support for Canadian businesses aiming to diversify their exports. By understanding the scope of eligible expenses and aligning project plans accordingly, applicants can optimize their funding strategies to drive international growth. For more detailed guidance, businesses are encouraged to contact Investissement Québec for personalized support.
