How much funding can be received?

There is no informations about how much funding can be received.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Business Investment Program — Term Loan?

Business Investment Program — Term Loan is funded by Department of Industry, Energy and Technology (NL), Government of Newfoundland and Labrador

Business Investment Program — Term Loan

NL, Canada

Loan for business improvement in Newfoundland and Labrador

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Loans and Capital investments

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Manufacturing

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Department of Industry, Energy and Technology (NL)
Government of Newfoundland and Labrador

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Get a term loan at a 4.5% interest rate, for increasing productivity, taking advantage of export potential and improving your competitiveness.

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There are eligible activities for this grant:

Undertaking projects in strategic growth sectors as identified by Industry, Energy and Technology.
Projects requiring assistance to enter or expand in external markets.
Projects that complement funding from conventional sources and increase the capital base of businesses.

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$600,000

Halifax

Expanding manufacturing capabilities to increase productivity at Halifax facility

$650,000

Vancouver

Developing new software solutions for fintech market

$400,000

Quebec City

Launching an export strategy for organic food products from Quebec City

$200,000

Toronto

Improving digital infrastructure for a non-profit organization

$850,000

Calgary

Developing a renewable energy initiative focusing on solar installations

$300,000

Winnipeg

Establishing a cooperative grocery store with a focus on local products

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The Business Investment Program has specific eligibility criteria for companies to qualify for the grant.

Be a small and medium-sized enterprise (SME) based and operating in Newfoundland and Labrador having fewer than 100 employees and less than $10 million in sales.
Demonstrate its ability to undertake the work identified in the project proposal.
Demonstrate its ability to access the financial capital required to complete the project.
Operate in a strategic sector as defined by Industry, Energy and Technology (IET).
Be in good standing with the Government of Newfoundland and Labrador.

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The Business Investment Program is designed for small and medium-sized enterprises (SMEs) based and operating in Newfoundland and Labrador that are positioned in strategic growth sectors. This program supports businesses with potential for export expansion by providing them with repayable term loans.

Small and medium-sized enterprises (SMEs) in Newfoundland and Labrador.
Businesses operating in strategic growth sectors identified by Industry, Energy and Technology.

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Some types of companies that are not eligible for this grant include:

Companies with more than 100 employees.
Companies with sales exceeding $10 million.

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Companies eligible for this grant must be based and operating in Newfoundland and Labrador. These businesses should meet specific criteria regarding size and sector.

Newfoundland and Labrador

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There are evaluation and selection criteria for the Business Investment Program grant in Canada. The criteria include being a small and medium-sized enterprise in Newfoundland and Labrador, demonstrating the ability to complete the proposed project, accessing required financial capital, operating in a strategic sector, and being in good standing with the government.

Be a small and medium-sized enterprise (SME) based and operating in Newfoundland and Labrador with fewer than 100 employees and less than $10 million in sales.
Demonstrate the ability to undertake the work identified in the project proposal.
Demonstrate the ability to access the financial capital required for the project.
Operate in a strategic sector as defined by IET.
Be in good standing with the Government of Newfoundland and Labrador.

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Step 1: Obtain Application Forms

Download "Application for Commercial Programs".
Download "Application for Commercial Programs – Fillable PDF".

Step 2: Prepare Application

Ensure your SME is eligible by checking criteria.
Gather necessary financial and company information.
Demonstrate ability to complete the project.

Step 3: Contact IET Office

Reach out to the Industry, Energy and Technology office near you for more information.
Consult about current interest rates and any additional requirements.

Step 4: Submit Application

Complete application form with accurate information.
Submit through the specified channels or contact method.

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Additional information that might be useful to applicants includes details on funding terms and contact points for assistance:

Loans are repayable at the Bank of Canada interest rate plus 0.5%.
Interest rates are subject to change; applicants should confirm current rates.
Contact the Industry, Energy, and Technology office for more information or assistance with applications.

Apply to this program

Business Investment Program Summary

Business Investment Program Details

The Business Investment Program offers term loans to small and medium-sized enterprises in strategic growth sectors in Newfoundland and Labrador. Eligible applicants must be SMEs with fewer than 100 employees and less than $10 million in sales, operating in strategic sectors as defined by Industry, Energy, and Technology. The program aims to provide financial assistance to businesses with export potential, complementing funding from conventional sources, and increasing their capital base to leverage new private-sector investments.

Eligibility Criteria

To qualify for the Business Investment Program, applicants must demonstrate their ability to undertake the work outlined in the project proposal, access the necessary financial capital to complete the project, and be in good standing with the Government of Newfoundland and Labrador. The program is designed to support SMEs looking to expand their operations, enter external markets, and contribute to economic growth in the region.

Application Process

Interested businesses can apply for the program by completing the designated application forms available on the Industry, Energy, and Technology website or by contacting the nearest IET office for assistance. The loans offered through the Business Investment Program are in the form of term loans at the Bank of Canada interest rate plus 0.5%, with interest rates subject to change. Applicants are encouraged to consult with program officials for further information and guidance on the application process.

Benefits of the Program

The Business Investment Program provides a valuable opportunity for SMEs in Newfoundland and Labrador to access financial support for their growth and expansion initiatives. By offering term loans at competitive interest rates and focusing on strategic sectors, the program aims to stimulate economic development, enhance business competitiveness, and facilitate market expansion for eligible businesses. Participating in the program can help SMEs leverage additional investments, strengthen their financial position, and capitalize on new market opportunities.

Conclusion

In conclusion, the Business Investment Program represents a valuable resource for small and medium-sized enterprises seeking financial assistance to support their growth and expansion efforts. By providing term loans at favorable interest rates and targeting strategic sectors, the program plays a vital role in fostering business innovation, market competitiveness, and economic prosperity in Newfoundland and Labrador. Eligible businesses are encouraged to explore the opportunities offered by the program and leverage its benefits to drive their success in the region.