Business Investment Program — Term Loan
NL, Canada
Loan for business improvement in Newfoundland and Labrador
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Manufacturing
grant_single|grantors
- Government of Newfoundland and Labrador
- Department of Industry, Energy and Technology (NL)
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a term loan at a 4.5% interest rate, for increasing productivity, taking advantage of export potential and improving your competitiveness.
grant_single_labels|terms_and_conditions
This program provides repayable term loans to support businesses in strategic growth sectors identified by Industry, Energy, and Technology. The loans are intended to bolster business capital and encourage new private-sector investments.
- Repayable term loans are offered at the Bank of Canada interest rate plus 0.5%.
- Funding is meant to complement conventional funding sources where a financial need has been demonstrated.
- The loan is designed to help businesses increase their capital base and leverage new private-sector investments.
grant_single_labels|projects
This program provides financial support for projects aimed at enhancing business growth and market reach. Eligible activities focus on expanding operational capacities and accessing new markets.
- Expansion or upgrade of business facilities to align with strategic growth sectors.
- Market research and development activities aimed at entering or expanding export activities.
- Investment in technology and infrastructure to support business scalability.
- Initiatives designed to improve business operations and competitiveness in external markets.
grant_single|admissibleProjectsExample
$ 600,000
Expanding manufacturing capabilities to increase productivity at Halifax facility
$ 650,000
Developing new software solutions for fintech market
$ 400,000
Launching an export strategy for organic food products from Quebec City
$ 200,000
Improving digital infrastructure for a non-profit organization
$ 850,000
Developing a renewable energy initiative focusing on solar installations
$ 300,000
Establishing a cooperative grocery store with a focus on local products
grant_single_labels|admissibility
Eligibility for this grant is determined by specific criteria related to the applicant's business characteristics and project capabilities.
- The applicant must be a small and medium-sized enterprise (SME) based and operating in Newfoundland and Labrador.
- The SME should have fewer than 100 employees.
- The business should have less than $10 million in sales.
- The applicant must demonstrate the ability to undertake the work identified in the project proposal.
- The applicant must demonstrate the ability to access the financial capital required to complete the project.
- The business should operate in a strategic sector as defined by Industry, Energy and Technology (IET).
- The applicant must be in good standing with the Government of Newfoundland and Labrador.
grant_eligibility_criteria|who_can_apply
Small and medium-sized enterprises (SMEs) based and operating in Newfoundland and Labrador with fewer than 100 employees and less than $10 million in sales can apply for the Business Investment Program. Eligible SMEs must be able to demonstrate their capability to undertake the proposed work, their ability to secure necessary financial capital, operate in a strategic sector as defined by Industry, Energy and Technology (IET), and be in good standing with the Government of Newfoundland and Labrador.
grant_eligibility_criteria|who_cannot_apply
Some types of companies that are not eligible for this grant include:
- Companies with more than 100 employees.
- Companies with sales exceeding $10 million.
grant_eligibility_criteria|eligible_expenses
The Business Investment Program facilitates strategic growth and export expansion for SMEs in Newfoundland and Labrador. Eligible activities focus on enhancing operational capabilities in strategic sectors.
- Projects that aim to enter or expand in external markets, demonstrating export potential.
- Activities that complement funding from conventional sources, indicating a clear need for additional financial support.
- Initiatives intended to increase the business's capital base to attract private-sector investments.
grant_eligibility_criteria|zone
This grant is available to companies operating within a specific geographical area as defined by the funding body. Eligible companies must be located in Newfoundland and Labrador.
- Newfoundland and Labrador
grant_single_labels|criteria
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.
grant_single_labels|register
- Step 1: Determine Eligibility
- Ensure your business is an eligible SME based in Newfoundland and Labrador.
- Confirm your business operates within an IET strategic growth sector.
- Step 2: Prepare Application Materials
- Compile a detailed project proposal demonstrating the project's feasibility and financial plan.
- Prepare necessary financial statements and documents showing your business's current standing.
- Step 3: Complete Application Form
- Download and fill out the "Application for Commercial Programs" or "Application for Commercial Programs – Fillable PDF" from the provided resources.
- Ensure all sections are accurately completed and supporting documents are attached.
- Step 4: Contact IET Office
- Reach out to the Industry, Energy and Technology office nearest you for assistance or clarification needed on your application.
- Discuss any specific requirements or updated procedures with IET representatives.
- Step 5: Submit Application
- Submit the completed application form alongside all necessary documents to the specified contact addresses.
- Choose a method of submission (mail or online) as instructed by the IET office.
- Step 6: Confirmation of Receipt
- Wait for confirmation that your application has been received by the IET office.
- Retain any reference number or receipt provided for future inquiries.
grant_single_labels|otherInfo
Here are additional relevant details for this program:
- The term loans are designed to complement other financing methods, enhancing the business's capital base.
- The interest rate is variable as it is tied to the Bank of Canada rate, and applicants should verify the current rate before applying.
- The program is aimed at fostering private sector investments alongside the provided loans.
- Businesses with export potentials and expansion plans in external markets are particularly encouraged to apply.
- Applicants should maintain good relationships with the Government of Newfoundland and Labrador to qualify and retain eligibility.
Apply to this program
Leveraging Growth Opportunities with the Business Investment Program
The Business Investment Program offers term loans tailored to support small and medium-sized enterprises (SMEs) in Newfoundland and Labrador, particularly those poised to expand in strategic growth sectors identified by Industry, Energy and Technology. This program is designed to complement existing funding, enhancing businesses' capital base to prepare them for significant private sector investment.
In-Depth Insights into the Business Investment Program
The Business Investment Program stands as a pivotal resource for SMEs operating within Newfoundland and Labrador, providing financial pathways in the form of repayable term loans pegged to the Bank of Canada interest rate plus a modest increment of 0.5%. This financial structure allows access to necessary capital with favorable repayment conditions, making it an attractive option for businesses intending to expand their market reach, specifically those with export potentials or those engaged in strategic growth sectors as earmarked by regional authorities.
One of the defining characteristics of this program is its focus on bridging the gap in conventional financing. SMEs often face challenges when seeking loans from traditional financial institutions due to a range of barriers including limited capital availability or insufficient credit history. By stepping in to complement existing financial resources, the Business Investment Program crucially enhances a business's capacity to attract and leverage additional private sector investment. This augmentation of the capital base is essential for those SMEs that are not just surviving but are striving to thrive and scale their operations in both local and international markets.
Eligible applicants for the Business Investment Program are required to meet specific criteria, ensuring that the funds are directed towards firms capable of making significant economic impacts. With an emphasis on operational capabilities and financial access, these SMEs are ideally positioned to capitalize on the strategic growth sectors, which include fields as diverse as renewable energy, technological innovation, and advanced manufacturing. Such strategic investments not only bolster the individual businesses but contribute to the overall economic fabric by generating employment, facilitating technology transfer, and enhancing productivity across key sectors.
The application process has been designed for ease and accessibility, ensuring that SMEs can engage with the program without unnecessary bureaucratic hurdles. Potential applicants are encouraged to engage directly with their local Industry, Energy and Technology offices to gain personalized assistance and insights, aligning their business strategies with the broader economic objectives laid out by the funding body. The inclusion of a fillable PDF form for applications further demonstrates a commitment to streamlining the access to capital, allowing businesses to focus more on strategic planning rather than administrative tasks.
Importantly, the loans provided under the Business Investment Program are not grants; they are repayable, aligning both the program's objectives and the business’s strategies with sustainability and accountability. This repayable nature instills a financial discipline that encourages beneficiaries to undertake rigorous project planning and outcome forecasting, ensuring that the maximum possible return is garnered from the capital invested. Furthermore, the repayable aspect of the funding aids in the cyclic nature of the fund, allowing continual reinvestment into new and emerging businesses in the region.
This structured approach to financial assistance allows the Government of Newfoundland and Labrador to foster a resilient and diverse economy, providing SMEs with the tools they need to navigate and succeed in increasingly competitive and globalized markets. By investing in sectors with high growth potential, the province not only bolsters its own economic standing but positions itself at the forefront of innovation and sustainability on a national scale.
Overall, the Business Investment Program provides a robust framework through which SMEs can secure vital financial support, drive strategic innovation, and contribute to the economic vitality of Newfoundland and Labrador. For entrepreneurs and business leaders within the region, this program is not just a financial instrument; it is an opportunity to align business growth with the larger vision of economic prosperity and sustainability.
