DEL — Equipment and Technology Loan
Longueuil, QC, Canada
The Equipment and Technology Loan offers financing of up to $150,000 to support businesses in acquiring equipment, technology, and improving productivity.
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Développement économique de l'agglomération de Longueuil (DEL)
- Longueuil City
grant_single|status
grant_card_status|closed
grant_single_labels|preview
The Equipment and Technology Loan offered by DEL aims to finance businesses in the Longueuil region for their equipment and technology investments. Eligible activities include purchasing new or used equipment, buying technology or software, covering installation and delivery fees, training costs, and expenses related to setting up a production area or improving productivity. The loan can be up to $150,000, with favorable terms including up to 24 months postponement of principal payments under certain conditions.
grant_single_labels|projects
The grant is eligible for projects or activities related to purchasing equipment, technology, and productivity improvements.
- Cost of purchasing new or used equipment
- Cost of purchasing technology or software
- Installation or delivery fees
- Training costs
- Cost of setting up a production area
- Expenses related to improving productivity
grant_single|admissibleProjectsExample
$150,000
Longueuil
Purchasing advanced 3D printing equipment for custom prosthetics manufacturing.
$150,000
Montreal
Setting up a new solar panel production area with automated machinery.
$100,000
Toronto
Upgrading kitchen facilities with new energy-efficient appliances for a community center.
$120,000
Calgary
Purchasing and installing a new ERP software system for inventory management.
$145,000
Vancouver
Establishing a digital art studio with latest graphic design software and hardware.
$150,000
Ottawa
Developing a tech-driven recycling plant with new sorting and processing machinery.
grant_single_labels|admissibility
To be eligible for this grant, businesses need to meet several criteria related to their legal constitution, location, industry operations, and project specifics.
- Be legally constituted
- Be located in the DEL region or plan to be
- Operate in an eligible industry and offer value-added services or products generally intended for businesses (B2B)
- Submit a project that will create and/or maintain jobs
- Submit a project for which government financing and DEL financing combined cover a maximum of 50% of the project expenses
- Demonstrate that the project is based on realistic financial forecasts showing profitability and growth potential
- Provide current financial statements showing 20% equity after the project and the ability to repay
- Demonstrate that the business and entrepreneur are not in default to the government or its creditors, nor are they the subject of any litigation
grant_eligibility_criteria|who_can_apply
Yes, there are eligible types of companies for this grant. Companies must operate in an eligible industry and offer value-added services or products generally intended for businesses (B2B).
- Operate in an eligible industry
- Offer value-added services or products generally intended for businesses (B2B)
grant_eligibility_criteria|who_cannot_apply
The grant does not specify types of companies that are not eligible explicitly but provides a broad eligibility criterion that can indirectly exclude certain types of businesses. Based on the eligibility requirements, some companies may inherently not qualify if they do not meet these conditions.
- Companies not legally constituted.
- Companies not located in the DEL region or not planning to be.
- Companies not operating in an eligible industry with value-added services or products intended for B2B.
- Companies unable to submit a project that will create and/or maintain jobs.
- Companies that rely on government financing and DEL financing for more than 50% of project expenses.
- Companies unable to demonstrate realistic financial forecasts showing profitability and growth potential.
- Companies unable to provide current financial statements showing 20% equity after the project and the ability to repay.
- Companies in default to the government or creditors, or involved in litigation.
grant_eligibility_criteria|eligible_expenses
Yes, there are eligible expenses for this grant which encompass a range of purchase and setup costs related to equipment, technology, and productivity improvements.
- Cost of purchasing new or used equipment
- Cost of purchasing technology or software
- Installation or delivery fees
- Training costs
- Cost of setting up a production area
- Expenses related to improving productivity
grant_eligibility_criteria|zone
The eligible geographic zones for this grant are within the Développement économique de l'agglomération de Longueuil (DEL) region. Companies must be located in this region or plan to be.
- Be located in the DEL region
- Plan to be located in the DEL region
grant_single_labels|criteria
The Equipment and Technology Loan from DEL has specific evaluation and selection criteria to ensure that projects are financially viable and contribute to the local economy. The criteria include financial requirements, project specifics, and business eligibility requirements.
- Be legally constituted
- Be located in the DEL region or plan to be
- Operate in an eligible industry and offer value-added services or products generally intended for businesses (B2B)
- Submit a project that will create and/or maintain jobs
- Submit a project for which government financing and DEL financing combined cover a maximum of 50% of the project expenses
- Demonstrate that the project is based on realistic financial forecasts showing profitability and growth potential
- Provide current financial statements showing 20% equity after the project and the ability to repay
- Demonstrate that the business and entrepreneur are not in default to the government or its creditors, nor are they the subject of any litigation
- Submit financial statements for the past 3 years and the current year
- Submit projected financial forecasts for the next 2 years of the business
- Submit a business model and revenue model or business plan
- Submit a project cost quote
- Submit the entrepreneur’s personal financial statement and credit report
grant_single_labels|register
- Step 1: Ensure Eligibility
- Verify that your business is legally constituted.
- Ensure your business is located in the DEL region or plans to be.
- Operate in an eligible industry with B2B value-added services or products.
- Confirm the project will create and/or maintain jobs.
- Make sure government financing and DEL financing combined cover a maximum of 50% of the project expenses.
- Prepare realistic financial forecasts showing profitability and growth potential.
- Ensure the business and entrepreneur are not in default to the government or creditors and are not the subject of any litigation.
- Step 2: Gather Documentation
- Collect financial statements for the past 3 years and the current year.
- Prepare projected financial forecasts for the next 2 years.
- Develop a business model and revenue model or business plan.
- Obtain a cost quote for the project.
- Compile the entrepreneur’s personal financial statement and credit report.
- Step 3: Submit Application
- Submit all required documents, including financial statements, projections, business plan, cost quote, and personal financial statement and credit report.
- Step 4: Consultation
- Book an appointment with DEL for personalized support and to ensure everything is in order.
grant_single_labels|otherInfo
This loan allows businesses to finance various aspects of their operations and provides flexible repayment options.
- The loan amount can go up to $150,000.
- Repayment can be scheduled over 5 years, or in some cases, up to 7 years.
- Principal payments can be postponed for up to 12 months, or in some conditions, up to 24 months.
- Collateral is normally required for this type of financing.
- The loan is repayable at any time without any penalties.
- Interest rates are competitive and risk-based.
- Eligible expenses include costs related to new or used equipment, software, installation, training, production area setup, and productivity improvement.
- Main criteria for eligibility include being legally constituted, located in the DEL region or planning to be, operating in an eligible industry, and submitting a project to create or maintain jobs.
- Other requirements involve realistic financial forecasts, current financial statements, and a solid business plan.
grant_single_labels|contact
450 645-2335
Apply to this program
Equipment and Technology Loan
This loan, offered by Développement économique de l'agglomération de Longueuil (DEL), supports businesses in financing the purchase and installation of equipment and technology. The loan aims to enhance efficiency, facilitate productivity improvements, and support business growth within the DEL region.
Detailed Information on the Equipment and Technology Loan
The Equipment and Technology Loan provided by Développement économique de l'agglomération de Longueuil (DEL) is designed to assist businesses in making essential technology and equipment investments. This financial tool offers a substantial opportunity to boost operational efficiency, upgrade technology, and streamline production processes. Below, we'll dive deep into the specifics of this loan, qualifications, and how it benefits local businesses.
Overview and Purpose
The primary purpose of the Equipment and Technology Loan is to enable businesses to finance significant improvements and innovations. By covering costs associated with purchasing new or used equipment, acquiring technology, software, training, and productivity enhancements, this loan is pivotal in driving growth and sustainability within the DEL region.
Loan Details
The loan offers a maximum amount of $150,000, which can be allocated to various eligible expenses. It is structured as a term loan, repayable over a period of 5 to 7 years, depending on certain conditions. Additionally, there is an option to postpone principal payments for up to 12 months, with a potential extension to 24 months under specific circumstances. This flexibility ensures that businesses have the necessary time to implement their projects and generate returns before beginning substantial repayments. Moreover, the loan can be repaid at any time without incurring penalties, adding another layer of convenience for businesses.
Competitive and Risk-Based Interest Rates
The interest rates for this loan are competitive and based on the risk profile of the borrowing business. This approach ensures that businesses are provided with financing terms that accurately reflect their specific circumstances and potential for growth.
Eligibility Criteria
To be eligible for this loan, businesses must meet several critical criteria:
- Legal Constitution: The business must be legally constituted.
- Location: The business must be located within the DEL region or have concrete plans to establish itself there.
- Industry: The business should operate in an eligible industry and offer value-added products or services primarily targeted toward other businesses (B2B).
- Job Creation and Maintenance: The proposed project must result in the creation and/or maintenance of jobs.
- Financing Combination: The combination of government financing and DEL financing must cover no more than 50% of the total project expenses.
- Realistic Financial Forecasts: The project should be based on realistic financial forecasts that demonstrate profitability and growth potential.
- Equity and Repayment Ability: Post-project, the business must show 20% equity and the capability to repay the loan.
- Legal and Financial Standing: The business and its principals must not be in default to the government or any creditors and should not be involved in any litigation.
Eligible Expenses
The loan can be utilized for a variety of expenses, which include:
- Equipment Purchase: The cost of acquiring new or used equipment.
- Technology and Software: Costs associated with purchasing technology or software.
- Installation and Delivery: Fees related to the installation and delivery of the purchased equipment or technology.
- Training: Expenses for training employees to use the new equipment or technology effectively.
- Production Area Setup: Costs involved in setting up or reconfiguring production areas.
- Productivity Improvements: Investment in measures aimed at improving overall productivity.
Application Process
To apply for the Equipment and Technology Loan, businesses need to submit a comprehensive set of documents, which include:
- Financial Statements: Current financial statements for the past three years and the current year.
- Projections: Financial forecasts for the next two years.
- Business Plan: A detailed business model and revenue model or a full business plan.
- Project Cost Quote:
- Personal Financial Statement: The entrepreneur’s personal financial statement and credit report.
Once these documents are compiled, businesses can book an appointment with DEL to discuss their specific financing needs and opportunities. DEL provides these consultation services free of charge, ensuring that businesses receive the guidance they need to successfully navigate the application process.
Benefits and Impact
The Equipment and Technology Loan offers numerous benefits to businesses in the DEL region:
- Enhanced Efficiency: By financing critical equipment and technology, the loan helps businesses operate more efficiently, reducing operational costs and increasing productivity.
- Job Creation and Retention: The loan stimulates the local economy by facilitating job creation and retention, contributing to overall economic growth.
- Growth Potential: With better equipment and technology, businesses can expand their operations, explore new markets, and increase their revenue streams.
- Financial Flexibility: The flexible repayment terms and the possibility of postponing principal payments give businesses the leeway they need to manage their finances effectively.
- Improved Competitiveness: Upgraded technology and equipment ensure that businesses can remain competitive in their respective industries.
Conclusion
The Equipment and Technology Loan by DEL is a significant financial resource for businesses looking to invest in their future. By addressing critical needs such as equipment upgrades, technological advancements, and productivity improvements, this loan supports the growth and sustainability of businesses in the DEL region. Companies are encouraged to take advantage of this opportunity to enhance their operations, create jobs, and contribute to the local economy.
For more information, or to start your application process, you can book an appointment with DEL. Their expert advisors are ready to provide the necessary support to help your business achieve its goals and maximize its potential.