DEL — Working Capital Loan
Longueuil, QC, Canada
Financing to cover business operating costs for one year, including expenses related to hiring key employees, with flexible repayment options and competitive interest rates.
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateJuly 09, 2024
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|open
grant_single_labels|preview
The Working Capital Loan provides a maximum of $150,000 to cover business operating costs for one year, including expenses related to hiring key employees. Eligible activities include maintaining steady working capital and projects that create or maintain jobs, excluding R&D expenses. Applicants must be legally constituted, located in the DEL region, and demonstrate profitability and growth potential.
grant_single_labels|projects
Eligible projects for the Working Capital Loan cover business operating costs for the first year, mainly focusing on activities that support hiring, job creation or maintenance, and profitability. The project must be located in the DEL region or plan to be and demonstrate realistic financial forecasts.
- Hiring key employees
- Creating and/or maintaining jobs
- Covers 50% of external professional fees
grant_single|admissibleProjectsExample
$150,000
Hiring a management team for a new branch
$150,000
Maintaining existing jobs and hiring three more in a community bakery
$150,000
Hiring five employees for a customer support center
$150,000
Creating seven new jobs in a financial consulting firm
$150,000
Creating 10 new entry-level positions in a tech startup
$150,000
Expanding our marketing team with three new hires
grant_single_labels|admissibility
This grant is aimed at legally constituted businesses located in the DEL region that operate in eligible industries, offering value-added services or products intended for businesses. Applicants must demonstrate realistic financial forecasts, the creation or maintenance of jobs, and compliance with specific financial and legal criteria.
- 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 offered by DEL - Développement économique de l'agglomération de Longueuil. To qualify, a company must be legally constituted, operate in an eligible industry, and offer value-added services or products generally intended for businesses (B2B).
- Legally constituted
- Located in the DEL region or planning to be
- Operating in an eligible industry
- Offering value-added services or products intended for businesses (B2B)
- Submitting a project that will create and/or maintain jobs
- Project for which government financing and DEL financing combined cover a maximum of 50% of the project expenses
- Demonstrate project profitability and growth potential with realistic financial forecasts
- Provide current financial statements showing 20% equity after the project and the ability to repay
- Business and entrepreneur must not be in default to the government or its creditors nor subject to any litigation
grant_eligibility_criteria|who_cannot_apply
The grant context does not explicitly mention any specific types of companies that are not eligible for the grant. Therefore, there are no stated exclusions for ineligible companies in the provided information.
grant_eligibility_criteria|eligible_expenses
Eligible expenses for this grant include working capital related to the first year of the project, excluding R&D expenses.
- Working capital for the first year
- Excludes R&D expenses
grant_eligibility_criteria|zone
The eligible geographic zones for this grant are regions within the DEL (Développement économique de l'agglomération de Longueuil) area.
- Boucherville
- Delson
- Longueuil
- Saint-Bruno-de-Montarville
- Saint-Lambert
- Brossard
grant_single_labels|criteria
Yes, there are evaluation and selection criteria for this grant that need to be adhered to. The criteria ensure the business is located in the DEL region, financially stable, and capable of creating or maintaining jobs while offering value-added services or products intended for businesses (B2B).
- 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_single_labels|register
- Step 1: Ensure Eligibility
- Verify that the business is legally constituted
- Confirm that the business is located in the DEL region or plans to be
- Ensure operations are in an eligible industry and provide value-added B2B services or products
- Prepare a project that will create and/or maintain jobs
- Ensure the project combines financing from government and DEL to cover a maximum of 50% of project expenses
- Demonstrate that the project is based on realistic financial forecasts showing profitability and growth potential
- Have current financial statements showing 20% equity after the project and the ability to repay
- Ensure the business and entrepreneur are not in default to the government or creditors, nor involved in any litigation
- Step 2: Gather Required Documents
- Financial statements for the past 3 years and current year
- Projected financial forecasts for the next 2 years
- Business model and revenue model or business plan
- Entrepreneur’s personal financial statement and credit report
- Step 3: Submit Application
- Prepare the application with all required documents
- Submit the application to DEL
- Step 4: Follow Up
- Monitor the application process
- Respond promptly to any additional information requests from DEL
- Step 5: Receive Financing
- Review and sign the financing agreement if approved
- Ensure compliance with the terms and conditions of the loan
- Manage and utilize the funds according to the submitted project plan
- Step 6: Post-Financing Requirements
- Provide regular updates and financial reports as required by DEL
- Maintain communication with DEL regarding the progress and impact of the project
- Ensure timely repayments according to the agreed schedule
grant_single_labels|otherInfo
The Working Capital Loan provides up to $150,000 for operating costs and can be combined with other financing options, featuring favorable repayment terms and eligibility criteria aiming to support business growth and job creation.
- Max amount: $150,000
- Can cover 50% of external professional fees for the project
- Repayable at any time without penalty
- Competitive and risk-based interest rates
- Requires submission of key documents like financial statements and business plans
grant_single_labels|contact
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