Evol — Conventional loan
QC, Canada
Loans for diversified and inclusive Quebec businesses
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|fromMinToMax
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateFebruary 16, 2022
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Evol
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a loan ranging from $20,000 to $450,000 for your business growth, acquisition or transfer project.
grant_single_labels|terms_and_conditions
This loan provides variable financing options designed to support business growth, acquisition, or transfer projects with flexible terms and conditions for entrepreneurs. The terms are conditioned by the loan amount, amortization period, and associated risk levels.
- Loan amounts range from $20,000 to $450,000.
- A minimum down payment of 5% of the project value is required.
- Maximum amortization period of up to 8 years.
- Interest rate is calculated based on a base rate plus a variable percentage depending on the risk premium of the business project.
- A moratorium on payments is possible both at the granting stage and during the loan period.
- A $350 file opening fee is applicable.
- An annual management fee of 1.5% of the loan balance is charged.
- Financing can cover tangible and intangible asset acquisitions, working capital, product or service development, and share purchase or redemption.
- Additional fees may apply for file analysis and follow-up.
grant_single_labels|projects
The Evol Conventional Loan supports initiatives aimed at business expansion and development. It focuses on providing financial solutions for enterprises seeking growth, acquisition, or operational enhancements.
- Acquisition of tangible and intangible assets for business growth.
- Financing working capital related to the business's operations post-loan granting.
- Development and marketing of new products and services for existing businesses.
- Facilitation of business acquisition or transfer projects.
- Purchase and redemption of business shares.
grant_single|admissibleProjectsExample
$ 100,000
Launching a mobile app for mental health services
$ 30,000
Development of an online financial education platform for youth
$ 180,000
Launch of a cultural arts centre in the city
$ 180,000
Purchase of advanced machinery for sustainable furniture production
$ 120,000
Expansion of a local organic grocery store
$ 100,000
Upgrading agricultural equipment for a cooperative farm
grant_single_labels|admissibility
Eligibility for this loan is determined by meeting several specific financial and business criteria.
- The project must have a minimum down payment of 5% of the project value.
- The applicant must present a business plan and/or project summary.
- 2-year projected financial statements must be included with the application.
- The applicant should provide financial reports for the past 3 years, when possible, and the most recent interim financial statements.
- Most business sectors are eligible.
- The applicant must accept fees for analysis and follow-up of the file.
grant_eligibility_criteria|who_can_apply
This grant is available for both women and men entrepreneurs who are undertaking business growth, acquisition, or transfer projects in most business sectors. Eligible businesses can apply for loans ranging from $20,000 to $450,000, provided they can supply the required documentation such as a business plan, projected financial statements for two years, past financial reports if available, and the most recent interim financial statements. The loan can be used for various purposes including the acquisition of tangible and intangible assets, enhancing working capital, and the development and marketing of products and new services.
grant_eligibility_criteria|eligible_expenses
This grant provides financial assistance for businesses looking to expand through various strategic activities. Entrepreneurs can utilize the funding to enhance their operational capabilities and increase their market share.
- Financing the acquisition of tangible and intangible assets.
- Provision of working capital related to business operations post-loan.
- Development and marketing of new and existing products and services.
- Purchase and redemption of business shares.
grant_single_labels|criteria
There are evaluation and selection criteria for this grant.
- Business plan and/or project summary
- 2-year projected financial statements
- Financial reports for the past 3 years (where possible)
- Most recent interim financial statements
grant_single_labels|register
- Step 1: Initial Requirements
- Ensure eligibility for the grant by reviewing the types of projects funded, such as acquisition, growth, or transfer projects.
- Prepare a minimum down payment of 5% of the project value to qualify for loan consideration.
- Step 2: Document Preparation
- Prepare a comprehensive business plan and/or project summary outlining the objectives and strategies.
- Create 2-year projected financial statements to showcase future financial performance.
- Gather financial reports for the past 3 years to demonstrate historical financial stability, if possible.
- Compile the most recent interim financial statements to provide current financial status.
- Step 3: Application Submission
- Submit the application, including all required documents, to the relevant granting organization or body.
- Pay the $350 file opening fee to initiate the processing of your application.
- Step 4: Follow-up and Fees
- Be prepared for additional fees related to the analysis and follow-up of the file as part of the application process.
- Anticipate an annual management fee of 1.5% of the loan balance if approved.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The loan amounts range from $20,000 to $450,000.
- A minimum down payment of 5% of the project value is required.
- The maximum amortization period for the loan is 8 years.
- The interest rate is based on a base rate plus a percentage determined by the risk premium associated with the business project.
- There is a possibility of a moratorium at the granting stage and during the loan period, including in cases of parental leave.
- There is a $350 file opening fee.
- An annual management fee of 1.5% of the loan balance is applicable.
- Fees for the analysis and follow-up of the file are applicable.
