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|grantStatusClosed
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|projects
This grant supports business projects involving acquisition, growth, development, and marketing.
- Acquisition of tangible and intangible assets
- Working capital related to post-loan operations
- Development and marketing of products and new services for existing businesses
- Purchase and redemption of 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_eligibility_criteria|zone
The grant supports several types of expenses associated with business growth and development.
- Acquisition of tangible and intangible assets.
- Working capital related to the operations of the business following the loan granting date.
- Development and marketing of products and new services for a business already in operation.
- Purchase and redemption of 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.
Apply to this program
Flexible Loan Options for Business Growth and Acquisition
This program offers diverse loan solutions to support entrepreneurs in expanding, acquiring, or transferring a business. By providing funds ranging from $20,000 to $450,000, it aims to empower both women and men entrepreneurs to realize their goals.
Detailed Insights into the Business Growth and Acquisition Loan Program
In an ever-evolving business landscape, the ability to adapt and expand is crucial for sustainability and success. This loan program is specifically tailored to assist entrepreneurs in achieving such growth objectives by offering financial solutions that cater to various project needs, be it acquiring new business assets, expanding operational capabilities, or engaging in strategic business transfers. The flexibility of the loans—ranging from $20,000 to $450,000—ensures that businesses of different scales and across diverse sectors can find funding aligned with their specific requirements.
What sets this program apart is its requirement for a minimum down payment of only 5% of the project value, which makes it accessible to many small and medium-sized enterprises. The amortization period ranges from 2 to 8 years, allowing businesses to find a repayment structure that best fits their financial situation. Additionally, the interest rates are competitively structured, based on a base rate adjusted for the risk premium associated with the business project, allowing for tailored financial planning.
Entrepreneurs have the opportunity to finance not just tangible and intangible assets, but also working capital, and the development and marketing of innovative products and services. The flexibility extends further with the possibility of financing the purchase, redemption of shares, and covering operational capital needs post-loan granting. This wide scope targets the comprehensive needs of a business seeking to scale up or adapt to new market demands.
The application process is straightforward with clear documentation requirements, including a business plan or project summary, two-year projected financial statements, and past financial reports when available, which helps streamline the review process. This ensures that only the most viable and prepared businesses secure funding, which in turn enhances the success rate of funded projects.
Additional features include the option for a moratorium at the initial granting of the loan and during the repayment period, especially beneficial during significant life changes like parental leave. This underscores the program's sensitivity to the personal circumstances of entrepreneurs while fostering a supportive ecosystem for business growth.
Finally, a nominal file opening fee of $350 and an annual management fee of 1.5% of the remaining loan balance are applicable, which are standard and help maintain the program's financial sustainability. As businesses navigate through the complexities of growth and expansion, this loan program serves as a crucial ally, helping to defray the costs associated with scaling operations, acquiring new markets, and ultimately driving economic growth and innovation in the business sector.
