The Business Investment Program provides term loans to small and medium-sized enterprises (SMEs) in strategic growth sectors as identified by Industry, Energy and Technology. The fund is also available to businesses which have export potential and require assistance to enter or expand in external markets. Funds are provided to complement funding from conventional sources, where a need has been demonstrated, and are also intended to increase the capital base of businesses allowing them to leverage new private-sector investments.
AVAILABLE FUNDING
The Business Investment Program is in the form of repayable term loans at the Bank of Canada interest rate plus 0.5%. Interest rates are subject to change. Please consult with the IET office near you for further information on interest rates.
ELIGIBLE APPLICANTS
Eligible applicants must normally:
- Be a small and medium-sized enterprise (SME) based and operating in Newfoundland and Labrador having fewer than 100 employees and less than $10 million in sales.
- Demonstrate its ability to undertake the work identified in the project proposal.
- Demonstrate its ability to access the financial capital required to complete the project.
- Operate in a strategic sector as defined by IET.
- Be in good standing with the Government of Newfoundland and Labrador.
HOW TO APPLY
Use either of the forms below to apply. For program details or assistance with your application, contact the Industry, Energy and Technology office near you or use the contact information below:
Application