INAC Secures $5.2 Million for Three Innovative Businesses
Apply Before Program Runs Out of Funding!
The Business Scale-Up and Productivity Stream (BSPS) offers interest-free loans of up to 35% to a maximum of $10 million for businesses to adopt/adapt innovative technologies, processes and/or services, as well as for investments that lead to business growth. Eligible activities include but are not limited to:
- Developing foreign markets and securing new customers;
- Producing/commercializing innovative products, processes and services;
- Purchasing and integrating leading-edge technologies;
- Employee training and skills development;
- Introducing industries and creating jobs in Southern Ontario communities;
- Facility expansion and modernization.
Funding is available to Southern Ontario companies that have 5-1000 employees and have been in operation for at least 2 years. Eligible expenditures include equipment purchases and installation, facility retrofits, consulting fees, marketing and promotion, as well as project-related employee wages and other expenses. Funding will not be provided for building/land purchases, debt refinancing, or for projects that aim to increase sales to individual consumers. Repayment will begin within one year of project completion; terms/periods will be determined on a case-by-case basis. To be considered for a loan, applicants must request at least $500,000 from BSPS (ie, invest approximately $1.5 million or more) for projects ending no later than December 31, 2023. Projects that support innovation and job creation will be prioritized.
Comments are closed