Amount:
No Fixed Amount
Type of Program:
Loan
Description:
The Information Technology Financing Assistance provides term financing for purchasing capital assets and operating capital for the business’s accounts receivable and inventory.
The assistance can take the form of:
- 1intermediate term loans for purchasing capital assets,
- 2operating lines of credit for purchasing inventory (based mainly on purchase orders and/or signed contracts/agreements) and for day-to-day operating costs such as marketing, travel, and human resource costs. Operating lines shall be repaid from sales and/or contract draws.
Comments on Funding:
Maximum financing generally is up to 80% of the purchase price or fair market value of the assets, whichever is less (intermediate term loans). The repayment terms are flexible and the maximum term for repayment is up to 10 years.
Up to 100% financing may be provided for inventory purchases and account receivables based on purchase orders and signed contracts/agreements (operating lines of credit).
There is an application fee of $250.00 or one-half (½) of one per cent of the amount of the loan proposed, whichever is greater.
When It Ends:
Ongoing
Deadline:
Rolling deadline
Eligibility:
The applicant can be any person that :
Application Steps:
No specific steps have been identified.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
No other details available.
Published date: January 21, 2016
Program Contact:
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