Amount:

$2,500,000

Type of Program:

Loan


Description:

This program provides term loans of up to $2.5M with no fees for businesses in Canadian agriculture and food. These funds can be used for working capital and to modify production due to the impacts of COVID-19.

Comments on Funding:

Funding will take the form of term loans up to $2.5M, with no fees and an 18-month interest-only option available over a 10-year amortization.


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

  • Applicants must be businesses in Canadian agriculture and food.
    Businesses applying for FCC lending products are subject to normal lending due diligence, which considers business viability, credit history, and management integrity and experience.

Applications Steps:

1

Applicants must contact their local local office or the Customer Service Centre at 1-888-332-3301 for more information.

Documentation Needed:

Applicants must submit their project proposals first to the Academic institution, and after approval on Mitacs's online application system, RAP.

  1. 1
    generate a net worth statement,
  2. 2
    collect past three years of tax returns or accountant-prepared financial statements,
  3. 3
    gather recent pay stubs or written employer verification for off-farm income (if applicable),
  4. 4
    bring government-issued photo ID (drivers license, passport),
  5. 5
    collect shareholder agreements (if any),
  6. 6
    assemble copies of existing operating loan agreements (if applicable),
  7. 7
    build a business and marketing plan,
  8. 8
    prepare and maintain a cash flow budget.

Other Things to Note:

This program is still present on their home page, so I considered it ongoing, though it is not mentioned in the Financing tab. There are the same details as last year. Check with FCC if the program is still running.

About the author 

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business.
Click here to learn more about Moe's background and how he can help your business.

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