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.
Applicants must contact their local local office or the Customer Service Centre at 1-888-332-3301 for more information.
Applicants must submit their project proposals first to the Academic institution, and after approval on Mitacs’s online application system, RAP.
- generate a net worth statement,
- collect past three years of tax returns or accountant-prepared financial statements,
- gather recent pay stubs or written employer verification for off-farm income (if applicable),
- bring government-issued photo ID (drivers license, passport),
- collect shareholder agreements (if any),
- assemble copies of existing operating loan agreements (if applicable),
- build a business and marketing plan,
- 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.