Digital Transformation Loan
$50,000.00
Grant, Loan
Description:
The Digital Transformation Loan is designed to finance digital transformation to increase the performance of businesses. It can boost efficiency by financing the implementation of digital projects aimed at increasing business productivity by acquiring new technologies.
Comments on Funding:
This financing product includes:
1. a term loan of up to $50,000; and
2. a conditionally non-repayable financing covering 50% of external fees related to the project such as professional fees, salaries, equipment, license or training costs, etc., up to a maximum of $20,000. This non-repayable financing is divided:
– $10,000 of DEL from the Fonds d’aide à l’innovation et à l’entreprenariat (FAIE)
– $10,000 of DigifabQG from the Fonds d’aide à l’innovation et à l’entreprenariat (FAIE)
Loan terms and fees:
1. Interest rate: competitive and risk-based.
2. Term loan repayable at any time without penalty.
3. Possibility of postponing principal payments and interest for up to 12 months.
4. 25 % deposit.
Continuous Intake
Eligibility:
Applicants must be businesses seeking financing for their digital transformation, and meeting these eligibility criteria:
1. Be legally constituted;
2. Be located in the DEL region or plan to be;
3. Operate in an eligible industry: Aerospace, Agri-Food, Transport and Logistics, Information Technology, and Life Sciences, and offer value-added services or products generally intended for businesses (B2B);
4. Present an investment project aimed at improving productivity and digital transformation;
5. Submit a project for which government financing and DEL financing combined cover a maximum of 50% of the project expenses;
6. Demonstrate that the project is based on realistic financial forecasts showing profitability and growth potential;
7. Provide current financial statements showing 15 % equity after the project and the ability to repay;
8. Demonstrate that the business and entrepreneur are not in default to the government or its creditors, nor are they the subject of any litigation.
Application Steps:
Applicants must book an online appointment.
Documentation Needed:
Applicants must provide:
1. a copy of the diagnosis and a digital action plan signed by a digital transformation expert;
2. financial statements for the past 3 years and the current year;
3. a projected financial forecasts;
4. a detailed description of the project, issues and impacts of the project on the company;
5. a breakdown of project expenses;
6. a financial arrangement of the project and confirmation of any funding related to the project;
7. bids/invoices and proof of payment of project expenses;
8. an Entrepreneur’s personal financial statement and credit report.
Other Things to Note:
About the author
Maurice
