Mentor Works

The Canada Small Business Financing Program seeks to increase the availability of loans for establishing, expanding, modernizing and improving small businesses. Under the program, a small business must apply for a loan at a financial institution (bank or credit union) of its choice. If the loan is granted by the financial institution, the federal government will reimburse 85 percent of the lender’s losses in the event of default. Up to $500,000 financing for any one business, of which no more than $350,000 can be used for purchasing leasehold improvements or improving leased property and purchasing or improving new or used equipment.

 While Industry Canada is responsible for the administration of the Program, financial institutions are responsible for all credit decisions and for making the loans.

 Computer software developmental costs are eligible if:

• the software is for operational purposes of the business and not for marketing or promotional purposes;
• the software is designed and developed by a specialized contractor/vendor;
• the contract provides the details for the software specifications;
• the contract is completed and the software is operational within one year from executing the contract;
• it results in the borrower acquiring ownership of the computer software, and;
• it excludes any payment for operating cost, ongoing maintenance and services.
   

For Additional Information:  New in Canada’s Economic Action Plan

The real benefit of this federal loan mechanism is that you do not require the standard 25-30% downpayment from the financial institutes for the acquisition of a building. Please contact me for additional info.

Looking for money to fund the growth of your small business in Ontario?

Mentor Works Business Coaching has a wealth of information and expertise to help you. Our principle, Bernadeen McLeod, is up to date on the latest grants, loans and other financial aid to help with your business expansion.

If your industrial business (i.e. produce a service or product) is:

• legally incorporated in Canada, for profit,
• with less than 500 employees,
• and financially stable,
  

Contact us directly at:

• Phone: (519) 497-8584
• Email: info(at)mentorworks.ca

Or fill out the form below so we can contact you.  Some of the latest financing information available includes:

• ROI of >$30k for Marketing, Website, EDI or Implementing New Software Solutions.
• Grant Money for Youth Employment of $30k
• Training for Productivity Improvements with Funding of $50k
• And so much more.

Contact Bernadeen and the Mentor Works team today and learn how we can help you get the money you need for your business.

Return on Investment (ROI) is always cited at meetings before strategies are agreed to. What is the return of this product line, market segment, sales distribution network, new production equipment, marketing budget, inventory dollars or pending software program? And yet, how often do we invest or discuss in the ROI of our people – or in collective strategies of our team’s strengths?

Are leadership teams a product of circumstance more than design? Was your last hire made based on the strengths as the best compliment to those of the existing team members? As a leader, do you prefer loyalty over brilliance?

What great leaders have in common is that each truly knows her or his strengths – and can call on the right strength at the right time. Leaders have an extreme self-awareness level of themselves and those around them. Perhaps this is why there is no definitive list of characteristics that describe all leaders.

In the book called, “Strengths-Based Leadership”, Tom Rath discusses the possibilities when people have “the opportunity to do what they do best every day” – playing to their strengths, it will boost an organizations overall engagement and productivity. It is a brilliant read and demands action for you to increase the self-awareness of your strengths and those around you. The on-line assessment brings all the credibility that you will need to re-organize and energize your team’s strength.

As I consider profitability of businesses every day, I seldom examine the “one” leader anymore as the saving grace. I consider the better strategy for growth and deeper question, suggested by Tom in his book, “Why people follow the most influential leaders in their life?” Interesting enough, it can be summarized as:

• The most effective leaders are always investing in strengths
• The most effective leaders surround themselves with the right people and then maximize their team
• The most effective leaders understand their followers’ needs of trust, compassion, stability and hope

It is all about the strengths of people. We know that – the 3 P’s. People, Productivity and Profits…..we just seldom do very much about the “P” for people.

I just decided that how can I blog about financial matters without discussing where there is great potential to increase the awareness of where some real money lies. By engaging our colleagues, the results from a strengths-based approach will create more rapid individual and organizational growth than traditional methods. I only wish I had read the book 20 years ago….

I would welcome hearing from you on how your last, great read impacted your results. One of my strengths is that of a Learner – hence, I can’t help but ask.

Announced on Nov. 30th, 2009, FedDev has provided an intake of funds to the Yves Landry Foundation for Southern Ontario SME’s. To apply for this maximum contribution of $50k, you must be in business for at least 3 years in Ontario, have between 15-1500 employees and have a product for sale. This government funding mechanism will support training initiatives of internal staff to foster innovation in new materials or processes.

To receive Small Business Financing, there is a short timeline to apply and project must be completed by June 30, 2010. Additional details at: www.yveslandryfoundation.com.

It is an objective where manufacturing companies can apply for $50k contribution and non-repayable. It includes 75% of direct and indirect labor costs as part of the training initiatives to support innovation. This mechanism focuses on people and productivity improvements where you must select a project that serves either of the two objectives. They are:

Objective 1 – training that will support the adaptation of new technology, new processes or procedures or any change within the company to support innovation.

Objective 2 – training that will support and develop highly skilled personnel in any area that leads to innovation. This can include the development of new engineering skills, training in the use of new equipment or other tools/software to support innovation, retraining to embrace new technologies, new mfg methods or any other business area that will make Ontario Mfg Company more competitive in the global market.

Your first step is to review the eligibility document and submit a one-two pager about your project by email.

At Mentor Works, we serve business owners by educating, completing and selecting government funding mechanism that provide financing options for growth. If you would like additional support to complete the application process and learn of others, please do not hesitate to contact us Government Funding Support.