IBI Provides up to $1 Million in Small Business Loans Ontario
Investing in Business Innovation provides funding to early stage businesses of up to a maximum $1 million to cover up to 33% of eligible costs. The project will accelerate the commercialization of new innovative products and services within 3-5 years.
IBI Small Business Loans Ontario: Early Stage Business Eligibility
In order to be eligible for Investing in Business Innovation funding for early stage businesses, firms must meet the following criteria:
- Be Incorporated in Canada
- Have their Headquarters in southern Ontario
- Employ less than 50 full-time equivalent employees
Investing in Business Innovation Funding –Eligible Activities
IBI business loans Ontario support the activities of eligible earl-stage businesses to undertake activities related to late-stage development and early-stage commercialization of innovative, unique products and processes, including business development such as:
- Business development including building high-performance teams;
- Adopting best management practices, processes and systems, and improving governance and investment readiness;
- Late stage product development geared towards market diversification and growth;
- Customer and market development;
- Developing & implementing marketing and distribution strategies.
IBI Business Loans Ontario –Ineligible Activities
IBI business loans do not cover mass media advertising, acquisition of IP or acquisition of land & buildings. Innovations targeted primarily at retail consumer markets will also not be eligible.
Learn More about Ontario Grants and Business Loans through Mentor Works
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