Financial Assistance to Industry Program (New Brunswick, Canada)
Last modified on February 12, 2015.
|Applies to States or Provinces||New Brunswick|
|Name||Financial Assistance to Industry Program (New Brunswick, Canada)|
|Policy Category||Financial Incentive|
|Policy Type||Loan Program|
|Affected Technologies||Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Tidal Energy, Wave Energy, Wind energy|
|Program Administrator||New Brunswick Economic Development|
The purpose of the assistance is to provide adequate funding for capital expenditures and working capital to enable the establishment, expansion, or maintenance of eligible industries. The assistance may be provided in the form of a loan guarantee or direct loan.
A direct loan or loan guarantee can benefit a business seeking to start-up operations in New Brunswick or expand an existing facility by enabling it to increase its borrowing capacity. Applicants seeking a loan will be required to demonstrate through submission of a comprehensive Business Plan, that the project is viable, will contribute to the economic growth of New Brunswick and that the company has the financial capacity to repay its loan according to the Terms and Conditions and within the prescribed time period. Additionally, the applicant will be required to demonstrate that the required funding would not otherwise be available on reasonable terms and conditions.
A guarantee is made on a loan or a portion of a loan that is made to a business by a financial institution. The lending institution administers the loan and holds the security. Loan guarantees may generally be used for purposes of increasing working capital borrowing ability, but may also be used to secure term debt for working capital or capital expansion purposes.
Eligibility - Eligible industries include manufacturing and processing companies, selected commercial service firms (business to business with focus on export activity or import displacement), full-time tourism operations (consistent with the tourism strategy), and information technology companies (consistent with the information technology strategy). - The operation must be located in New Brunswick. - Applicant must be able to provide a satisfactory level of equity. - Applicant must have attempted to obtain the required financing from conventional sources such as banks or financial institutions. - Applicant must be able to provide adequate security, normally in the form of a first fixed charge on real property, machinery and equipment or an assignment of inventory and accounts receivable.
|Contact Name||Bernie Fontaine|
|Department||New Brunswick Economic Development|
|Division||Monitoring and Program Delivery - Financial Assistance to Industry Program|
|Address||670 King Street|
|Place||Fredericton, New Brunswick|
|Zip/Postal Code||E3B 1G1|
Authorities (Please contact the if there are any file problems.)
|Authority 1:||Economic Development|