The renovation of the local of a company will sometimes be delayed for a long time. The most common reason: lack of funds, of course.
Indeed, it can be difficult to obtain a loan from a financial institution for such a project, especially without the support of an organization or a partner to share the risks. However, for the good turnover of a company, we should not neglect the importance of a well-adapted space! Fortunately, there are several resources to help finance a rental improvement: grants, loans and cash advances, loan guarantee programs, refunds and tax credits, etc. The means are there, but you have to take the time to look for them! Here is an overview of where to start digging.
To get an idea of the types of programs your business may qualify for, visit the Canada Business website, which lists them. For example, the federal government manages the Canada Small Business Financing Program. This initiative aims to help businesses obtain loans from financial institutions by sharing the risks with lenders. A business with a revenue of less than $10 million can use this program to obtain a loan of up to $1 million, of which $350,000 can be used for office redevelopment. Once your loan is approved, the financial institution is responsible for registering it with Innovation, Science and Economic Development Canada.
Being ecological is paying off
Many funding programs and tax credits exist to encourage businesses and individuals to take advantage of their renovations to go green. Transition Énergétique Québec offers three funding streams: Analysis, Energy Management and Implantation. Thus, as soon as you want to make an assessment of the costs of an energy-efficient renovation, the fund can reimburse up to 75% of your costs.
Local business groups can also help you in your efforts. In Montreal is PME MTL, a support network for entrepreneurs. This organization manages 6 funds for corporate financing. These funds are available for a variety of types of businesses and many of them include in their eligible expenses the purchase of equipment and leasehold improvements.
The volume of resources is great, and you will find what you are seeking. Do not be afraid of administrative procedures! The effort is worth it.