Landing that huge contract: A blessing and a curse!
We have just landed the biggest contract in our company's history!! Now how are we going to cashflow it?
This problem is more common than you might think. Many businesses looking to work with larger partners have a tough time being able to make large purchases without some sort of assistance.
Cue the Northern Development Initiative Trust and the Northern Industry Expansion Program!
NDIT is partnered with the Business Development Bank of Canada and National Bank to set up loan guarantees for businesses looking for financing. The BDC will work work with companies to extend financing capital to resource, manufacturing and supply sectors to support expansion plans - equipment, building, and working capital being covered. This loan guarantee can cover 25% up to $1 million dollars.
The loan guarantee program with the National Bank is designed for purchase order financing to resource, manufacturing, and supply sectors for materials and inventory to start the project. There is also receivables financing available one work is completed and an invoice is generated. This loan guarantee can cover 25% up to $1 million dollars.
These tools make it easier for businesses to take advantage of the boom in the north!
If you would like to know more, contact Renata King at the Northern Development Initiative Trust at 250-561-2525 or [email protected]
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