Ignite Capital 2016 – Funding Opportunity for Small Businesses
WE ARE AN ORGANIZATION CREATED TO GIVE CANADIAN ENTREPRENEURS AN OPPORTUNITY TO TURN THEIR IDEAS INTO REALITY.
Applicants have a chance to compete for a $20,000 award ($10,000 grant/$10,000 loan) in each category. The second runner up will receive a $10,000 loan and third a $5,000 loan . Judges will be looking for candidates to showcase their great idea, as well as business expertise, passion to succeed and ability to grow.
- Candidates must qualify for one or more categories: Woman Entrepreneur, Youth Entrepreneur (18 to 29 years old) Immigrant Entrepreneur (in Canada 10 years or less) and Aboriginal
- Start-up, for-profit businesses only (businesses in startup or growth phase)
- Business must be registered 5 years or less
- No freelance or self contracted businesses
- Open to Ontario residents
- Income and credit history: Credit score above 650 and personal income of less than $50,000
Step One: Online Application
Complete the initial on-line application to ensure you are eligible. It only takes about 10 minutes. (Be sure to obtain any supporting materials you will need if chosen for the second round). The sooner you submit the online application to ensure your eligibility, the sooner we can send you the full package to submit before the deadline.
Step Two: Business plan/Financials**
Qualified applicants will be notified that they are eligible and asked to submit a full proposal (Your business plan, financials and any supporting materials).
Step Three: Short List
Ignite Capital committee short lists applicants. Four finalists per category: Aboriginal, Immigrant, Women and Youth. A total of 12 finalists.
Step Four: Live Pitch
Pitch your business to a panel of judges at the Ignite Capital pitch-off, taking place November 2016
**Short-listed applicants will be asked to submit a maximum 10 page business plan and 2 year financial projections as well as a description of their entrepreneurial story.
$140,000 in available funding for the 12 finalists. All finalists are required to accept the loan if they are shortlisted for the final competition.
- First place: $10,000 loan/$10,000 grant
- Second place: $10,000 loan
- Third place: $5,000 loan
The grant and loan are subject to a final approval process which includes a formal review by our loan administrator. Funds will be released to your business account only, not a personal.
Funds released and spent are to be matched against invoices and receipts that are submitted to Ignite Capital, to ensure that the money is invested directly against identified business goals