Programs and Incentives

Trade Growth Investment Financing

The Trade Growth Investment Financing Program (TGIF) supports small and medium-sized enterprises (SMEs) with access to capital.  TGIF offers repayable loans to Manitoba businesses investing in productivity-enhancing projects that support:

  • Trade and export growth
  • Job creation and wage growth
  • Workforce development and inclusion

The Government of Manitoba is launching the Trade Growth Investment Financing Program (TGIF) as part of Manitoba’s Economic Development Strategy (EDS). The strategy aims to drive economic growth through increased productivity and innovation, and by building an inclusive workforce with wider opportunities for participation. The EDS sets out five pillars to support its dual objectives of productivity growth and increased workforce participation. The TGIF Program is an initiative under Pillar 1 – Facilitate Productive Investments. More information on the EDS may be found here.

 

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Program description

The Trade Growth Investment Financing Program (TGIF) will provide repayable loans of between $250,000 and $5 million, representing up to 25% of total project costs incurred by Manitoba-based businesses that meet the program criteria.  TGIF aims to support projects with the potential to enhance business productivity through development/adoption of new technology or equipment; increasing exports or market diversification; creating new jobs, maintaining jobs or increasing wages; and improving workforce development.

Loan terms will vary based on project timelines, business capacity and other factors but will not exceed 12 years. In some cases, a principal deferral may be considered.  Loans will generally be secured by assets purchased as part of the eligible project or other company assets.

 

Eligible projects

Eligible projects include:

  • business facility or infrastructure upgrades
  • investments in equipment and machinery and/or information technology

Preference will be given to projects that respond to more than one of the programs objectives:

  • Trade and export growth
  • Job creation and wage growth
  • Workforce development and inclusion

 

Eligibility criteria

To be eligible for funding under this program, a business must:

  • be permanently established in Manitoba
  • be a Canadian-controlled Private Corporation (CCPC) or Cooperative registered and in good standing in Manitoba   
  • use loan proceeds for an Eligible Project located in Manitoba
  • use loan proceeds only for the Eligible Project
  • contribute at least 25% equity toward the total Project costs. 
  • show the ability to fund the remaining balance of the total project costs after deducting the amount requested from TGIF (which may fund up to 25% of the total project costs if approved)
  • apply before starting the Eligible Project
  • demonstrate measurable economic benefits to Manitoba, such as:
  • increased productivity through development/adoption of new technology or equipment
  • increased exports or market diversification
  • jobs creation or retention, increased wages
  • workforce development (training, upskilling, inclusion)

 

Documents required

Applicants to the program will be required to provide:

  • completed online application form
  • a business plan (see business plan requirements below)
  • 3 years of financial statements and T2 tax returns
  • the business’ most recent Notice of Assessment

 

How to apply

The application is a two-step process:

Step 1
Complete and submit this online form.

Step 2
Within five (5) business days of completing Step 1, email the following documents to LoansProgram@gov.mb.ca with the subject line: "Company Name - TGIF Application"

  • Business plan
  • Most recent three years of financial statements
  • Most recent three years of T2 Tax Returns
  • Most recent Notice of Assessment

 

If you are unable to provide the required documentation, please send an explanation by email to LoansProgram@gov.mb.ca and department staff will contact you. Please note that submitting an application does not guarantee an approval.

 

Frequently asked questions

Who is eligible to apply?

Small and medium-sized enterprises that are permanently established in Manitoba, as either a Canadian-controlled Private Corporation (CCPC) or a Cooperative registered in Manitoba and who meet the eligibility criteria set out above may apply.

 

What is a Canadian Controlled Private Corporation (CCPC)?

A CCPC is a private corporation that is controlled by Canadian residents. It must not be controlled directly or indirectly by non-residents or public corporations. Please see CCPCs - Canada.ca for more information on features of CCPCs.

 

What types of projects are eligible for funding?

Projects that entail investments in business facility or infrastructure upgrades; equipment and machinery and/or information technology.

 

How much funding can my business receive?

Loans between $250,000 and $5 million per project will be considered, where the loan represents up to 25% of total project costs. Applicants must contribute a minimum of 25% equity toward the project.

 

What are the loan terms and interest rates?

Loan terms will vary with each transaction subject to comprehensive and satisfactory due diligence. A loan term may be up to 12 years. In some cases, a principal deferral may be considered. Interest rates will be determined based on a comprehensive and satisfactory review of the business and project. Loans will generally be secured by assets purchased in the eligible project.

 

How are loan proceeds disbursed?

Loan proceeds may be disbursed as a one-time payment, milestone-based disbursements, or staged disbursements, depending on the nature of the project.

 

What documents are required in the application package?

Applicants must complete and submit the online application form (Step 1) and provide the following documents within five days of completing Step 1:

  • Business plan
  • Most recent three years of financial statements
  • Most recent three years of T2 Tax Returns
  • Most recent Notice of Assessment

 

What if I do not have all the documents or I cannot provide my documentation within five days?

If you are unable to provide the required documentation, please send an explanation by email to LoansProgram@gov.mb.ca and department staff will be in contact.

 

Can start-ups apply for this program?
Although start-ups would not have 3 years of financial statements, the application may be considered if they have a compelling business plan, meet the rest of the eligibility criteria and demonstrate a viable and economically beneficial project.

 

What kind of security is required for the loan?

Acceptable security for funding under the TGIF Program will depend on each project proposal and will be determined during the application evaluation. Security will be on purchased assets or other company assets.

Generally, the following security may be accepted: Real estate (Mortgage, charge, leasehold interests), Personal property (equipment and machinery, inventory, accounts receivable, vehicles and other assets), Financial instruments (cash or term deposits, debenture etc.), Corporate and personal guarantees and General Security agreements. In rare cases, appraised and valuable licenses, contracts or intellectual property may be accepted.

 

What if my project includes a bank loan and my financial institution requires a first priority on the asset?

A second priority security may be considered, following financial and project assessment.

 

How will my application be evaluated?

Applications will undergo a comprehensive financial and legal due diligence and business risk assessment conducted by Manitoba, evaluating corporate status, project viability, financial controls, and eligibility.

 

Is there a fee to apply?

There is no fee to apply for TGIF; however, administration fees for the transaction may be included as part of the loan agreement.

 

Can I combine this program with other government funding?

Yes. However, this may be considered alongside other eligibility criteria at Manitoba’s discretion during the application assessment and could also affect eligibility or the amount of other government funding. Please check the criteria of applicable government programs to determine if funding eligibility or amounts are affected by use of funds from another government program.

 

When can businesses apply?

Applications are considered on a continuous basis subject to the availability of funds under the TGIF program.

 

If my application is unsuccessful, can I reapply at a later time? 

Yes. You may reapply if there has been a change in your eligibility status or the circumstances which gave rise to your unsuccessful application. You may also arrange to speak to a staff member by sending an email to LoansProgram@gov.mb.ca and department staff will be in contact.

 

How long before I can expect an initial response on my application?

Department staff will be in contact within five (5) business days of submission of Step 2 documents.

 

Contact

Economic Programs and Initiatives Branch
Phone: 204-945-7343
Email: LoansProgram@gov.mb.ca

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