Tourism Financing Assistance - Long Term Loan ### 📋 Eligible Entities - Tourism-related businesses operating in Canada - Hotels, motels, and accommodation providers - Restaurants and food service establishments - Attractions and entertainment venues - Tour operators and travel agencies - Recreational facilities and resorts - Bed & breakfasts and short-term rental operations - Campgrounds and RV parks - Conference and event venues - Spa and wellness facilities - Must be for-profit enterprises or cooperative organizations - Businesses must be operating or actively planning to operate in eligible tourism sectors ### 💰 Funding Details - Loan Type: Long-term financing (not a grant) - Loan Amount: Varies based on project scope and business requirements - Interest Rate: Government-subsidized rates (below commercial market rates) - Repayment Terms: Extended amortization period (typically 5-10+ years) - Down Payment/Matching: Applicant typically required to provide equity contribution (often 10-25% of project cost) - Repayability: Full repayment required with interest over loan term - Loan Security: May require collateral or personal guarantees ### 🛠️ Approved Expenses - Acquisition: Purchase of tourism businesses or properties - Expansion: Building additions, facility upgrades, and capacity increases - Equipment: Purchase or replacement of operational equipment (kitchen equipment, furniture, HVAC systems) - Renovations: Repairs, restoration, and modernization of facilities - Debt Consolidation: Refinancing existing business debts - Working Capital: Limited support for operational needs related to expansion - Technology Integration: Point-of-sale systems and digital infrastructure - Accessibility Improvements: Modifications to meet accessibility standards - Energy Efficiency Upgrades: Cost-saving equipment and systems ### ⚠️ Conditions & Milestones - Business Plan Requirement: Comprehensive plan demonstrating viability and market demand - Financial Statements: Recent audited or reviewed financial statements (typically 2-3 years) - Personal Credit: Principals must demonstrate sound personal credit history