In order to be eligible for the grant money and loan portion of this competition a score of 650 or higher is normally required. We do, however, allow individuals with a score lower than 650 to explain the reason for their credit score and what is being done to improve it for the review committee to consider. There may also be opportunities with other community partners to assist you.
A credit score is a statistically derived numeric expression of a person's creditworthiness that is used by lenders to access the likelihood that a person will repay his or her debts. A credit score is based on, among other things, a person's past credit history. It is a number between 300 and 850 - the higher the number, the more creditworthy the person is deemed to be.
To obtain your credit score, please visit: http://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02197.html#footnote1
In order to be eligible for the grant money and loan portion of this competition an income level of $50,000 or lower is required. This is the income stated on your CRA Notice of Assessment for 2015.
Ignite Capital and sponsors would like to support businesses that are planning to grow and create employment opportunities for themselves and others in the community.
This is personal income before taxes as reported on your 2015 tax return.
How you can check the status of your refund:
If the business is equally shared between partners, then all members must meet the eligibility requirements but can submit one joint application. If you are the majority owner, than only you have to meet eligibility criteria.
Yes! Each year we have entrepreneurs apply to more than one category they identify with. When our review team evaluates all submissions we place you in the category we think you would best compete in.
The Ignite Capital competition is open to Ontario businesses only. The primary reason for this is the fact that the final stage is a live pitch in Toronto and as a non-profit organization, we do not pay for expenses (such as travel) related to attending the pitch.
Yes you can. If you were not a finalist in any of the previous years, you are eligible to submit an application for 2016.
Eligible businesses must be registered for fewer than five years. Exceptions may be made if businesses have been dormant (without sales or activity) for a period of time.
The ideal candidate will have evidence for success and can show a passion for their business. A well communicated business plan is critical in convincing the judges that the business is viable through illustrating a market need for the product or service, as well as explaining the need for financing to create sustainable growth. It is important to tell your personal story, as well as illustrate sales results for post-launch organizations, or proof of interest for pre-launch organizations (i.e. written statements or contracts).
We receive many application for social businesses and they are judged equally against business that do not have a social mission. All businesses must be for-profit.
To ensure you are eligible for the competition, Ignite requires you to complete their online application form located here. It only takes about 5 minutes to complete. Once you submit your initial application you will receive an email confirmation. To review Ignite Capital’s eligibility requirements please see them on the website here.
If eligible for the competition, you will receive an email inviting you to submit a business plan submission. This submission also requires you to submit a two year cash flow projection sheet and an explanation of why you are applying for this award and how the money will be used.
If ineligible for the competition, you will receive an email explaining why you do not qualify.
If chosen as a finalist, you will be required to submit supporting documentation depending on which category you are applying to such as;
Youth, Women and Indigenous Categories
A good application has all questions answered in full sentences, focuses on how the money will help them grow the business and takes the time to complete the cash flow projections properly ensuring they include the prize money in their projections so the review team can see exactly how the money will be spent.
Ignite Capital will be hosting information sessions to assist those in the process of completing their submission to answer questions and give some pointers! Ignite Capital will be emailing all accepted applicants on the information session details.
Ignite Capital uses an online integrated workflow creation and management platform for reviewing submission. This allows us to manage all incoming submission and ensure we are judging and evaluating them properly. If you would like to see comments made about your submission, please contact us at firstname.lastname@example.org
Yes you can. You will have a login that allows you to work on the submission as you please. Just remember to submit before September 2nd, 2016 at midnight!
Once you submit your application, you will receive an email of your full submission that you can print for your records.
Once you hit submit, you will receive a confirmation email from us. If you do not receive, do not fear! Just give us a call and we will assist you.
Our review team will meet in September to review all submission and finalists will be notified by mid-October.
Debt-financing is a fundamental component of business growth. In order to reach your next plateau as a business, you will likely need to borrow in order to acquire the assets necessary to scale. Ignite Capital believes this combination of loan + grant creates the right flexibility to provide start-ups with sufficient capital while still allowing recipients to learn to manage debt effectively. For the second and third place winners, the loan will provide much needed capital to launch and/or grow your business.
It is often difficult for emerging entrepreneurs to obtain the capital then need from traditional financing for a number of reasons. The amount of loans awarded provide an opportunity for businesses to obtain that capital and the business can incorporate the loan expenses into their day-to-day opeations.
For the grand prize winners in each category, the grant is administered as an operating loan, e.g. expense invoices or purchase orders are submitted for approval. The loans for the first, second and third place winners are administered by Alterna Savings and winners will be required to open an account with them.
Judges are chosen each year, but typically comprised a panel of experienced business leaders and entrepreneurs.
The 2016 Ignite Capital Grant Fund has been graciously provided by TD Bank, All-Canadian Self Storage and APEX PR.
In 2015, our prize package included;
We’re continuously building our prize package, stay tuned for updates!
Ignite Capital is based out of Toronto, Ontario. As such, the pitch competition and prize package has been created with the generosity of local partners. Because of this, the pitch competition is held in Toronto and prize package contents will likely be comprised of Toronto-based products and services.
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Please note that Ignite Capital reviews and updates this policy from time to time as needed without notice. You should review the terms of this policy periodically to make sure that you are aware of how Ignite Capital collects and uses personal information. By using our website, you consent to the collection and use of your personal information by Ignite Capital as explained below.
Personally identifiable information is not collected by this website unless specifically submitted to users via the online registration functions (memberships, events, applications and surveys), an electronic mail message, a phone call or by postal mail. All information is kept confidential. Ignite Capital does not maintain records on individuals without permission. Ignite Capital does not sell, rent, share, or otherwise disclose mailing lists or other personally identifiable information.
The Ignite Capital website may provide links to other third party websites. These links are provided to you for convenience purposes only and you access them at your own risk. Even if the third party is affiliated with Ignite Capital through a business partnership or otherwise, Ignite Capital is not responsible for the privacy policies or practices or the content of such external links or third parties.
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Ignite Capital takes reasonable physical, electronic and managerial measures to safeguard maintain and help prevent unauthorized access to the information that we collect online.
If you have questions regarding our Privacy Statement, please contact us at email@example.com. For other general questions, please go to our Contact Us Page.
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Ignite Capital expressly disclaims any responsibility or liability for any loss or damage whatsoever suffered by any user of this website or any websites that are accessible by links found on this website caused by or arising from any inaccuracies or omissions in or from any use of or reliance on any information, products or services available on this website, the links to other sites contained in this website or any information, products or services available on such sites.