Canadian professional basketball team based in Toronto, Toronto Raptors and American online legal technology company that helps its customers create legal documents without necessarily having to hire a lawyer, LegalZoom have teamed up to reel out an initiative to assist communities by helping women-owned Black small business owners across Ontario.
It is germane to aver that Toronto Raptors and LegalZoom are committed to encouraging Black Women entrepreneurship by helping small business owners.
According to them, the initiative is a grant of $10,000 aimed at supporting business growth.
NCNC gathered that small businesses are eligible to apply for a grant through Fast Break for Small Business if they meet the following criteria:
The entrant is a legal resident of Canada, must be based in Ontario and currently in operation
Must have been in business for at least 6 months (since May 1st, 2022), if in business for between 6 and 12 months, must have a business license or sole proprietorship formation document, must have an annual revenue of more than $35,000 but less than $1 million.
Other requirements include: must have a business bank account, the entrant is at least the age of majority of their province or territory of residence at the time of entry, the entrant must own at least 50% of their business and operate their business in Canada, the entrant must have a business that has a product or service in market and is generating revenue, the entrant must have a digital presence, must not be in an industry that has been identified as a prohibited industry for this program
To complete the application, business owners must submit the following:
2021-2022 Tax Return information Copy of one piece of original, valid, and current government issued photo identification All pages of the most recent business bank statement (businesses that do not have a business bank account are not eligible for this opportunity)
For Sole Proprietorship, the requirements include trade name registration certificate or Copy of your Master Business License.
“Note – if you operate strictly in your own name alone, no registration is required. For instance, if you operate in your own name, such as “Jane Smith”, registration may not be applicable, but operating in the name of “Jane’s Flowers”, would require evidence of the registration of the trading name”.
Latest Business Notice of Assessment (If you have been in business for longer than 12 months
For Partnership (LLP), Registered Declaration of Partnership or Partnership Agreement (where Provincial Law does not require registration), Trade name registration, if applicable.
Other requirements include name, address, and occupation of all individuals having an interest of 25% or more in your business
Latest Business Notice of Assessment (If you have been in business for longer than 12 months). Business License or Vendor’s Permit (If you have been in business for longer than 12 months)
And for Corporation, Articles of Incorporation/Association, trade name registration, if applicable, name, address and occupation of all individuals having an interest of 25% or more in your business.
Others are Certificate of Incorporation, Certificate of Continuation or Letters Patent (If you have been in business for longer than 12 months), Annual Government Filing (If you have been in business for longer than 12 months), Latest Business Notice of Assessment (If you have been in business for longer than 12 months)
The organizers said application for the grant will close on February 1st, 2023. “We will be announcing grantees in March” they said.
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