Business Development Support Program
Highlights
This program is designed for you to boost your business's productivity and competitiveness. It offers non-repayable contributions up to $100,000 per fiscal year, covering up to 50% of eligible costs. This means you can invest in key areas without the burden of repayment.
What You Get
- Funding for productivity improvements
- Support for knowledge development
- Market development assistance
- Professional technical advice
Benefits
- Non-repayable contributions: No need to worry about paying back the funds.
- Up to $100,000 per year: Significant financial support to grow your business.
- 50% coverage of eligible costs: Share the financial load with the program.
By being approved, you can enhance your operations, invest in your team, and explore new trade opportunities. The application process is straightforward, making it easier for you to qualify and start benefiting from this support.
Financing Details
Type of Financing: Non-Repayable Contribution
Contribution Amount:
Up to $100,000 per government fiscal year. The program covers up to 50% of eligible costs, with the business responsible for the remaining 50%.
Eligible Expenses:
Funding can be used for:
- Productivity improvements
- Knowledge development
- Market development
- Professional technical advice
Ineligible Expenses:
Funds cannot be used for:
- Routine operational expenses
- Debt repayment
- Personal expenses
Fees:
There are no fees associated with applying for or receiving this funding.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must be based and operating in Newfoundland and Labrador.
- Must have fewer than 100 employees.
- Must have less than $10 million in sales.
- Must demonstrate the ability to undertake the work identified in the project proposal.
- Must demonstrate the ability to access the financial capital required to complete the project.
- Must operate in a strategic sector as defined by Industry, Energy and Technology (IET).
- Must be in good standing with the Government of Newfoundland and Labrador.
Description
This program offers your business a non-repayable contribution of up to $100,000 per fiscal year. This means you don't have to pay back the money you receive. The program covers up to 50% of eligible costs, so you will need to provide the remaining funding.
You can use this funding for:
- Productivity improvements: Invest in new equipment or technology to make your operations more efficient.
- Knowledge development: Train your staff or yourself to enhance skills and expertise.
- Market development: Explore new markets or expand your reach in existing ones.
- Professional technical advice: Get expert guidance to help your business grow.
This program is designed to help your business increase productivity and competitiveness. It focuses on businesses that aim to grow, improve operations, and explore trade opportunities. If your business operates in a strategic sector and targets export markets or improves import substitution, this program is a valuable opportunity for you.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These may include:
- Business plan
- Financial statements (balance sheet, income statement, cash flow statement)
- Proof of business registration
- Tax returns
- Project proposal outlining the intended use of funds
- Any other relevant documents demonstrating your business's ability to complete the project
Complete the Application Form: Fill out the "Application for Commercial Programs" form. Ensure all sections are completed accurately and thoroughly.
Develop a Project Proposal: Create a detailed project proposal that outlines the scope, objectives, and expected outcomes of the project. Include a budget and timeline for implementation.
Secure Matching Funds: Ensure you have access to the remaining 50% of the project funding. This can be from business savings, loans, or other financial sources.
Submit the Application: Submit your completed application form and all supporting documents to the Industry, Energy and Technology office nearest to you. You can also use the contact information provided to seek assistance if needed.
Follow Up: After submission, follow up with the Industry, Energy and Technology office to confirm receipt and address any additional information requests.
Await Approval: Wait for the review and approval process. Be prepared to provide further details or clarification if requested by the program administrators.
Receive Funding: Upon approval, review the terms of the funding agreement. Once agreed, the funds will be disbursed to your business to begin the project.
Implement the Project: Use the funds as outlined in your project proposal. Ensure all activities are completed within the agreed timeline and budget.
Report on Progress: Provide regular updates and a final report on the project's progress and outcomes to the Industry, Energy and Technology office as required.