CanNor Jobs and Growth Fund — For-profit
Highlights
The Jobs and Growth Fund is an excellent opportunity for your business to secure funding that supports long-term growth and job creation. This program offers interest-free repayable contributions for up to 50% of eligible costs, making it a cost-effective way to finance your projects. Whether you are looking to transition to a green economy, adopt digital solutions, or expand your market, this fund can provide the financial boost you need.
What You Get:
- Interest-free repayable contributions for up to 50% of eligible costs.
- Support for activities that promote clean technology and sustainable growth.
- Funding for projects that enhance competitiveness and digital adoption.
- Assistance for businesses owned by underrepresented groups to foster an inclusive recovery.
By participating in this program, you can future-proof your business, increase resilience, and position yourself for long-term success. The application process is straightforward, and funding is available on a continuous basis until fully allocated. This is a unique chance to access government-backed financing tailored to help your business thrive.
Financing Details
Type of Financing:
- Interest-Free Repayable Contributions: Eligible businesses can receive interest-free repayable contributions for up to 50% of eligible costs.
- Non-Repayable Contributions: Eligible not-for-profit organizations can receive non-repayable contributions for up to 90% of eligible costs.
Repayment Terms:
- Interest Rate: Contributions are interest-free.
- Repayment Term: Specific repayment terms will be determined based on the agreement with the regional development agency.
Eligible Expenses:
- Transition to a green economy (e.g., clean technology development and adoption).
- Inclusive recovery initiatives (e.g., support for businesses owned by underrepresented groups).
- Digital adoption and technological solutions (e.g., Industry 4.0 solutions).
- Strengthening capacity in critical sectors (e.g., food production, medical supplies).
Ineligible Expenses:
- The funds cannot be used for expenses that do not align with the program's goals, such as non-business-related activities or personal expenses.
Fees:
- There are no fees associated with applying for or receiving funding from this program.
Qualifications
- Must be a business, including co-operatives, or a not-for-profit organization.
- Must be located in Canada.
- Indigenous-led organizations and/or businesses are strongly encouraged to apply.
- Businesses created after January 2020 are eligible for up to $70 million in funding.
Must be involved in activities that:
- Support the transition to a green economy.
- Foster an inclusive recovery.
- Preserve Canada's competitiveness through digital adoption.
- Strengthen capacity in sectors critical to Canada's recovery and growth.
Disqualifications:
- None specified in the provided context.
Description
The Jobs and Growth Fund offers a great opportunity for your business. You can receive interest-free repayable contributions for up to 50% of eligible costs. If you are a not-for-profit organization, you could get non-repayable contributions for up to 90% of eligible costs. This funding can help your business grow and adapt to new challenges.
You can use this money for various activities. These include transitioning to a green economy, such as adopting clean technology and driving sustainable growth. You can also use it to foster an inclusive recovery by supporting businesses led by underrepresented groups. Additionally, the fund supports digital adoption to boost productivity and strengthen critical sectors like food production and medical supplies.
This program is designed to help your business become more resilient and competitive. It supports projects that build capacity, enhance capabilities, and prepare for future growth. This is a valuable chance to secure funding that can make a significant difference in your business's success.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. These include:
- Business plan
- Financial statements (e.g., balance sheets, income statements)
- Proof of business registration
- Details of the project for which you are seeking funding
- Quotes or estimates for project costs
- Any other relevant documents that demonstrate your business's eligibility and the project's alignment with the program's goals
Complete the Application Form: Fill out the application form provided by the regional development agency (RDA) or the Canadian Northern Economic Development Agency (CanNor). Ensure all sections are completed accurately.
Submit the Application: Send your completed application form and all required documentation to the appropriate RDA or CanNor. This can usually be done online, via email, or by mail, depending on the agency's submission guidelines.
Follow Up: After submission, follow up with the agency to confirm receipt of your application and to inquire about the review process and timeline.
Respond to Requests for Additional Information: Be prepared to provide any additional information or clarification requested by the agency during the review process. This may include further details about your project or additional financial information.
Await Decision: Wait for the agency to review your application and make a funding decision. This process may take several weeks to months, depending on the volume of applications and the complexity of your project.
Review and Accept Funding Agreement: If your application is approved, carefully review the funding agreement provided by the agency. Ensure you understand the terms and conditions, including repayment terms if applicable. Sign and return the agreement to accept the funding.
Implement the Project: Once the funding is secured, proceed with implementing your project as outlined in your application. Keep detailed records of all expenses and progress.
Report on Progress: Submit regular progress reports to the agency as required. These reports should detail how the funds are being used and the outcomes of your project.
Complete Final Reporting: Upon project completion, submit a final report summarizing the project's achievements, financial expenditures, and any other required information. This ensures compliance with the funding agreement and helps the agency assess the program's impact.
