CFIN Innovation Booster
Highlights
This program is designed for small- and medium-sized enterprises (SMEs) like yours, offering flexible and rapid support to advance your food innovation and research outcomes. You can receive up to 50% of your project costs covered, with eligible project costs ranging from $20,000 to $200,000. This means you can secure significant funding to push your innovative ideas forward without bearing the full financial burden.
What You Get:
- Up to 50% of project costs covered (between $20,000 and $200,000)
- Rapid support to meet your innovation goals
- Flexible funding aligned with your business needs
Why Apply?
- Boost your innovation: This funding can help you develop new products, improve processes, or conduct essential research.
- Shared costs: Only 50% of the project costs need to come from your business, making it easier to manage your budget.
- Quick turnaround: Notifications of award are approximately 60 days after the intake closes, allowing you to plan and execute your projects promptly.
This program is an excellent opportunity to enhance your business's growth and innovation potential. The application process is straightforward, and with upcoming intakes, you can plan your projects accordingly.
Financing Details
Type of Financing: Grant
Repayment Terms:
- No repayment required. This is a non-repayable grant.
Eligible Expenses:
- Research and development costs
- Prototyping and testing
- Market analysis and commercialization activities
- Equipment and materials directly related to the project
- Salaries and wages for project-related staff
Ineligible Expenses:
- General operational costs not related to the project
- Marketing and advertising expenses not tied to the project
- Debt servicing or repayment
- Purchase of land or buildings
Fees:
- A non-refundable project management fee of 5% of total eligible project costs
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have 499 or fewer employees.
- Must have less than $50 million in gross revenues.
- Total eligible project costs must be between $20,000 and $200,000.
Must be able to complete all project activities by March 31, 2025, or within 12 months of project start, whichever comes first.
Disqualifications:
- Businesses with more than 499 employees.
- Businesses with $50 million or more in gross revenues.
- Projects with total eligible costs less than $20,000 or more than $200,000.
Description
This program offers up to $100,000 in funding for your business. You can use this money to advance your food innovation and research projects. The funding covers up to 50% of your total project costs, which means you only need to cover half of the expenses.
Eligible project costs can range from $20,000 to $200,000. The program requires a 5% non-refundable project management fee based on the total eligible costs. This fee helps manage and oversee your project effectively.
All project activities must be completed by March 31, 2025, or within 12 months of the project start date, whichever comes first. You will be notified about the award approximately 60 days after the application period closes. This funding can help your business innovate and grow, making it a valuable opportunity for your future success.
Program Steps
Register for an Account:
- Visit the program's website.
- Click on "Sign In" or "Join CFIN" to create an account.
Prepare Required Documentation:
- Financial Statements: Recent balance sheets, income statements, and cash flow statements.
- Business Plan: Detailed plan outlining your business goals, strategies, and projected outcomes.
- Project Proposal: Description of the innovation project, including objectives, expected outcomes, and budget.
- Quotes/Estimates: Cost estimates for project-related expenses.
Complete the Online Application Form:
- Log in to your account.
- Navigate to the application section.
- Fill out the form with your business information and project details.
Upload Supporting Documents:
- Attach the prepared financial statements, business plan, project proposal, and cost estimates.
- Ensure all documents are clear and legible.
Review and Submit Application:
- Double-check all information for accuracy.
- Submit the application before the intake closing date.
Pay the Project Management Fee:
- Calculate 5% of the total eligible project costs.
- Make the non-refundable payment as instructed on the website.
Await Notification:
- Monitor your email for updates.
- Notifications of award will be sent approximately 60 days after the intake closes.
Prepare for Project Start:
- If approved, review the funding agreement.
- Begin project activities as outlined in your proposal.