Economic Development Fund — Tier 1
Highlights
This program is designed for businesses like yours to support economic growth and diversification. You can receive up to 75% of your project costs covered and 50% of capital expenses. This means you can get significant financial help to innovate, expand, and improve your business operations.
What You Get
- Tier 1: Up to $30,000
- Tier 2: Between $30,001 and $100,000
- Tier 3: Between $100,001 and $500,000
Benefits for Your Business
- Boost competitiveness through capacity and capital development.
- Encourage economic diversification with market support.
- Support business innovation and sustainability.
Why Apply?
- Long-term benefits include increased employment, business growth, and market diversification.
- Immediate benefits include enhanced investment opportunities and improved organizational capacity.
- Easy to qualify if your business meets the basic criteria.
Applying for this program can provide the financial support you need to take your business to the next level.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
There are no repayment terms or interest rates, as this is a grant.
Eligible Expenses:
The funds can be used for the following:
- Business plans
- Market research
- Marketing plans
- Organization and promotion of marketing and investment events
- Organizational capacity development
- Participation in trade and investment events
- Post-project analysis and support
- Professional development workshops on business topics
- Promotional materials for new markets and market expansion
- Training plans
- Capital assets
- Capital costs
- Implementation support
- Leasehold improvements
- Travel costs (limited to the lowest economy airfare, standard room accommodation, and per diems not exceeding the posted Yukon government rate)
Ineligible Expenses:
The funds cannot be used for:
- Capital expenditures for equipment that is readily movable and suitable for personal use (e.g., computers, power tools, musical instruments) unless integral to the project
- Costs incurred before project approval decisions, including volunteer time
- Costs for cancelled projects
- Expenditures made prior to project approval
- Financing charges, legal fees, and loan interest payments
- Land acquisition
- Leasing equipment not directly related to the project
- Leasing payments on land, buildings, and other facilities
- Operation and maintenance costs (except as provided under Eligible Expenditures)
- Projects under the normal responsibility of a Government of Yukon department, municipal authority, or First Nation or federal government
- Initiatives eligible under the Performing Musicians Fund
- Provincial/Territorial sales tax, goods and services tax, or harmonized sales tax
- Real estate fees and related costs
Fees:
There are no fees associated with this grant program.
Qualifications
- Must be a Yukon business.
Must meet 3 of the following conditions:
- Has an office with a physical address in Yukon.
- Is subject to the Yukon Income Tax Act.
- Is registered under the Business Corporations Act and the Partnership and Business Name Act, where applicable.
- Has a valid municipal business license, where applicable.
Disqualifications:
- None explicitly mentioned in the provided context.
Description
The Economic Development Fund is a great opportunity for your business. It supports projects that bring long-term economic benefits to Yukon communities. This fund can help you with business innovation, market support, and increasing competitiveness.
You can receive up to 75% of your project costs covered, and up to 50% for capital expenses. Depending on your project, you can get funding in three tiers: up to $30,000, $30,001 to $100,000, or $100,001 to $500,000. This money can be used for business plans, market research, marketing events, professional development, and more.
The benefits to your business are clear. This fund can help you grow, diversify, and become more competitive. It can lead to increased investment, better business methods, and more employment opportunities. In the long term, your business can expand, enter new markets, and contribute to a stronger Yukon economy.
Program Steps
Contact an Economic Development Fund Program Advisor: Reach out to an advisor to discuss your project and confirm it aligns with the program's objectives. You can contact them via email at [email protected] or by phone at 867-456-3803.
Prepare Necessary Documentation: Gather and prepare the following documents:
- Business plan
- Market research
- Marketing plan
- Financial statements
- Details of intended use of funds (e.g., quotes for equipment or renovation costs)
- Proof of business registration under the Business Corporations Act or the Partnership and Business Name Act, if applicable
- Valid municipal business license, if applicable
Complete the Application Form: Fill out the application form thoroughly. Ensure all sections are completed and all required information is provided.
Submit the Application: Submit your completed application along with the prepared documentation. You can submit it in person at 303 Alexander Street, 2nd floor, Whitehorse, or via email at [email protected]. Alternatively, you can mail it to:
Government of Yukon Economic Development Fund (F-1) Box 2703 Whitehorse, Yukon Y1A 2C6
Meet the Deadline: Ensure your application is submitted before the deadline. For tier 2 and tier 3 applications, deadlines are April 15 and September 15 for tier 2, and January 15 for tier 3. Tier 1 applications are accepted throughout the year.
Await Review and Approval: The Economic Development Fund team will review your application to ensure it meets all criteria. They may contact you for additional information or clarification.
Receive Funding Decision: Once your application is reviewed, you will be notified of the funding decision. If approved, discuss the final terms, including the amount of funding, any conditions, and the disbursement schedule.
Implement Your Project: Upon approval and receipt of funds, proceed with implementing your project as outlined in your application. Ensure you adhere to any conditions set by the funding agreement.
Submit Progress Reports: Provide regular updates and progress reports as required by the Economic Development Fund. This may include financial reports, project milestones, and any other requested documentation.
Complete Post-Project Analysis: After project completion, conduct a post-project analysis and submit a final report detailing the outcomes and impacts of your project. This helps demonstrate the success and sustainability of your initiative.