Economic Development Fund — Tier 2
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, with funding tiers ranging from $30,000 to $500,000. This financial support can help you innovate, plan, and expand your market reach, making your business more competitive.
What You Get:
- Up to 75% of eligible project costs
- Up to 50% of capital expenses
- Funding tiers:
- Tier 1: Up to $30,000
- Tier 2: $30,001 to $100,000
- Tier 3: $100,001 to $500,000
Benefits:
- Long-term, sustainable economic benefits for your business and community
- Increased competitiveness through capacity and capital development
- Support for business innovation and market expansion
Applying is straightforward, and if approved, this funding can significantly enhance your business's growth and sustainability.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment is required as this is a grant.
Eligible Expenses:
- 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:
- Capital expenditures for equipment suitable for personal use (e.g., computers, power tools, musical instruments) unless integral to the project
- Costs incurred before project approval, including volunteer time
- Costs for canceled projects
- 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 for under eligible expenditures)
- Projects under the normal responsibility of a government department or authority
- Initiatives eligible under the Performing Musicians Fund
- Sales tax (provincial/territorial, goods and services, or harmonized)
- Real estate fees and related costs
Fees:
- There are no fees associated with this grant program.
Qualifications
Must be a Yukon business that meets 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.
- Yukon First Nation governments.
- Yukon First Nation development entities (corporation, partnership, joint venture or trust).
- Yukon municipal governments.
- Community societies or industry associations that:
- Are registered under the Yukon Societies Act and are in good standing.
- Are based in 1 or more Yukon communities.
- Are open to public membership.
- Can demonstrate clear interest in seeking to improve Yukon’s economic development.
Not-for-profit corporations incorporated under the Canada Not-for-profit Corporations Act.
Disqualifications:
- None explicitly mentioned in the provided context.
Description
The Economic Development Fund is a fantastic opportunity for your business. It provides up to 75% of your project costs and 50% of capital expenses. You can receive between $30,000 and $500,000 depending on your project needs.
You can use this funding for a variety of activities. These include creating business plans, conducting market research, developing marketing strategies, and participating in trade events. You can also use it for professional development, promotional materials, and even capital improvements like equipment and leasehold enhancements.
The fund aims to support long-term economic growth. It helps businesses like yours innovate, diversify, and become more competitive. This means you can expand your market, improve your operations, and ultimately increase your profitability. This is a great chance to invest in your business’s future and contribute to the economic development of your community.
Program Steps
Contact an Economic Development Fund Program Advisor: Reach out to an advisor to discuss your project and confirm its eligibility. You can contact them via email at [email protected] or by phone at 867-456-3803.
Prepare Necessary Documentation: Gather and prepare the required documents for your application. These include:
- Business plan
- Financial statements
- Market research reports
- Marketing plans
- Professional development workshop details
- Promotional materials for new markets
- Training plans
- Quotes for capital assets and costs
- Leasehold improvement plans
Complete the Application Form: Fill out the application form with detailed information about your project, including objectives, expected outcomes, and budget.
Submit the Application: Submit your completed application and all required documents before the deadline. You can submit in person at 303 Alexander Street, 2nd floor, Whitehorse, by email at [email protected], by fax at 867-393-7018, or by mail to:
Government of Yukon Economic Development Fund (F-1) Box 2703 Whitehorse, Yukon Y1A 2C6
Await Review and Approval: The Economic Development Fund team will review your application. They may contact you for additional information or clarification.
Discuss Final Terms: If your application is approved, discuss the final terms of the funding, including the percentage of project costs covered and any specific conditions.
Receive Funding and Begin Project: Once all terms are agreed upon, you will receive the funding. You can then proceed with your project, ensuring to keep records and receipts for all expenditures.
Submit Reports: After completing your project, submit any required reports or documentation to demonstrate how the funds were used and the outcomes achieved.