Economic Development Fund — Tier 3
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, with funding amounts ranging from $30,000 to $500,000. This financial support can help you innovate, plan, and sustain your business, making it more competitive and diversified.
What You Get:
- Up to $500,000 in funding
- Coverage for 75% of project costs and 50% of capital expenses
The funds can be used for:
- Business plans
- Market research
- Marketing and promotional materials
- Organizational capacity development
- Participation in trade and investment events
- Capital assets and improvements
By being approved, your business can benefit from increased investment opportunities, improved capacity, and innovative business methods. This program is easier to qualify for than many others, making it a valuable opportunity to enhance your business and contribute to the economic development of Yukon.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
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 decisions, including volunteer time
- Costs for canceled 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 department, municipal authority, or First Nation or federal government
- Initiatives eligible under the Performing Musicians Fund
- Sales tax (provincial/territorial, goods and services, or harmonized)
- Real estate fees and related costs
Fees:
- No fees associated with the 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.
Disqualifications:
- Businesses that fall 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.
Description
This program offers your business a chance to receive up to $500,000 in funding. This money can be used for various purposes such as:
- Business innovation and sustainability: Develop new products or services, improve your operations, and create long-term plans.
- Market support: Diversify your market reach and increase your competitiveness.
- Capacity and capital development: Enhance your business capabilities and invest in necessary capital.
You can get funding for up to 75% of your project costs and 50% of capital expenses. The funding is divided into three tiers:
- Tier 1: Up to $30,000
- Tier 2: Between $30,001 and $100,000
- Tier 3: Between $100,001 and $500,000
This program is designed to provide long-term, sustainable economic benefits. It aims to help your business grow, create jobs, and contribute to the overall economic development of your community. By participating, you can also improve your business capacity, attract more investment, and explore innovative business methods.
Take advantage of this opportunity to boost your business and contribute positively to the 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 goals. You can contact them via email at [email protected] or by phone at 867-456-3803.
Prepare Required Documentation: Gather the necessary documents for your application. These include:
- Business plan
- Financial statements
- Market research or marketing plans
- Details of the project, including objectives and expected outcomes
- Quotes for capital expenses, if applicable
Complete the Application Form: Fill out the application form with accurate and detailed information about your project, including how it will benefit the Yukon economy.
Submit Your Application: Submit your completed application before the deadline. You can do this in person, by mail, email, or fax. The contact details are:
- In person: 303 Alexander Street, 2nd floor, Whitehorse, open Monday to Friday, 8:30 a.m. to 4:30 p.m.
- Email: [email protected]
- Fax: 867-393-7018
- Mail: Government of Yukon, Economic Development Fund (F-1), Box 2703, Whitehorse, Yukon, Y1A 2C6
Review and Follow Up: After submission, the program advisor may contact you for additional information or clarification. Be prepared to provide any further details promptly.
Await Approval: The Economic Development Fund will review your application. If approved, you will be notified and provided with the funding details and any conditions attached to the grant.
Implement Your Project: Once approved, you can begin your project. Ensure you adhere to the agreed-upon terms and conditions and maintain records of all expenses and activities.
Submit Reports: As required, submit progress and final reports detailing the outcomes of your project and how the funds were used. This helps ensure compliance and future funding opportunities.
