Emerging Opportunities
Highlights
This program is designed specifically for businesses like yours in the agriculture and bio-industrial sectors. It offers substantial financial support to help you innovate and grow. By participating, you can access up to $1,000,000 per fiscal year, with a project maximum of $2,000,000. This funding can be used for new technologies, best practices, significant capacity expansions, and new builds.
Why apply? This program provides a unique opportunity to share costs, covering 25% of approved capital expenses and 50% of approved non-capital expenses. Unlike other financing options, this grant is backed by the government, ensuring reliability and support. The structured payment schedule, tied to progress and final reports, ensures you receive funds as you meet key milestones.
Being approved for this program can significantly boost your business by enabling you to undertake projects that might otherwise be financially out of reach. The application process is straightforward, starting with a direct discussion with the program team to ensure your project aligns with the program's objectives.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- Grant funding provided up to $1,000,000 per fiscal year.
- Projects by agriculture and bio-industrial processors require a minimum total project investment of $2 million.
- Costs shared at 25% for approved capital expenses and 50% for approved non-capital expenses.
Eligible Expenses:
- Equipment and engineering for new processing facilities.
- Initiatives exploring market opportunities.
- Activities promoting collaboration in the sector.
- Other activities supporting emerging opportunities in the sector.
Ineligible Expenses:
- Funds cannot be used for multiple Alberta Sustainable Canadian Agricultural Partnership programs for the same project expenses.
Fees:
- No specific fees mentioned in the program details.
Qualifications
- Must be registered and operating in Alberta.
- If not currently operating in Alberta, must prove operation and project outcomes in Alberta by March 31, 2028.
- Must be in good standing in accordance with applicable legislation.
- Must be an agriculture or bio-industrial processor, or an industry organization.
Projects conducted by agriculture and bio-industrial processors must have a minimum total project investment of $2 million.
- Disqualifications:
- Businesses not registered or operating in Alberta.
- Businesses not in good standing with applicable legislation.
- Projects with a total investment less than $2 million (for agriculture and bio-industrial processors).
Description
This program offers your business a chance to receive up to $1 million per fiscal year. It's designed to support projects that drive innovation and significant growth in Alberta's agriculture and bio-industrial sectors.
You can use the funds for various purposes, including new technologies, best new practices, significant capacity expansions, and new builds. Capital expenses are covered at 25%, while non-capital expenses are covered at 50%. This means you can invest in equipment, engineering for new facilities, market exploration, and activities promoting sector collaboration.
The grant payments are structured to ensure you receive funds as your project progresses. You'll get an initial payment upon signing the grant agreement, followed by progress payments tied to status reports, and a final payment upon project completion. This program is a valuable opportunity to boost your business's growth and innovation.
Program Steps
Contact the Program Team: Reach out to the Emerging Opportunities Program team to discuss your project and ensure it aligns with the program's objectives. You can contact them via phone or email.
Submit a Letter of Request: If your project is deemed a fit, you will be invited to submit a Letter of Request to the program. This letter should outline your project and its alignment with the program's goals.
Prepare Documentation: Gather and prepare the necessary documentation to support your application. This includes:
- Business registration documents
- Financial statements
- Detailed project plan
- Budget and cost estimates
- Proof of good standing in accordance with applicable legislation
Submit Application: Complete and submit the application form along with the prepared documentation. Ensure all required fields are filled out accurately.
Review and Recommendations: The program area will review your application and prepare recommendations for the Minister based on project alignment with assessment criteria and available funding.
Approval and Grant Agreement: If approved, you will receive a grant agreement outlining the terms and conditions, including the Reporting and Payment Schedule.
Project Execution and Reporting: Execute your project as per the approved plan. Submit status reports and final reports as required by the grant agreement to receive progress payments and the final payment.
