Forest Sector Investment and Innovation Program — Collaboration projects
Highlights
This program is designed for businesses like yours in the forest sector. It offers significant financial support to help you improve productivity, enhance competitiveness, and access new markets. By participating, you can receive up to 30% of eligible costs in the form of a performance-based loan, with up to 50% of that loan potentially forgivable. In exceptional cases, grants of up to 15% of eligible costs may also be available.
What You Get:
- Up to 30% of eligible costs covered
- Potentially forgivable loans up to 50%
- Grants up to 15% in special situations
Benefits:
- Boost productivity and innovation
- Enhance competitiveness
- Access new markets
- Strengthen regional economies
Applying is straightforward, and if approved, this funding can significantly enhance your business operations and growth. This program is a unique opportunity to secure government-backed financing that can make a real difference for your business.
Financing Details
Type of Financing:
- Performance-Based Loan: Up to 30% of eligible costs. Up to 50% of the loan may be forgivable.
- Grant: Up to 15% of eligible costs in exceptional situations.
Repayment Terms and Interest Rates:
- Performance-Based Loan: Specific repayment terms and interest rates will be determined on a case-by-case basis. Up to 50% of the loan may be forgivable based on performance criteria.
Eligible Expenses:
Business Projects:
- Equipment and machinery
- Technology upgrades
- Process improvements
- Market expansion activities
- Innovation and productivity enhancements
Collaboration Projects:
- Research and development
- Technology and process innovation
- Product development
- Market diversification
Ineligible Expenses:
- Harvesting and resource extraction projects
- Expenses not directly related to the project objectives
Fees:
- There are no application or processing fees associated with this program.
Qualifications
- Must be a for-profit manufacturer or processor of wood and forest biomass.
- Must be based in Ontario.
Must have at least $3 million in eligible project costs.
Disqualifications:
- Harvesting and resource extraction projects.
Description
This program offers your business funding for strategic investments in the forest sector. You can receive up to 30% of eligible costs through a performance-based loan, with up to 50% of that loan being forgivable. In exceptional cases, you might also qualify for grants covering up to 15% of eligible costs.
You can use this funding to improve productivity, enhance competitiveness, and access new markets. This includes investments in technology, processes, and products that will benefit not only your business but also Ontario’s broader forest sector.
For collaboration projects, you can get a grant covering up to 30% of eligible costs, with a maximum of $3 million. This funding can be stacked with other government support, allowing you to cover up to 75% of your project costs. This is a great opportunity to innovate and grow your business while contributing to the regional economy.
Program Steps
Register and Login to Transfer Payment Ontario:
- Visit the Transfer Payment Ontario website.
- Register for an account if you do not have one.
- Login to your account to access the application forms.
Complete Stage I Eligibility Checklist and Application Form:
- Fill out the Stage I Eligibility Checklist.
- Complete the Stage I Application Form.
- Submit both documents by the Stage I deadline.
Prepare Required Documentation:
- Financial statements (last three years).
- Business plan.
- Details of the project, including cost estimates and timelines.
- Any relevant permits or licenses.
- Letters of support from project partners (for collaboration projects).
Submit Stage I Application:
- Ensure all sections of the Stage I Application Form are filled out.
- Attach the completed Eligibility Checklist.
- Submit the application before the deadline.
Await Stage I Results:
- Wait for notification on whether your application has passed Stage I.
- If successful, proceed to Stage II.
Complete Stage II Business Plan and Supplemental Documents:
- Develop a detailed Stage II Business Plan.
- Gather all required supplemental documents.
- Ensure all information is complete and accurate.
Submit Stage II Application:
- Submit the Stage II Business Plan and all supplemental documents by the Stage II deadline.
- Double-check that no information is missing to avoid delays.
Review and Evaluation:
- Your application will undergo a competitive, rounds-based evaluation process.
- Be prepared to provide additional information if requested.
Await Final Decision:
- Wait for the final decision on your application.
- If approved, review the funding agreement and terms.
Receive Funding and Begin Project:
- Upon approval, receive the funding as per the agreement.
- Start your project and adhere to the agreed-upon timelines and objectives.