Inclusive Diversification and Economic Advancement in the North — For-Profit
Highlights
The IDEANorth program is designed specifically for businesses like yours in the northern territories. This program offers foundational investments in economic infrastructure, sector development, and capacity building. By participating, you can take advantage of Canada's innovation economy and help grow a strong, diverse, and sustainable economy in the North.
Why should you apply?
- Economic Growth and Sector Development: Enhance and diversify your business activities.
- Business Scale-Up, Productivity, and Innovation: Improve your business operations and innovate.
- Small-Scale Economic Infrastructure Development: Extend your services and support community growth.
- Foundational Economic Infrastructure: Lay the groundwork for large-scale projects.
What’s in it for you?
- Equitable Access to Funding: Special emphasis on underrepresented groups such as Indigenous people, women, and youth.
- Strengthen Existing Sectors: Bolster your current business operations.
- Develop New Sectors: Explore and invest in new economic opportunities.
The IDEANorth program is delivered through the Canadian Northern Economic Development Agency, ensuring that the process is straightforward and supportive. By applying, you can secure the resources needed to scale your business and contribute to the broader economic development of the North.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Economic infrastructure development
- Sector development
- Capacity building
- Business scale-up
- Productivity and innovation
- Small-scale economic infrastructure projects
- Foundational economic infrastructure
Use of Funds:
- Funds can be used to extend services within communities and businesses.
- Support for early stages of large-scale infrastructure projects.
Restrictions:
- Funds cannot be used for personal expenses.
- Funds cannot be used for activities outside the scope of economic development and infrastructure projects.
Fees:
- There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be a business or other public or private organization.
- Emphasis on ensuring equitable access to funding for underrepresented groups such as Indigenous people, women, and youth.
- Must be located in the territories of Canada.
- Must demonstrate proven capacity to deliver projects in the North.
Must show interest or engagement in territorial economic development.
Disqualifications:
- None specified in the provided context.
Description
IDEANorth is a program that helps your business grow and innovate in Canada's North. You can receive funding to improve your economic infrastructure, develop new sectors, and increase productivity. This support can help you scale up your operations and take advantage of new opportunities.
Funding can be used for:
- Building or upgrading facilities
- Purchasing new equipment
- Supporting early stages of large infrastructure projects
The money provided by IDEANorth does not need to be paid back, making it a valuable resource for your business. This program is designed to help you and your community thrive by creating a strong, diverse, and sustainable economy in the North.
Program Steps
Review Program Guidelines: Familiarize yourself with the IDEANorth program guidelines to understand the specific requirements and objectives.
Prepare Required Documentation: Gather the necessary documents to support your application. This includes:
- Business plan
- Financial statements
- Proof of business registration
- Project proposal
- Budget estimates
- Any relevant permits or licenses
Draft a Project Proposal: Clearly outline your project, including objectives, expected outcomes, and how it aligns with the IDEANorth program's priority areas.
Contact Regional Office: Reach out to your regional Canadian Northern Economic Development Agency office for any specific questions or additional guidance on the application process.
Complete the Application Form: Fill out the IDEANorth program application form with detailed and accurate information about your business and proposed project.
Submit Application: Email your completed application form and all required documentation to [email protected].
Follow Up: After submission, follow up with the regional office to confirm receipt of your application and to inquire about the next steps in the review process.
Prepare for Review: Be ready to provide additional information or clarification if requested by the program administrators during the review process.