Inclusive Diversification and Economic Advancement in the North — Not-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. It aims to help you take advantage of Canada's innovation economy and grow a strong, diverse, and sustainable business.
Why Apply?
- Economic Growth and Sector Development: IDEANorth supports your business in scaling up, increasing productivity, and fostering innovation.
- Small-Scale Economic Infrastructure Development: Investments in infrastructure can help you extend services and support early stages of large-scale projects.
- Equitable Access to Funding: Special emphasis is placed on underrepresented groups such as Indigenous people, women, and youth.
What’s in it for You?
- Tailored Support: The program aligns with the specific economic and business needs of your territory.
- Community Economic Growth: By investing in your business, IDEANorth helps strengthen existing sectors and develop new ones.
- Ease of Qualification: If you have a proven capacity to deliver projects in the North and show interest in territorial economic development, you are well-positioned to qualify.
Applying for IDEANorth can provide the financial support and resources you need to grow and innovate, making it a valuable opportunity for your business.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Economic infrastructure projects
- Sector development initiatives
- Capacity building activities
- Business scale-up and productivity improvements
- Innovation projects
- Small-scale economic infrastructure development
- Foundational economic infrastructure
Use of Funds:
- Funds can be used for projects that align with the program’s priority areas.
- Cannot be used for operational expenses, debt repayment, or activities outside the scope of the program’s objectives.
Fees:
- There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be a business or other public or private organization.
- Must be located in the Northern territories of Canada.
- Emphasis on ensuring equitable access to funding for underrepresented groups such as Indigenous people, women, and youth.
- Must demonstrate proven capacity to deliver projects in the North.
Must demonstrate interest and engagement in territorial economic development.
Disqualifications:
- None explicitly mentioned.
Description
The program is designed to help your business grow and thrive in Canada's North. You can receive funding to improve your economic infrastructure, develop your sector, and increase productivity and innovation. This means you can use the money to build or upgrade facilities, buy new equipment, or invest in new technologies.
The funding can also support small-scale infrastructure projects. This could be anything from expanding your business services to starting new projects that benefit your community. By investing in these areas, your business can become more competitive and sustainable.
There are no immediate payback requirements for the funds you receive. This allows you to focus on using the money to grow your business without the pressure of quick repayments. The program aims to create a strong, diverse economy in the North, giving your business the support it needs to succeed.
Program Steps
Gather Required Information: Collect all necessary details about your business, including its structure, operations, and financial status.
Prepare Documentation: Ensure you have the following documents ready:
- Business plan
- Financial statements (balance sheets, income statements, cash flow statements)
- Proof of business registration
- Identification documents for business owners
- Any previous funding or grant information
- Detailed project proposal outlining the intended use of funds
Review Program Guidelines: Familiarize yourself with the IDEANorth program guidelines to understand the specific requirements and priorities.
Complete the Application Form: Fill out the IDEANorth application form with accurate and detailed information about your business and project.
Contact Regional Office: Reach out to your regional Canadian Northern Economic Development Agency office for any questions or additional guidance.
Submit Application: Email your completed application form and supporting documents to [email protected].
Follow Up: After submission, monitor your email for any communication from the program administrators and be prepared to provide additional information if requested.