Industrial Research Assistance Program (IRAP) — Youth Employment Program (YEP)
Highlights
This program is designed for businesses like yours, offering a unique opportunity to bring fresh, innovative talent into your team. By participating, you can receive financial assistance to hire young graduates who can contribute to your research and development, engineering, multimedia, or market analysis projects. This not only helps you develop new products and processes but also supports your business development related to science and technology activities.
What You Get:
- Financial assistance to offset the cost of hiring young talent
- Access to skilled young professionals who can bring new ideas and perspectives
- Support for projects that advance R&D, engineering, and multimedia activities
Why Apply?
- Boost your innovation capacity with fresh perspectives
- Develop new products and processes with the help of young talent
- Improve customer services and conduct market analyses for new technology-based products
The program is straightforward to qualify for, and once approved, you will receive support from an industrial technology advisor to help you develop a project proposal and find the right candidate. This is a great chance to enhance your business's innovation capacity while helping young professionals transition into the workforce.
Financing Details
Type of Financing: Wage Subsidy
Repayment Terms and Interest Rates:
- No repayment is required. This is a non-repayable subsidy.
Eligible Expenses:
- Salaries and wages for young graduates hired under the program.
- Costs associated with hiring, such as training and onboarding.
Ineligible Expenses:
- Overhead costs not directly related to the young graduate's employment.
- Benefits and other non-wage compensations.
Fees:
- There are no fees associated with applying for or receiving this subsidy.
Qualifications
- Must be a small or medium-sized business (500 or fewer full-time equivalents).
- Must be incorporated and for-profit.
- Must be ready to enhance innovation capacity.
Must be willing to partner with NRC IRAP.
Disqualifications:
- None specified in the provided context.
Description
This program offers financial assistance to help you hire young talent. You can receive funds to cover part of the salary for a young graduate. This can be a great way to bring fresh ideas and new skills into your business.
You can use the money to:
- Advance research and development projects
- Develop new products or processes
- Conduct market analyses for new technology-based products
- Support business development related to science and technology
- Improve customer services
The program covers a portion of the salary costs, while you handle other expenses like benefits and overhead. The internship lasts between 6 to 12 months, with the candidate working at least 30 hours per week.
This program helps you innovate and grow by bringing in new perspectives. It also supports young graduates in gaining valuable work experience. This is a win-win for both your business and the young professionals entering the workforce.
Program Steps
Contact NRC IRAP:
- Call 1-877-994-4727 to speak with a representative.
- Discuss your business objectives and innovation capacity.
Consult with an Industrial Technology Advisor (ITA):
- If eligible, you will be referred to an ITA.
- The ITA may meet with you to understand your business in detail.
Develop a Project Proposal:
- Work with the ITA to create a detailed project proposal.
- Ensure the proposal aligns with the program's objectives.
Prepare Documentation:
- Gather necessary documents, including:
- Business registration and incorporation documents.
- Financial statements.
- Project plan and budget.
- Proof of eligibility for the youth candidate (e.g., age, citizenship, education).
- Gather necessary documents, including:
Find a Youth Candidate:
- Utilize networks and resources provided by the ITA to identify suitable candidates.
- Ensure the candidate meets the program's criteria.
Submit the Application:
- Submit your project proposal and required documentation to NRC IRAP.
- Ensure all information is accurate and complete.
Await Approval:
- NRC IRAP will review your application.
- You will receive a response within two weeks.
Monthly Reimbursement Claims:
- If approved, submit monthly reimbursement claims to NRC IRAP.
- Maintain records of expenses and activities related to the project.
