Innovation and Business Development Fund
Highlights
This program is designed specifically for businesses like yours, offering a unique opportunity to secure funding that can significantly boost your operations. By applying, you can access up to $1,000,000 in financing, with an additional $150,000 available for software or day-to-day operating costs.
What You Get
- Up to $1,000,000 in financing
- An additional $150,000 for software or operating costs
The funds can be used for:
- Operating expenses
- Restorations
- New equipment
- Software
- And much more
The key difference with this program is that it is backed by the government, providing you with flexible repayment options over a period of up to 15 years. This makes it a more secure and manageable option compared to traditional loans. Being approved for this program will provide your business with the financial stability and resources needed to grow and thrive.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates applicable.
Eligible Expenses:
- Research and development costs.
- Equipment purchases.
- Marketing and promotional activities.
- Training and development for staff.
- Infrastructure improvements.
Ineligible Expenses:
- General operational costs.
- Debt repayment.
- Personal expenses.
- Any expenses not directly related to the project.
Fees:
- No application fees.
- No administrative fees.
Qualifications
- Must be a business operating in Newfoundland and Labrador.
- Must be involved in the petroleum, mining, or energy sectors.
- Must have an active business status.
- Must comply with relevant regulations and guidelines.
Must have a Canada Revenue Agency Business Number.
Disqualifications:
- Businesses not operating in Newfoundland and Labrador.
- Businesses outside the petroleum, mining, or energy sectors.
- Businesses without an active status.
- Businesses not complying with relevant regulations and guidelines.
- Businesses without a Canada Revenue Agency Business Number.
Description
This program offers your business up to $500,000 in funding. You can use this money to develop new products, improve existing ones, or expand into new markets.
Here’s how you can use the funds:
- Research and development
- Marketing and promotional activities
- Purchasing new equipment
- Hiring skilled staff
The funding is non-repayable, meaning you don’t have to pay it back. This is a great opportunity to grow your business without the burden of additional debt.
Why this program is valuable:
- Boost innovation: Invest in new ideas and technologies.
- Expand market reach: Increase your customer base and sales.
- Enhance productivity: Upgrade equipment and hire skilled workers.
This program is designed to help your business thrive and achieve long-term success.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (Income Statement, Balance Sheet, Cash Flow Statement)
- Tax Returns (last 2-3 years)
- Proof of Business Registration
- Identification Documents (Driver’s License, Passport)
- Any relevant permits or licenses
Complete the Application Form:
- Visit the official website to download the application form.
- Fill out all required fields accurately.
- Ensure all information matches the supporting documents.
Prepare a Detailed Project Proposal:
- Outline the purpose of the funding.
- Include a budget breakdown.
- Describe the expected outcomes and benefits for your business.
Submit the Application:
- Double-check that all required documents are included.
- Submit the completed application form and supporting documents through the specified submission method (online portal, mail, or in-person).
Follow Up:
- Keep track of your application status.
- Respond promptly to any requests for additional information or clarification.
Await Approval:
- The review process may take several weeks.
- Be prepared for potential interviews or site visits.
Receive Funding:
- Upon approval, review the terms and conditions.
- Sign any necessary agreements.
- Funds will be disbursed as per the agreed schedule.