Innovation Rebate Program
Highlights
The Innovation Rebate Program is designed for businesses like yours to help you grow and become more competitive. This program offers financial incentives for projects that enhance productivity, increase production capacity, and adopt sustainable practices. By participating, you can receive a rebate on your direct project costs, making it easier to invest in new technologies and processes.
Why Apply?
- Financial Support: Get a rebate on eligible project costs, reducing your financial burden.
- Boost Competitiveness: Implement innovative and sustainable production processes.
- Expand Capacity: Increase your production to enter new markets or produce new products.
What's in it for You?
- Rebate on Direct Costs: Eligible projects can receive rebates on costs up to $15,000,000.
- Sustainability Focus: Support for projects that align with Nova Scotia’s environmental goals.
- Easy Application: Connect with a Regional Business Development Advisor to guide you through the process.
This program is a fantastic opportunity to scale your business, improve efficiency, and contribute to a sustainable future. Applying is straightforward, and the benefits can significantly impact your growth and competitiveness.
Financing Details
Type of Financing: Rebate
Repayment Terms and Interest Rates:
- This program does not require repayment as it is a rebate.
Eligible Expenses:
- Implementation of new, significantly improved, and/or more sustainable production processes.
- Projects supporting Nova Scotia’s Environmental Goals and Climate Change Reduction Act, including energy efficiency, renewable energy integration, waste reduction, circular economy activities, greenhouse gas emissions reduction, and climate change resilience.
- Scaling production capacity for sustainable and clean products.
- Strengthening supply chains to enable production in Nova Scotia.
- Increasing production capacity to enter new markets or produce new products.
- Establishing new production facilities in Nova Scotia.
- Value-added processing for traditional industries such as forestry, seafood, and agriculture.
Ineligible Expenses:
- Projects that replace existing Nova Scotia-based producers.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be a business operating in Nova Scotia.
- Must have a minimum total budgeted Nova Scotia investment (excluding tax) of no less than $350,000.
- The maximum amount of Eligible Project Costs to which the rebate will be applied is $15,000,000.
Projects must be completed within 3 years from the date an application is approved.
Disqualifications:
- Projects that replace existing Nova Scotia-based producers.
Description
This program offers your business financial incentives to help you grow and become more competitive. You can receive a rebate on your project costs, which can be substantial. The program covers projects with a minimum investment of $350,000 and can rebate up to $15 million in eligible costs.
You can use the rebate for:
- Implementing new or improved production processes
- Increasing energy efficiency and integrating renewable energy
- Reducing waste and greenhouse gas emissions
- Scaling production to enter new markets or produce new products
- Establishing new production facilities
- Enhancing value-added processing in industries like forestry, seafood, and agriculture
The program supports projects that align with Nova Scotia’s environmental goals, making your business more sustainable. Projects must be completed within 3 years from the approval date. This is a great opportunity to invest in your business's future while receiving significant financial support.
Program Steps
Request an Application Form: Contact a Regional Business Development Advisor to request the application form and discuss your project.
Prepare Documentation: Gather the necessary documents to support your application. These include:
- Business Plan
- Financial Statements (last 3 years)
- Project Budget
- Project Timeline
- Environmental Impact Assessment (if applicable)
Complete the Application Form: Fill out the application form with detailed information about your project and business.
Submit the Application: Send the completed application form and all supporting documents to your Regional Business Development Advisor via PDF.
Review and Follow-Up: Wait for the review process. Be prepared to provide additional information or clarification if requested by the advisor.
Approval and Implementation: Upon approval, follow the guidelines provided to implement your project. Ensure you keep detailed records of all expenses and progress.
Claim the Rebate: After project completion, submit a claim for the rebate with all required documentation to demonstrate the eligible expenditures.
Final Review and Rebate Issuance: The program will review your claim. Once approved, the rebate will be issued to your business.
