Innovative Communities Fund
Highlights
The Innovative Communities Fund (ICF) is a fantastic opportunity for your business. This program offers non-repayable financial assistance to help you develop and grow your local economy. By participating, you can access funds to strengthen infrastructure, develop thriving industry sectors, and overcome economic challenges in your community.
Why apply?
- Non-repayable funding: Unlike traditional loans, the money you receive does not need to be paid back.
- Tailored support: The amount provided is based on your project's specific needs.
- Long-term benefits: Investments lead to sustainable employment and a stronger local economy.
What's in it for you?
- Economic growth: Your project can lead to significant local development.
- Community partnerships: Collaborate with local organizations to maximize impact.
- Easy qualification: If your project meets the criteria, you are likely to qualify.
Contact your nearest ACOA office to discuss your project and start your application today.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- The funds provided under this program do not need to be repaid. There are no interest rates associated with this grant.
Eligible Expenses:
- Development of industry sectors
- Strengthening infrastructure in rural areas
- Projects that help communities overcome economic issues
- Initiatives that create long-term employment opportunities
- Investments that lead to a stronger local economy
Ineligible Expenses:
- Regular operational activities
- Expenses not directly linked to the project proposal
- Personal or unrelated business expenses
Fees:
- There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be a non-commercial and non-profit organization.
- Must be an Indigenous band or Indigenous-controlled non-profit entity.
- Must be a cooperative or local development association.
- Must be a municipality or its agency.
- Must be an educational institution.
- Must be an industry or sector association.
Must be located in Atlantic Canada.
Disqualifications:
- Commercial businesses.
- For-profit organizations.
Description
The program offers your business a chance to receive financial support that does not need to be repaid. This funding is designed to help your community grow and create long-term employment opportunities.
You can use the money to:
- Develop thriving industry sectors
- Strengthen infrastructure in rural areas
- Invest in projects that address economic challenges and seize new opportunities
The amount of funding you receive depends on what your project needs to move forward. This support is a great way to boost your business and contribute to the local economy.
Program Steps
Contact Your Nearest ACOA Office: Reach out to your local Atlantic Canada Opportunities Agency (ACOA) office to discuss your project. This initial contact will help you understand the program and ensure your project aligns with the fund's objectives.
Prepare Documentation: Gather the necessary documents to support your application. These include:
- Detailed project proposal
- Financial statements
- Business plan
- Proof of partnerships within the community
- Evidence of skills and resources to manage the project
- Any other relevant documents that demonstrate your project's potential for economic growth
Complete the Application for Financial Assistance: Fill out the application form provided by ACOA. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Submit your completed application form along with the prepared documentation to your nearest ACOA office. Make sure to follow any specific submission guidelines provided by ACOA.
Follow Up: After submission, stay in touch with ACOA for any updates or additional information they may require. Be prepared to provide further details or clarifications if needed.
Review and Approval: ACOA will review your application to ensure it meets all criteria. They may contact you for additional information or to discuss your project further.
Receive Funding: If your application is approved, you will receive the funding based on the level of financial assistance required for your project. Use the funds as outlined in your project proposal to achieve the desired economic growth and community benefits.
