Investment Attraction Fund
Highlights
This program is designed for businesses like yours to attract large-scale investments and expand operations in Newfoundland and Labrador. It offers customized financial assistance to support infrastructure, human resources, and other essential costs. This means you can secure the funding you need to grow your business and create new jobs.
Key Benefits:
- Financial Support: Access to loans and advances tailored to your business needs.
- Long-term Sustainability: Funding aimed at ensuring your business can thrive in the long run.
- Job Creation: Opportunities to expand your workforce and contribute to the local economy.
Why This Program Stands Out:
- Government-Backed Financing: Provides a reliable source of funding compared to traditional loans.
- Flexible Use of Funds: Can be used for various business needs, from operational costs to infrastructure investments.
- Economic Impact: Helps bring significant economic benefits to the province, making your business a key player in regional development.
Applying for this program is straightforward, and the potential benefits to your business are substantial.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan offers flexible repayment terms tailored to the needs of your business.
- Interest rates are competitive and will be determined based on the specifics of your project.
Eligible Expenses:
- Infrastructure support costs
- Human resource costs
- Other strategic investment costs as determined by the Department of Industry, Energy and Technology
Ineligible Expenses:
- The funds cannot be used for non-business-related expenses.
- Personal expenses are not covered under this program.
Fees:
- There are no application fees associated with this program.
- No additional fees will be charged for processing or managing the loan.
Qualifications
- Must be a duly registered company or commit to becoming a registered company under the Newfoundland and Labrador Corporations Act and/or the Canada Business Corporations Act.
- Must be legally entitled to conduct business in Newfoundland and Labrador.
- Must have or commit to having operations situated in Newfoundland and Labrador.
- Must be in good standing with the Province.
- The business plan must demonstrate that the project:
- Would not proceed without the requested funding support.
- Is a result of inward investment.
- Has the potential for long-term sustainability.
- Will create employment.
- Can bring economic benefit to Newfoundland and Labrador considering funding provided to the investor from all provincial government sources.
Description
This program offers customized financial assistance to help your business establish or expand in Newfoundland and Labrador. You can receive loans and advances for strategic investments in infrastructure, human resources, or other essential costs.
Key benefits include:
- Financial support for setting up or expanding your business.
- Funding for infrastructure and human resource costs.
- Potential for long-term sustainability and job creation.
The program requires a detailed business plan and a commitment to operate in the province. This is an excellent opportunity to boost your business growth with the support of the government.
Program Steps
Prepare Your Business Plan: Ensure your business plan includes the following sections:
- Business overview
- Ownership and management plan
- Human resources plan
- Manufacturing and/or operations plan
- Marketing and promotional plan
- Capital plan
- Financial plan
Gather Required Documentation: Collect the necessary documents to support your application. These typically include:
- Proof of business registration under the Newfoundland and Labrador Corporations Act or the Canada Business Corporations Act
- Evidence of operations situated in the province
- Financial statements
- Detailed business plan (as outlined above)
Contact the Program Manager: Reach out to Bob Norman, Manager of Investment Attraction, for guidance and to initiate your application process.
- Email: [email protected]
- Phone: 709.729.0598
Submit Your Application: Send your completed business plan and supporting documents to the Department of Industry, Energy and Technology. Ensure all information is accurate and comprehensive to facilitate the evaluation process.
Respond to Additional Information Requests: Be prepared to provide any additional information or clarification requested by the Department during the assessment process.
Review and Finalize Funding Agreement: If your application is approved, review the terms of the funding agreement carefully. Discuss any questions or concerns with the Department before finalizing the agreement.
Receive Funding and Implement Plan: Once the agreement is finalized, you will receive the funding. Use the funds as outlined in your business plan to establish or expand your business in Newfoundland and Labrador.