This program is designed for innovative businesses like yours that are looking to grow and create jobs. It offers up to 50% funding for key projects that can help you reach important growth milestones. Whether you need to cover internal wages, contractor fees, or materials and equipment, this program can support your efforts.

Why should you apply?

• Financial Support: Receive grants ranging from $2,500 to $10,000, depending on your project spend.
• Flexibility: Use the funds for various growth initiatives, including marketing, new business opportunities, and product development.
• Multiple Uses: You can apply for funding multiple times for different projects, allowing continuous growth and innovation.

What's in it for you?

• Reduced Costs: The program covers half of your eligible expenses, easing your financial burden.
• Expertise Access: Utilize contractor expertise and equipment to develop and test new ideas.
• Quick Reimbursement: Approved projects are reimbursed upon completion, ensuring you get the support you need promptly.

Qualifying for this program is straightforward, and the benefits can significantly impact your business's growth and success.

Type of Financing: Grant

Repayment Terms and Interest Rates:

• The grant does not require repayment.
• There are no interest rates associated with this grant.

Eligible Expenses:

• Internal Wages: Costs for existing T4 employees working on any company project that helps achieve a growth milestone. This includes marketing, researching new business opportunities, or product development.
• Contractor Fees: Costs for utilizing a contractor’s time, expertise, facility, or equipment to develop new products, recipes, or programs, and to test/validate ideas.
• Materials/Equipment: Costs for consumables or equipment required during the prototyping/development project.

Ineligible Expenses:

• The funds cannot be used for projects outside of the specified categories unless they fall under internal wages for non-prototyping/product development projects.

Fees:

• There are no fees associated with applying for or receiving this grant.

The iRAPID program helps your business grow by providing financial support for important projects. You can receive up to $10,000 to cover 50% of your project costs. This funding can be used for various purposes, such as paying employee wages, hiring contractors, or purchasing materials and equipment.

Internal Wages: You can use the funds to pay an existing employee working on projects that drive growth, like marketing, research, or new business opportunities.

Contractor Fees: The funds can also cover costs for hiring contractors to develop new products or test ideas.

Materials/Equipment: You can buy the necessary consumables or equipment for your development projects.

The program offers four funding levels:

• $2,500 grant for a project spend of $5,000
• $5,000 grant for a project spend of $10,000
• $7,500 grant for a project spend of $15,000
• $10,000 grant for a project spend of $20,000

This program is a great way to support your business's growth and innovation efforts. You can even apply for funding multiple times for different projects.

1. Contact IION: Reach out to IION to discuss your project and ensure it qualifies for the program. You can contact Emily at 705-498-5584 or email [email protected].

2. Prepare Documentation: Gather the necessary documents for your application. You will need:

• Business registration documents
• Proof of incorporation
• Financial statements
• Project plan detailing the growth milestone
• Quotes for contractor fees, materials, and equipment

3. Complete the Application Form: Fill out the application form provided by IION. Ensure all sections are completed accurately and thoroughly.

4. Submit the Application: Submit your completed application form and all required documentation to IION before the monthly deadline (the last working day of every month).

5. Await Review: Your application will be reviewed through a competitive process. Be prepared to provide additional information or make revisions if requested by IION.

6. Receive Approval: If your application is approved, you will receive confirmation from IION. This will include details on the funding level and any additional steps required.

7. Implement the Project: Begin your project as outlined in your application. Ensure all costs are incurred after receiving approval.

8. Track Expenses: Keep detailed records of all expenses related to the project. This includes invoices, receipts, and proof of payments.

9. Submit Final Invoice: Upon project completion, submit the final invoice(s) and proof of payment to IION within the 6-month timeframe or by the program's deadline.

10. Receive Reimbursement: Once IION verifies your final submission, you will receive reimbursement for up to 50% of eligible costs, as per the funding level approved.