Market Readiness Subsidy Program
Highlights
This program is designed for tourism businesses like yours to enhance the quality and market readiness of your services. By participating, you can gain valuable insights and skills from successful development and marketing models. This can help you create memorable, high-quality experiences that exceed visitor expectations.
Key Benefits:
- 25% subsidy for eligible programs such as Best Practice Missions and the Gros Morne Institute for Sustainable Tourism.
- Additional 50% subsidy from federal government sources for certain programs.
- Maximum subsidy of up to $2,500 per event.
What’s in it for you?
- Professional services, meeting expenses, travel expenses, and registration fees are covered.
- Enhanced market readiness and improved service quality.
- Networking opportunities with other tourism stakeholders.
Applying is straightforward, and approval can significantly boost your business’s appeal and operational standards.
Financing Details
Type of Financing: Subsidy
Repayment Terms and Interest Rates:
- No repayment required. This is a subsidy, not a loan.
Eligible Expenses:
- Professional services
- Meeting expenses
- Travel expenses
- Registration fees
Ineligible Expenses:
- Capital costs
- Operating costs
- Industry participation time
Fees:
- No fees associated with the program.
Qualifications
- Must be a private sector operator (owners, managers, or senior personnel).
- Must meet all regulatory requirements (Licensed under the Tourism Establishment Act and Regulations).
- Must be in business for a minimum of one year and/or operated for at least one season.
- Non-commercial/not-for-profit organizations (municipalities and other entities) must be in good standing.
Participants from non-commercial/not-for-profit organizations must communicate their experiences and knowledge to tourism stakeholders in their respective regions.
Disqualifications:
- Front line staff of private sector operators.
Description
This program helps your business improve its tourism services and products. You can get a 25% subsidy for participating in specific programs that focus on market readiness, such as Best Practice Missions and the Gros Morne Institute for Sustainable Tourism (GMIST). This subsidy can cover up to $2,500 for one event per year.
Eligible costs include:
- Professional services
- Meeting expenses
- Travel expenses
- Registration fees
Ineligible costs are:
- Capital and operating costs
- Industry participation time
The program aims to enhance the quality and market readiness of your tourism offerings. By participating, you can learn from successful models, improve your marketing strategies, and create memorable experiences for visitors. This is a great opportunity to invest in your business and stay competitive in the tourism industry.
Program Steps
Complete the Request for Funding Application: Fill out the application form to request funding. This is the first step to becoming eligible for the subsidy.
Prepare Documentation: Gather the necessary documents to support your application. You will need:
- Proof of business registration under the Tourism Establishment Act and Regulations.
- Financial statements showing your business has been operational for at least one year or one season.
- A detailed description of the program you wish to participate in (e.g., Best Practice Missions, GMIST).
Submit the Application: Send your completed application and supporting documents to the Department of Tourism, Culture, Arts and Recreation for review.
Await Approval: Your application will be reviewed. You will be notified upon approval.
Participate in the Approved Program: Once approved, participate in the selected program to enhance your tourism services, business, or products.
Complete the Expense Claim: After participating in the program, complete the expense claim form included with your approval letter.
Submit Receipts and Claim Form: Forward the completed expense claim form and copies of your receipts to Lucy Alway at [email protected] within 30 days of travel.
Receive Subsidy: Upon processing your claim, you will receive the subsidy for eligible costs, up to 25% of the total expenses, not exceeding $2500.00.