Ocean Supercluster
Highlights
This program is designed for businesses like yours to accelerate growth and innovation in the ocean economy. By joining, you can access up to $1,000,000 in financing to support key areas such as energy transition, food security, and climate change solutions. Additionally, you can receive an extra $150,000 for software or daily operational costs.
Key Benefits:
- Flexible Financing: Choose how to repay, with up to 15 years to do so.
- Government-Backed: Provides security and trust, making it more reliable than other loans.
- Comprehensive Support: Funds can be used for operating expenses, restorations, new equipment, software, and more.
Being approved for this program can significantly boost your business by providing the necessary resources to innovate and expand. The qualification process is straightforward, ensuring that you can quickly benefit from this opportunity.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
Since the financing is provided in the form of a grant, there is no requirement for repayment. This means no interest rates apply, making it a highly beneficial form of funding for your project.
Eligible Expenses:
The grant covers a wide range of expenses related to collaborative projects in industries such as marine renewable energy, fisheries, aquaculture, oil and gas, defence, shipbuilding, and transportation. Eligible expenses typically include but are not limited to, research and development, equipment purchases, and operational costs directly associated with the project.
Restrictions on Use of Funds:
The funds cannot be used for non-project related expenses such as debt repayment, dividend payouts, or bonuses. It is crucial to ensure that all grant money is allocated strictly to the outlined eligible expenses to comply with the grant terms.
Fees Associated with the Program:
There are no application or processing fees associated with this grant. This lack of additional costs helps maximize the financial support directed towards the essential elements of your project, ensuring more of the grant can be utilized for direct project costs.
Qualifications
- Must be a member of Canada's Ocean Supercluster.
- Must be a business operating in Canada.
Must be involved in one of the following industries:
- Marine renewable energy
- Fisheries
- Aquaculture
- Oil and gas
- Defence
- Shipbuilding
- Transportation
- Disqualifications:
- Businesses not operating in Canada.
- Businesses not involved in the specified industries.
Description
This program offers your business a grant to cover a portion of eligible expenses for a collaborative project. It supports a wide range of industries, including marine renewable energy, fisheries, aquaculture, oil and gas, defence, shipbuilding, and transportation.
You can use the grant for various activities, such as digital transformation, research and development, and other innovative projects. This funding can help you advance your business operations, improve efficiency, and stay competitive in your industry.
The grant does not need to be repaid, making it a valuable opportunity to invest in your business without the burden of debt. This financial support can significantly reduce your project costs and accelerate your business growth.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements (last three years)
- Project Proposal
- Proof of Business Registration
- Tax Returns (last three years)
- Resumes of Key Management
- Letters of Support or Partnership Agreements
Visit the Program Website:
- Go to the official program website.
- Navigate to the application section.
Create an Account:
- Register for an account on the member portal.
- Verify your email address to activate the account.
Complete the Online Application Form:
- Log in to your account.
- Fill out the application form with accurate business details.
- Upload the required documentation.
Submit the Application:
- Review all entered information and uploaded documents.
- Submit the completed application through the portal.
Monitor Application Status:
- Log in to your account regularly to check the status of your application.
- Respond promptly to any requests for additional information or documentation.
Await Approval:
- The program administrators will review your application.
- You may be contacted for further clarification or an interview.
Receive Funding:
- Upon approval, review the funding agreement.
- Sign the agreement and follow the instructions for receiving the funds.
Implement the Project:
- Use the funds as outlined in your project proposal.
- Keep detailed records of expenditures and project progress.
Report on Progress:
- Submit regular progress reports as required by the program.
- Provide financial reports and updates on project milestones.