PrairiesCan — Regional Economic Growth through Innovation — Regional Innovation Ecosystems
Highlights
This program is designed to help your business grow and thrive in the Prairie provinces. By participating, you can access non-repayable funding for projects that enhance innovation and productivity. This means you can invest in new technology, expand your facilities, or develop strategic business alliances without the burden of repayment.
Key Benefits:
- Non-repayable funding for eligible projects
- Connections with key players to foster beneficial business relationships
- Guidance to other funding sources and expertise to help grow your business
What’s in it for you:
- Support for technology commercialization and late-stage product development
- Assistance with business scale-up and market expansion
- Resources for productivity improvement and technology adoption
Applying is straightforward, and if approved, you will receive periodic reimbursements for eligible project costs. This program offers a unique opportunity to scale up, become more competitive, and attract investment, all while contributing to a stronger Prairie economy.
Financing Details
Type of Financing: Non-repayable Funding and Repayable Contributions
Repayment Terms and Interest Rates:
- Non-repayable Funding: Provided in periodic reimbursements based on submitted claims.
- Repayable Contributions: Typically repaid over 5 years in monthly installments, starting 1 year after the project end date, with 0% interest.
Eligible Expenses:
- Capital costs (equipment, machinery)
- Labour (wages, benefits)
- Operating costs directly related to the project (management fees, working capital)
- Consultancy fees (professional, advisory, technical services)
- Intellectual property costs
- Preproduction costs (technological development, commercial demonstrations)
- Subcontracting costs
- Production and distribution of promotional material and management tools
- Specialized services (testing, research and development, technical or innovation services, sector development strategies, business networking)
Ineligible Expenses:
- Refinancing of existing debt
- Purchase of assets above fair market value
- Amortization costs
- Land acquisition and goodwill
- Costs incurred before the project funding start date
Fees:
- No specific fees associated with the program are mentioned.
Qualifications
- Must be a not-for-profit organization.
- Must support businesses, innovators, and entrepreneurs.
- Must be involved in start-up, growth, productivity, technology commercialization, technology adoption, export, or investment attraction.
- Must be a legal entity capable of entering into legally binding agreements.
- Must be located in the Prairie provinces (Alberta, Saskatchewan, Manitoba).
- Must support one of the following priority sectors: clean technology, clean resources, life sciences, value-added agriculture, advanced manufacturing, digital technology.
Must support under-represented groups such as Indigenous peoples, women, youth, and other under-represented groups.
Disqualifications:
- For-profit organizations.
- Organizations not located in the Prairie provinces.
- Organizations not supporting businesses, innovators, or entrepreneurs.
- Organizations that cannot enter into legally binding agreements.
Description
This program offers non-repayable funding to help your business grow and innovate. You can use this money to enhance your business in several ways, such as:
- Developing new technologies and getting them ready for the market.
- Expanding your facilities to provide specialized services.
- Improving productivity by adopting new technologies and entering new markets.
- Building strategic business alliances and addressing barriers to growth.
The funding can cover costs like equipment, wages, consultancy fees, and specialized services. If your project involves a commercial aspect, the funding might be repayable, but with 0% interest over 5 years, starting one year after the project ends.
This program is a great opportunity to boost your business's capabilities and connect with other key players in your industry. It helps create a stronger, more inclusive economy by supporting underrepresented groups and fostering innovation.
Program Steps
Submit an Expression of Interest (EOI): Complete the online EOI form. This form will describe your project’s purpose, rationale, eligibility, activities, and budget.
Prepare Documentation: Gather the necessary documents to support your application. These include:
- Financial statements
- Confirmation of other sources of funding
- Project details
- Written proof of non-PrairiesCan funding (e.g., bank statements, letters of intent from third parties)
Consult the EOI Help Guide: Review the EOI help guide to ensure your submission is complete and accurate.
Wait for Invitation: Within 30 days of submitting the EOI, you will be notified if your project is selected to advance to the full application stage.
Complete Full Application: If invited, provide detailed information about your project through the online portal. This will include more comprehensive project details and financial documentation.
Submit Full Application: Submit the full application with all required documentation through the online portal.
Application Review: Your application will undergo a due diligence process where it will be assessed against program criteria such as alignment to objectives, market demand, and economic benefits.
Funding Decision: PrairiesCan will provide a funding decision within 90 business days of receiving a complete proposal.
Sign Contribution Agreement: If approved, sign a standard Contribution Agreement with PrairiesCan, outlining your obligations, including the submission of claims and periodic progress reports.
Project Implementation: Begin your project, ensuring you meet all requirements and submit claims for reimbursement as outlined in the Contribution Agreement.