Regional Economic Growth through Innovation — Regional Innovation Ecosystems — ACOA
Highlights
The Regional Economic Growth through Innovation (REGI) program is designed to help your business grow and thrive. This program offers unsecured, interest-free repayment contributions, making it easier for you to scale up, adopt new technologies, and improve productivity. You can use the funds to expand your operations, create new products, and enter new markets.
Why should you apply?
- Interest-free financing: Unlike traditional loans, you won't pay interest.
- Flexible repayment terms: The repayment schedule is tailored to your needs.
- Support for growth: Use the funds to enhance productivity and compete globally.
Being approved for this program can significantly boost your business. The application process is straightforward, and you already qualify. Take advantage of this opportunity to elevate your business to the next level.
Financing Details
Type of Financing:
- Business Scale-up and Productivity: Repayable contributions that are unsecured and interest-free.
- Regional Innovation Ecosystems: Non-repayable contributions.
Repayment Terms:
- Business Scale-up and Productivity: Interest-free with a detailed repayment schedule outlined in the agreement.
Eligible Expenses:
Business Scale-up and Productivity:
- Scaling up and expanding operations
- Adopting new technologies
- Improving productivity
- Creating new products
- Entering new markets
Regional Innovation Ecosystems:
- Support for strategic clusters and groups
- Business accelerators and incubators
- Innovation-oriented organizations
Ineligible Expenses:
- Funds cannot be used for activities not directly related to business growth, productivity improvements, or market expansion.
Fees:
- There are no fees associated with the program.
Qualifications
- Must be located in Atlantic Canada (Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador).
- Must be a business or non-profit organization.
- Eligible business types include:
- Sole proprietorships
- Partnerships
- Social enterprises
- Incorporated companies
- Corporations or co-operatives
- Indigenous-owned businesses
- All other types of enterprises
Eligible non-profit organizations include:
- Post-secondary educational institutions
- Accelerators and business incubators
- Angel networks
- Social enterprises
- Industry associations or consortia
- Municipalities and municipal-type organizations
- Community-owned Indigenous businesses
Disqualifications:
- Businesses or organizations not located in Atlantic Canada
- For-profit businesses not fitting the eligible business types listed above
- Non-profit organizations not fitting the eligible non-profit types listed above
Description
The Regional Economic Growth through Innovation (REGI) program is designed to help your business grow and compete globally. Through this program, you can receive unsecured, interest-free funding to scale up, adopt new technologies, and improve productivity. This funding can also be used to create new products and enter new markets.
The repayment terms are flexible, and all details will be clearly outlined in your agreement. This means you can focus on growing your business without the immediate pressure of high-interest repayments.
Additionally, the program supports non-profit organizations that help businesses at various stages of development. This creates a strong network of support, especially for under-represented groups like women, Indigenous peoples, and young entrepreneurs. Non-repayable contributions are available for organizations that foster innovation and help businesses become more productive and globally competitive.
This program offers a valuable opportunity for your business to access the resources and support needed to thrive in a competitive market.
Program Steps
Contact Your Nearest ACOA Office: Reach out to your local Atlantic Canada Opportunities Agency (ACOA) office to discuss your project. This initial contact will help you understand the specific requirements and get guidance on the application process.
Prepare Documentation: Gather the necessary documents for your application. These typically include:
- Business plan
- Financial statements (past three years)
- Project description
- Market analysis
- Quotes for new technologies or equipment
- Details of how the funding will be used
Complete the Application Form: Fill out the Application for Financial Assistance form provided by ACOA. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Submit your completed application form along with the prepared documentation to your nearest ACOA office. This can often be done online or via email.
Follow Up: After submission, follow up with the ACOA office to confirm receipt of your application and to address any additional questions or requirements they may have.
Review and Approval: Wait for ACOA to review your application. They may contact you for further information or clarification. Once reviewed, they will inform you of their decision.
Agreement and Funding: If approved, review the funding agreement carefully. Understand the terms, conditions, and repayment schedule (if applicable). Sign the agreement to receive the funding and proceed with your project.
