SIF — Business Innovation and Growth projects
Highlights
This program is designed to help your business grow and innovate. By applying, you can access significant funding to support your research and development, expand your facilities, or attract new investments. This funding can help you develop new products, improve existing ones, or increase your production capacity.
Key Benefits:
- Substantial Funding: Receive financial support for projects that can transform your business.
- Flexibility: Use the funds for R&D, commercialization, or expanding your operations.
- Government-Backed: Enjoy the security of government-backed financing, which often comes with more favorable terms than private loans.
What's in it for you?
- Growth Opportunities: Enhance your competitive edge by implementing new technologies or expanding your production capabilities.
- Job Creation: Contribute to the Canadian economy by creating new jobs.
- Long-Term Viability: Improve your business's efficiency and output, ensuring long-term success.
Qualifying for this program is straightforward, and the potential benefits to your business are immense. Apply now to take advantage of this opportunity to innovate and grow.
Financing Details
Type of Financing:
This program offers a repayable contribution. This means the funds provided must be paid back to the government.
Repayment Terms and Interest Rates:
- The repayment term is up to 15 years.
- Interest rates are fixed and will be determined at the time of the agreement.
Eligible Expenses:
The funds can be used for:
- Research and Development (R&D) activities.
- Commercialization of innovative products, processes, or services.
- Expansion or material improvement of existing facilities.
- New investments in R&D mandates, including hiring full-time employees in Canada.
Ineligible Expenses:
The funds cannot be used for:
- Routine operational costs.
- Debt refinancing.
- Purchase of land or buildings not directly related to the project.
Fees:
There are no additional fees associated with this program.
Qualifications
- Must be a for-profit business or cooperative incorporated in Canada.
- Must be a partnership proposing to carry out business in Canada.
Must own or hold sufficient background intellectual property (IP) rights to allow the project's activities to be carried out. This includes holding enough rights to make full use of the benefits from any IP resulting from the project's activities.
Disqualifications:
- None specified.
Description
The Business Innovation and Growth category of the Strategic Innovation Fund (SIF) is designed to help your business grow and create jobs. This program offers funding to support your company's development and expansion.
You can receive significant financial support for projects related to research and development (R&D), commercialization, firm expansion, and attracting new investments. This funding can be used for activities such as:
- R&D to test and develop new products or services
- Improving current products with new technology
- Expanding manufacturing capacity
- Establishing new production facilities
The funding amounts and conditions are tailored to ensure your project’s success. You will need to manage the project, meet the agreed terms, and report on the results. The funding is repayable, but the terms are designed to be manageable for your business.
This program is a great opportunity to boost your business’s capabilities, increase efficiency, and create new jobs. It provides the financial support needed to turn innovative ideas into reality and expand your market presence.
Program Steps
Prepare Business Documentation: Gather the necessary documents to support your application. These include:
- Business plan
- Financial statements (balance sheets, income statements, cash flow statements)
- Details of intended project activities
- Proof of incorporation or partnership
- Intellectual property (IP) rights documentation
- Any other relevant documents that demonstrate your project’s potential for innovation and growth
Develop a Project Proposal: Outline your project’s objectives, activities, and expected outcomes. Ensure your proposal aligns with the program’s goals of fostering innovation, growth, and job creation.
Complete the Application Form: Fill out the application form provided by the Strategic Innovation Fund (SIF). Ensure all sections are completed accurately and thoroughly.
Submit Your Application: Send your completed application form and all required documentation to the appropriate SIF contact or online submission portal.
Review and Follow-Up: After submission, monitor your email and other communication channels for any follow-up requests from the SIF team. Be prepared to provide additional information or clarification if needed.
Await Decision: The SIF team will review your application. This process may take some time, so be patient and ensure you are available for any further inquiries.
Receive Funding and Manage Project: If approved, you will receive the funding. Manage your project according to the agreed terms and benefits of the Contribution Agreement. This includes:
- Carrying out project activities
- Submitting project claims for reimbursement
- Reporting on project results
Repay Government Contribution: Ensure you adhere to the repayment terms outlined in the Contribution Agreement. This includes timely repayments and accurate reporting on the use of funds and project outcomes.
