Triple-P
Highlights
The Triple-P Program is a fantastic opportunity for your business to grow and innovate. This program offers grants that cover up to 50% of eligible costs for projects aimed at increasing productivity, developing prototypes, or improving processes. Whether you need new equipment, software, or other resources, this program can help you achieve your goals.
What You Get:
- $2,500 grant for a minimum project spend of $5,000
- $5,000 grant for a minimum project spend of $10,000
- $7,500 grant for a minimum project spend of $15,000
- $10,000 grant for a minimum project spend of $20,000
By participating, you can expect increased efficiency, added production capacity, and reduced waste. This will make your business more competitive and open up new markets. The application process is straightforward, and the program is designed to support multiple projects, allowing you to apply for additional funding as your business grows.
Financing Details
Type of Financing: Grant
Funding Levels:
- Level 1: $2,500 grant for a minimum project spend before tax of $5,000
- Level 2: $5,000 grant for a minimum project spend before tax of $10,000
- Level 3: $7,500 grant for a minimum project spend before tax of $15,000
- Level 4: $10,000 grant for a minimum project spend before tax of $20,000
Eligible Expenses:
- Equipment purchases
- Software related to innovative commercial products
- Process improvements
- Prototype development
Use of Funds:
- Funds can be used to increase efficiency, add production capacity, reduce waste, strengthen competitiveness, enter new markets, and develop new products.
Restrictions:
- Funds cannot be used for ongoing operational project costs.
- The program does not support businesses operating as distributors, resellers, or wholesalers.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be a for-profit entity, registered as a sole proprietor, partnership, or corporation.
- Must be registered, located, and operating in the districts of Nipissing, Timiskaming, Parry Sound, or Muskoka.
- Emphasis on applicants demonstrating potential to create jobs, increase revenue, and grow the economy.
- Applications must be received prior to incurring costs associated with the project.
Approved projects must be completed within a 6-month time frame (or by the program's deadline).
Disqualifications:
- Businesses operating as distributors, resellers, or wholesalers.
- On-going operational project costs are not eligible.
Description
The Triple-P Program is a fantastic opportunity for your business. It helps you cover the cost of buying equipment or software that can improve your products, processes, or services. This program supports projects that aim to increase efficiency, add production capacity, reduce waste, strengthen competitiveness, enter new markets, or develop new products.
You can get up to 50% of your eligible costs covered, before tax. The funding levels are:
- $2,500 grant for a minimum project spend of $5,000
- $5,000 grant for a minimum project spend of $10,000
- $7,500 grant for a minimum project spend of $15,000
- $10,000 grant for a minimum project spend of $20,000
This means you can get significant financial support to help your business grow and innovate. The program reimburses you after you complete your project and submit your final invoices and proof of payment. You have up to six months to complete your project and claim the grant.
This program is a great way to invest in your business's future without bearing the full financial burden. It can help you become more competitive and expand into new markets.
Program Steps
Contact IION for Initial Guidance: Reach out to Matthew at 705-845-0616 or email [email protected] to discuss the program and ensure you understand the requirements and process.
Prepare Necessary Documentation: Gather the following documents:
- Business registration details
- Financial statements
- Business plan
- Quotes or invoices for the equipment or software you plan to purchase
- Proof of business location and operation within Nipissing, Timiskaming, Parry Sound, or Muskoka
Complete the Application Form: Fill out the application form with accurate and detailed information about your project, including the expected outcomes and how it aligns with the program's objectives.
Submit the Application: Send your completed application form and all required documentation to IION before the last working day of the month to ensure it is included in the monthly review process.
Review and Feedback: If submitted in advance, IION may provide comments or suggested revisions to improve your application. Make any necessary adjustments based on their feedback.
Await Approval: Your application will be reviewed competitively at the end of the month. Await notification from IION regarding the approval status.
Project Execution: Upon approval, proceed with your project. Ensure all costs are incurred after the application is approved and within the six-month timeframe.
Submit Final Invoice and Proof of Payment: After completing the project, submit the final invoice(s) and proof of payment to IION for reimbursement.
Receive Reimbursement: Once IION verifies the submitted documents, you will receive reimbursement for up to 50% of eligible costs, based on the funding level approved.
