Big Future Innovation Grant
AB, Canada
The Alberta Central Big Future Innovation Grant empowers Alberta’s small businesses to thrive with essential funding and support.
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Credit Unions of Alberta
grant_single|status
grant_card_status|open
grant_single_labels|preview
The Alberta Central Big Future Innovation Grant is designed to support Alberta-based for-profit small businesses that demonstrate innovation and growth potential. Eligible activities must be lawful and include businesses with up to 99 employees, which are in continuous operation for at least one year as of October 1, 2024. Recipients must hold a credit union business account to receive the grant funds.
grant_single_labels|projects
grant_single|admissibleProjectsExample
$30,000
Lethbridge
Launching a mobile app to connect local farmers with consumers for direct produce sales
$30,000
Calgary
Development of a new AI-based customer service platform to streamline support operations
$30,000
Red Deer
Upgrade of a bakery's commercial kitchen to include energy-efficient appliances
$30,000
Medicine Hat
Implementing a new ERP system for enhanced operational efficiency
$30,000
Grande Prairie
Establishing a coworking space with advanced technological infrastructure for startups
$30,000
Edmonton
Expansion of an organic food delivery service to include eco-friendly packaging
grant_single_labels|admissibility
To be eligible for the Alberta Central Big Future Innovation Grant, businesses must meet specific criteria concerning location, legality, and operational status. The grant excludes businesses with certain affiliations and those previously awarded by Alberta Central.
- Based in Alberta
- Currently active, lawful, and have all necessary and required licenses and registrations
- In good standing with applicable legislation
- Have no more than 99 employees on its payroll at the time of submission
- In continuous operations for not less than one year as of October 1, 2024
- Owner or investor not a previous or current employee of Alberta Central or affiliated co-operatives
- Not affiliated with a credit union as a vendor or supplier
- Not a non-profit
- Not in competition with Alberta Central or its co-operatives
- Owner or business not having a criminal record or listed on sanction lists
- Not under bankruptcy protection or judicial liens or attachments
- Not having previously won an Alberta Central Big Future Innovation Grant or other grants/scholarships offered by Alberta Central
grant_eligibility_criteria|who_can_apply
Eligible types of companies for the Alberta Central Big Future Innovation Grant are for-profit small businesses based in Alberta that meet certain criteria. These businesses must be lawful, in good standing, and have fewer than 99 employees.
- Based in Alberta
- Currently active, lawful, and have all necessary and required licenses and registrations
- In good standing with applicable legislation as of the date of submission
- Have no more than 99 employees on its payroll at the time of submission (sole proprietors are considered as an employee and part-time employees are included)
- In continuous operations for not less than one year as of October 1, 2024
grant_eligibility_criteria|who_cannot_apply
Certain types of companies are not eligible for the Alberta Central Big Future Innovation Grant as per the rules and regulations.
- Business owner or an investor in the business is a previous or current employee of Alberta Central, any co-operatives under Alberta Central or any joint ventures of Alberta Central.
- Business is in any way affiliated with a credit union as a vendor or supplier.
- Business is a non-profit.
- Primary purpose of the business is in competition with Alberta Central or any co-operatives under Alberta Central.
- Business or business owner that has a criminal record or is listed on any Canadian or United Nations sanction list.
- Business or business owner that is under bankruptcy protection or has judicial liens or attachments.
- Business or business owner that has previously won an Alberta Central Big Future Innovation Grant or other grant/scholarship offered by Alberta Central including the Women in Ag grant or the Future Leader Scholarships program.
grant_eligibility_criteria|zone
The eligible geographic zone for this grant is Alberta. The business must be based in Alberta to qualify.
- Based in Alberta
grant_single_labels|criteria
The evaluation and selection criteria for the Alberta Central Big Future Innovation Grant include multiple factors to ensure the eligibility and potential impact of applicant businesses. The criteria are specific and go beyond simple eligibility to assess the overall contribution and viability of the business.
- Business's innovative approach or unique value proposition.
- Overall business model and strategy.
- Potential for business growth and scalability.
- Impact on the local community and economy.
- Soundness of the financial plan and budget.
- Sustainability and long-term vision of the business.
- Alignment with the core values and objectives of Alberta Central.
- Degree of business's current success and market traction.
grant_single_labels|register
- Step 1: Verify Eligibility
- Ensure that your business is based in Alberta.
- Confirm that it is an active, lawful, for-profit small business with all necessary licenses and registrations.
- Make sure your business is in good standing with applicable legislation.
- Check that your business has no more than 99 employees.
- Confirm that your business has been in continuous operations for at least one year as of October 1, 2024.
- Ensure the business owner or investor is not excluded based on the specified criteria.
- Step 2: Prepare Documentation
- Gather your corporation number or business license for proof of your existing business.
- Ensure you have a valid government-issued ID.
- Set up a credit union business account to receive the grant money if selected.
- Step 3: Complete the Application
- Fill out all sections of the application form.
- Provide all necessary documentation and business details as requested.
- Step 4: Submit Application
- Submit your application before the deadline.
- Ensure only one application per business is submitted.
- Step 5: Await Notification
- Wait for the notification period to end to learn if your application was successful.
grant_single_labels|otherInfo
There are a few important additional details to note regarding the eligibility and conditions of the Alberta Central Big Future Innovation Grant.
- Applications are restricted to only one per business.
- Winners will need a valid government-issued ID and a credit union business account to receive the grant money, which will be deposited into the credit union business account.
Apply to this program
Alberta Central Big Future Innovation Grant Summary
The Alberta Central Big Future Innovation Grant offers financial support to Alberta-based for-profit small businesses committed to innovation and growth. Eligible businesses can apply for a chance to secure funding that will be deposited into a credit union business account, aiding them in reaching their big future goals.
Detailed Explanation of the Alberta Central Big Future Innovation Grant
Small businesses are the backbone of Alberta's economy, driving innovation and creating employment opportunities across various sectors. Recognizing the crucial role that small enterprises play, Alberta Central has introduced the Big Future Innovation Grant to empower and support these businesses in their journey towards significant growth and development. This grant aims to provide financial assistance and foster innovation among Alberta-based small businesses by easing some of the financial burdens associated with business expansion and innovation. This article delves into the specifics of the grant, elaborating on the eligibility criteria, application process, and other essential details.
Eligibility Criteria
To be considered for the Alberta Central Big Future Innovation Grant, businesses must meet the following eligibility criteria:
- Location: The business must be based in Alberta.
- Business Type: Only for-profit small businesses are eligible. Non-profits are explicitly excluded.
- Operational Status: The business must be currently active, lawful, and possess all required licenses and registrations.
- Regulatory Compliance: The business must be in good standing with all applicable legislative requirements both at the time of submission and throughout the notification period.
- Employee Count: The business must have no more than 99 employees on its payroll at the time of submission. This count includes sole proprietors and part-time employees.
- Operational Duration: The business must have been in continuous operations for at least one year as of October 1, 2024.
- Exclusions: Businesses or business owners that have previously won an Alberta Central Big Future Innovation Grant or any other grant/scholarship offered by Alberta Central are not eligible. Additionally, businesses affiliated with credit unions as vendors or suppliers, those with owners who are current or former employees of Alberta Central or its affiliates, and those engaged in competition with Alberta Central are ineligible. Further, businesses or owners listed on any Canadian or United Nations sanction lists, under bankruptcy protection, or with judicial liens or attachments are also excluded.
Application Process
Interested small businesses must follow a streamlined application process to apply for the grant. Here is a step-by-step overview:
- Review Criteria: Thoroughly review the eligibility criteria and ensure that the business meets all the stipulated requirements.
- Gather Documentation: Prepare necessary documentation, including proof of the business’s existence through a corporation number or business license. Ensure that all business licenses and registrations are up-to-date.
- Complete Application Form: Fill out the application form accurately, providing all requested information. Since only one application per business is allowed, make sure to present a strong case for why your business should receive the grant.
- Submit Application: Submit the completed application form with all the required documentation before the deadline.
- Verification Process: Alberta Central will verify the submitted information, including the business’s operational status and compliance with legislative requirements.
- Notification: Successful applicants will be notified, and the grant money will be deposited into their credit union business account. For this, businesses must have a valid government-issued ID and a credit union business account.
- Announcement: Grant recipients will be publicly announced, showcasing the businesses that have been awarded the innovation grant.
Benefits of the Alberta Central Big Future Innovation Grant
Receiving the Alberta Central Big Future Innovation Grant can provide several significant benefits for small businesses:
- Financial Support: The grant offers crucial financial aid, enabling businesses to invest more in innovative projects, purchase new technology, increase production capacity, or expand into new markets.
- Validation and Recognition: Being awarded the grant serves as a testament to the business's potential for growth and innovation, thus enhancing its reputation both within Alberta and beyond.
- Networking Opportunities: Grant recipients may gain access to a broader network of entrepreneurs, investors, and industry experts, facilitating potential partnerships and collaborations.
- Mentorship and Guidance: In addition to financial support, recipients may also benefit from mentorship and guidance provided by Alberta Central and its network of partners.
Frequently Asked Questions
Here are some commonly asked questions regarding the Alberta Central Big Future Innovation Grant:
Q: Who can apply for the grant?
A: The grant is open to Alberta-based for-profit small businesses that meet the detailed eligibility criteria.
Q: Can non-profit organizations apply?
A: No, non-profit organizations are not eligible for this grant.
Q: How many employees can a business have to be eligible?
A: The business must have no more than 99 employees, including sole proprietors and part-time employees.
Q: Can a business apply more than once?
A: No, there is a limit of one application per business.
Q: What documentation is required for the application?
A: Applicants need to provide proof of the business’s existence through a corporation number or business license and ensure all business licenses and registrations are current.
Q: When will the recipients be announced?
A: The exact announcement date will be communicated to successful applicants during the notification period.
Q: Will the grant money be transferred directly to the business's bank account?
A: Yes, the grant money will be deposited into the business’s credit union business account.
Conclusion
The Alberta Central Big Future Innovation Grant represents a significant opportunity for small businesses in Alberta to secure financial support that can propel their growth and bolster their innovative capabilities. By meticulously adhering to the eligibility criteria and preparing a comprehensive and compelling application, businesses can enhance their chances of receiving the grant. This initiative underscores Alberta Central's commitment to nurturing a vibrant and dynamic small business ecosystem within the province, ultimately contributing to a more robust and diversified economy.
