Business Development Support Program
NL, Canada
Money for business improvement in Newfoundland and Labrador
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Manufacturing
- Wholesale trade
- Professional, scientific and technical services
- Other services (except public administration)
- Public administration
grant_single|grantors
- Department of Industry, Energy and Technology (NL)
- Government of Newfoundland and Labrador
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a non-repayable contribution of up to $100,000 to cover up to 50% of costs relating to improvements in your productivity and competitiveness, or to focus on trade opportunities.
grant_single_labels|projects
This grant is available to companies located in Newfoundland and Labrador, a province in Canada. Eligible locations are specified to ensure support for local SMEs and economic development in strategic sectors.
- Companies based and operating in Newfoundland and Labrador, Canada.
grant_single|admissibleProjectsExample
$50,000
Toronto
Obtain professional technical advice to improve production processes for a small manufacturing business
$50,000
Calgary
Upgrade farming equipment to enhance crop yield and reduce environmental impact
$35,000
Vancouver
Develop a comprehensive training program for employees to enhance digital marketing skills
$50,000
Edmonton
Implement a new software system to streamline logistics and inventory management for a local retail chain
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant's profile and their capacity to execute the project.
- The applicant must be a small and medium-sized enterprise (SME) based and operating in Newfoundland and Labrador.
- The business must have fewer than 100 employees and less than $10 million in sales.
- The company must demonstrate its ability to undertake the work identified in the project proposal.
- The applicant must demonstrate its ability to access the financial capital required to complete the project.
- The business must operate in a strategic sector as defined by IET.
- The company must be in good standing with the Government of Newfoundland and Labrador.
grant_eligibility_criteria|who_can_apply
Eligible applicants for the Business Development Support Program must meet the following criteria:- Be a small or medium-sized enterprise (SME) based and operating in Newfoundland and Labrador.- Have fewer than 100 employees and less than $10 million in sales.- Demonstrate the ability to undertake the work identified in the project proposal.- Show the capability to access the necessary financial capital to complete the project.- Operate within a strategic sector as defined by IET, focusing on export markets and/or improving import substitution.- Maintain good standing with the Government of Newfoundland and Labrador.
grant_eligibility_criteria|who_cannot_apply
This grant excludes certain companies and industries due to their status or main activity. The restrictions aim to ensure that funds are directed toward strategic sectors aligned with the grant's objectives.
grant_eligibility_criteria|eligible_expenses
This program provides financial support to SMEs in Newfoundland and Labrador to boost their productivity, improve competitiveness, and expand market reach. Eligible projects include various activities aimed at enhancing business operations and market presence.
- Productivity improvement initiatives aimed at streamlining operations and increasing efficiency.
- Knowledge development activities, including staff training and capacity building.
- Market development efforts to explore and expand into new markets, focusing on export opportunities and import substitution.
- Acquisition of professional technical advice to support business growth and strategic decision-making.
grant_eligibility_criteria|zone
Eligible expenses for this grant include costs associated with productivity improvements, knowledge development, market development, and professional technical advice.
- Costs related to productivity improvement initiatives.
- Expenses for knowledge development activities.
- Market development costs.
- Fees for professional technical advice services.
grant_single_labels|criteria
The evaluation and selection of projects for the Business Development Support Program are based on criteria that align with the program's objectives to support productivity improvements and competitiveness enhancement of SMEs in Newfoundland and Labrador.
- Impact of the proposed project on improving productivity levels of the business.
- Contribution of the project towards enhancing competitive positioning in the market.
- Extent to which the project supports strategic sectors focused on export markets or import substitution.
- Demonstrated ability of the business to execute and complete the project successfully.
- Potential for job retention or creation as a result of the project.
- Degree of innovation and advancement introduced by the project.
grant_single_labels|register
Here are the steps to apply for the Business Development Support Program:
- Step 1: Review Eligibility Criteria
- Ensure your business meets the program's eligibility requirements, including being an SME based in Newfoundland and Labrador.
- Verify your business operates in a strategic sector as defined by IET.
- Step 2: Prepare Application Documents
- Develop a comprehensive project proposal outlining how the project will increase productivity and competitiveness.
- Detail the operational improvements, investments, or trade focus planned.
- Gather financial documentation to demonstrate the ability to fund the remaining portion of the project costs.
- Step 3: Complete the Application Form
- Download the "Application for Commercial Programs" form or the fillable PDF version.
- Carefully fill out all sections of the form, ensuring accuracy in all details provided.
- Step 4: Submit the Application
- Submit the completed application form and all required supporting documents to the Industry, Energy and Technology office.
- Use the contact information provided to confirm the submission process if needed.
- Step 5: Follow-Up
- Contact the regional Industry, Energy and Technology office to confirm receipt of your application.
- Retain any confirmation or reference numbers provided upon submission.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- Applicants are encouraged to contact the Industry, Energy and Technology office for program details or assistance with application submission.
- Funding is targeted specifically towards businesses involved in export markets or those improving import substitution.
- The program supports investments in personnel development, emphasizing workforce training as a strategic growth initiative.
- Assistance is framed as non-repayable contributions, suggesting no requirement for the return of funds, allowing SMEs to allocate resources more freely.
- The program seeks to enhance SME competitiveness through productivity and market development advancements.
Apply to this program
Empower Your Business with the Business Development Support Program
The Business Development Support Program provides funding support to Newfoundland and Labrador small and medium-sized enterprises (SMEs) aiming to enhance productivity and competitiveness. It specifically focuses on businesses looking to innovate, grow, and participate in expanding trade opportunities.
Dive Into the Details of the Business Development Support Grant
The Business Development Support Program is a crucial initiative for SMEs based in Newfoundland and Labrador. Aimed at fostering economic growth and enhancing business competitiveness, the program offers non-repayable contributions amounting to as much as $100,000 per government fiscal year. This provides substantial financial aid, covering up to 50% of eligible costs for approved projects. To benefit from this program, businesses must secure the remaining 50% of the required funding independently, ensuring a cohesive financial strategy is in place.
The program targets SMEs in strategic sectors as defined by the Department of Industry, Energy and Technology (IET), with a strong emphasis on businesses that are export-oriented or contribute to import substitution. By doing so, it plays a significant role in fortifying local economic structures and reducing reliance on external markets. It is a strategic investment not just in the companies involved, but also in the broader economic ecosystem of Newfoundland and Labrador.
The funding caters to various facets of business development, including productivity enhancement, knowledge acquisition, market expansion, and procuring professional technical advice. Eligible enterprises must be well-prepared to present compelling project proposals, outlining their operational capabilities and financial readiness to embark on the proposed initiatives. This requirement ensures that only companies with a solid foundation and clear vision benefit from the program, optimizing the impact of the available funding.
The application process is straightforward yet demanding, reflecting the program’s dedication to awarding assistance to only the most promising and viable projects. Prospective applicants should approach the submission process with thorough preparation, clearly detailing how their projects align with the program's objectives and demonstrating robust strategies to overcome potential challenges. Furthermore, applicants need to be in good standing with the provincial government, adding a layer of integrity and accountability to the selection process.
Through this program, the Newfoundland and Labrador government seeks to cultivate an environment where SMEs can thrive, contributing to a more diverse and resilient economy. It encourages businesses to focus on innovation and sustainability, ultimately paving the way for long-term benefits that extend beyond immediate financial gains. By providing essential resources and support, the Business Development Support Program not only helps individual enterprises achieve their goals but also strengthens the overall economic fabric of the province.
