Business Development Support Program
- Receipt of requests is now closed
Overview
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.
At a glance
Funding available
- Develop workforce skills
- Maximum amount : 100,000 $
- Up to 50% of project cost
- Receipt of requests is now closed
Eligible candidates
- Manufacturing
- Wholesale trade
- Professional, scientific and technical services
- Other services (except public administration)
- Public administration
- Newfoundland and Labrador
- All legal structures
- $ 10,000,000 maximum revenue
- 100 employees maximum
- All groups
Next Steps
Eligibility
Who is eligible?
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.
Who is not eligible
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.
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.
Additional information
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.