Business Development Support Program

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.

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.

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.

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.