)
City of Saskatoon Business Development Incentives Program
SK, Canada
Tax abatement incentive to encourage business in Saskatoon
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|minCount
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Tax Credits
grant_single|eligibleIndustries
- Mining, quarrying, and oil and gas extraction
- Manufacturing
- Transportation and warehousing
- Information and cultural industries
grant_single|grantors
- Saskatoon Regional Economic Development Authority (SREDA)
grant_single|status
grant_card_status|open
grant_single_labels|preview
Exemptions and reductions of any city tax or fee, waiving of utility deposits and down payments on land, and exemptions or reductions of prepaid servicing levies.
grant_single_labels|terms_and_conditions
The City of Saskatoon Business Development Incentives Program provides financial benefits designed to enhance business growth and job creation in Saskatoon. The program is structured to reduce financial barriers for eligible businesses through strategic tax and fee adjustments.
- Exemptions or reductions of city taxes or fees to alleviate initial financial burdens.
- Waiving of utility deposits which helps in lowering upfront costs.
- Waiving of down payments on land, supporting businesses in asset acquisition without significant immediate financial outlay.
- Exemptions or reductions of prepaid servicing levies to manage cash flow more efficiently during the developmental phase.
grant_single_labels|projects
The City of Saskatoon Business Development Incentives Program supports projects aimed at attracting and expanding businesses within the city. Eligible activities primarily focus on creating employment and fostering investment in various industrial sectors.
- Expansion projects that create a minimum of five new full-time positions within one year for existing businesses.
- New business ventures creating at least 15 new full-time positions within three years.
- Investments in plant, land, and/or leasehold improvements amounting to a minimum of $500,000.
- New building projects or substantial expansions that require planning and financial resources.
- Projects involving key industries such as energy, manufacturing, technology, and logistics.
grant_single|admissibleProjectsExample
$ 1,500,000
Construction of a sustainable transportation hub to enhance urban mobility and reduce carbon emissions
$ 1,200,000
Renovation of an old factory into a tech startup incubator to foster innovation and job creation in the tech sector
$ 1,250,000
Expansion of renewable energy manufacturing plant with state-of-the-art solar panel production line
$ 1,200,000
Development of a telecommunications center to enhance connectivity for remote communities
$ 1,200,000
Expansion of a food processing plant to increase production capacity and create new jobs
$ 1,000,000
Establishment of a data processing center to support local businesses with cloud storage solutions
grant_single_labels|admissibility
Eligibility for this grant is determined by several specific criteria related to business characteristics and project specifications.
- The business must be a legally incorporated entity.
- The business must be involved in one of the following industries: energy, oil and gas, mining, manufacturing, processing, technology, transportation and logistics, telecommunications, or data processing.
- For existing businesses, a minimum of five new full-time positions must be created within one year. For new businesses, a minimum of 15 new full-time positions must be created within three years.
- The business must invest a minimum of $500,000 in plant, land, and/or leasehold improvements.
- The business must possess the required financial resources to complete the project.
- The applicant must be the legal owner of the property or provide a copy of the lease agreement upon application.
grant_eligibility_criteria|who_can_apply
Eligible applicants for the BUSINESS DEVELOPMENT INCENTIVE must be legally incorporated entities operating in specific industries, including energy, oil and gas, mining, manufacturing, processing, technology, transportation and logistics, telecommunications, or data processing. Applicants must demonstrate the creation of new full-time jobs and a significant investment in plant, land, or leasehold improvements. The applicant must also be the legal owner of the property or have a lease agreement and possess the necessary financial resources to complete the project.
grant_eligibility_criteria|who_cannot_apply
The grant application guidelines provided do not specify particular exclusions based on industry or company status. The focus remains on eligibility criteria without detailing explicit ineligibility conditions.
grant_eligibility_criteria|eligible_expenses
The grant is designed to facilitate the attraction and expansion of businesses in key sectors in Saskatoon through various development projects. Eligible activities revolve around infrastructure investment and significant business growth in alignment with the area's economic priorities.
- Expansion or establishment of new businesses in Saskatoon.
- Creation of a minimum of five new full-time positions for existing businesses and 15 for new businesses.
- Investment in plant, land, and/or leasehold improvements totaling at least $500,000.
grant_eligibility_criteria|zone
This grant is specifically available for businesses operating in the city of Saskatoon. The eligible locations focus on enhancing business development within this regional area.
- Businesses located within the city of Saskatoon.
grant_single_labels|criteria
The evaluation and selection of projects for the Business Development Incentive are based on specific criteria to ensure the facilitation of investment and long-term job creation in Saskatoon.
- Clear and concise description of the expansion project in the business plan.
- The number of full-time positions to be created as a result of the project.
- The size of the investment made in land, buildings, and leasehold improvements.
- Financial viability and stability demonstrated through recent financial statements or a bank letter.
- Completeness of submitted required documents, including blueprints and lease agreement (if applicable).
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Preliminary Documentation Gathering
- Prepare a business plan or executive summary detailing the new expansion project.
- Ensure the business plan includes the number of full-time jobs to be created and the investment details.
- Obtain blueprints for the new construction, expansion, or renovations.
- Gather recent financial statements or a bank letter verifying financial capability to complete the project.
- Compile a current payroll list including names, positions, and full-time equivalents.
- If applicable, obtain a copy of the lease agreement if not owning the property.
- Step 2: Complete Application Form
- Fill out the Business Development Incentives application form.
- Step 3: Submission
- Submit the completed application form and all supporting documents to SREDA before starting any project activities.
- Ensure submission is made prior to applying for a building permit through the City of Saskatoon.
grant_single_labels|otherInfo
The following points provide additional relevant information for the Business Development Incentive grant:
- The application for the incentive must be submitted and approved before any expansion or new building project commences.
- Approval is also required before applying for a building permit through the City of Saskatoon.
- The incentive may include abatements such as exemptions or reductions of city taxes, waiving of utility deposits, and reductions of prepaid servicing levies.
