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|projects
This grant incentive is specific to businesses located in Saskatoon, as the program is administered by the Saskatoon Regional Economic Development Authority (SREDA) and the City of Saskatoon. Eligible companies must therefore be situated within the city's geographical boundaries to benefit from the program.
- Companies located within the city limits of Saskatoon, Saskatchewan, Canada.
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
The grant covers expenses related to new building projects, expansions, or leasehold improvements that facilitate business development in Saskatoon.
- Investment in land for new or expanded business operations.
- Investment in buildings associated with business expansion or establishment.
- Costs associated with leasehold improvements for expanding or establishing business operations.
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.
Apply to this program
Boosting Business Growth in Saskatoon
This Business Development Incentive offers tax abatement and other financial incentives to attract and support the growth of businesses in Saskatoon. Spearheaded by SREDA, this initiative is designed to stimulate investment and job creation by making Saskatoon an attractive destination for business expansion.
Unlocking Opportunities for Business Expansion in Saskatoon
The City of Saskatoon, in collaboration with SREDA, recognizes the pivotal role that businesses play in driving economic development and job creation. In response, it has introduced the Business Development Incentive program, tailored specifically for businesses operating within key sectors, including energy, mining, technology, and manufacturing. This initiative is a strategic blend of tax abatements and service fee reductions, aiming to make business operation and expansion in Saskatoon more financially viable.
One of the highlights of this incentive is the potential reduction or waiving of city taxes and fees—an opportunity that could significantly lower operational costs for businesses. Moreover, the program extends to offer waivers on utility deposits and down payments on land, reducing immediate financial burdens on growing enterprises. This is coupled with possible exemptions or reductions in prepaid servicing levies, further easing the financial commitments required for business expansion projects.
The eligibility for these incentives is concentrated on fostering substantial business activities that contribute to the local economy. New businesses must commit to creating at least 15 new full-time positions within three years, while existing businesses should aim to add five new positions within a year to benefit from these advantageous terms. This approach is designed not only to bolster the number of jobs but also to ensure they are sustainable and value-adding to the community.
Embedding itself within the broader economic framework of Saskatoon, this incentive program emphasizes substantial initial investments by interested businesses. The requirement for a minimum of $500,000 investment reflects the city's commitment to attracting businesses that have the capacity and vision to make a meaningful impact on the local economy. Furthermore, the program mandates that businesses must secure the necessary financial resources to complete their projects, thus ensuring that only financially stable businesses with clear expansion plans are approved.
Applicants need to carefully prepare their submissions to ensure that they are eligible for this incentive. They are required to present a comprehensive business plan or executive summary, delineating the details of their proposed expansions, including employment targets and financial commitments to property and infrastructure improvements. This documentation facilitates a clear understanding of the proposed business impacts and helps establish the project's alignment with Saskatoon's economic development goals.
The Business Development Incentive is an exemplary model of how targeted financial incentives can play a critical role in economic development. By reducing initial business setup costs, lowering the financial barriers to entry, and incentivizing job creation, Saskatoon not only supports existing local enterprises but also becomes a magnet for new businesses looking for fertile ground to grow. This program not only aligns with the city's strategic objectives to boost economic diversity but also enriches the overall quality of life by fostering an environment where businesses—and their employees—can flourish.
For businesses eyeing Saskatoon as a potential hub for expansion, this program presents a very attractive proposition. The combination of direct financial savings, facilitated by tax abatements and reduced levies, alongside the longer-term benefits of operating in a city committed to supporting economic growth, positions Saskatoon as a leading destination for business development. Companies taking advantage of this program contribute positively to the city's growth while benefiting from the supportive infrastructure and policies in place, making it a winning scenario for both the city and the businesses involved.