Economic Development Fund — Tier 3
YT, Canada
Funding for large business projects in Yukon
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|closingDateJanuary 15, 2024
- grant_single|grantStatusClosed
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Department of Economic Development (YK)
- Government of Yukon
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grant_card_status|closed
grant_single_labels|preview
Get a contribution between $100,000 and $500,000 to cover up to 75% of eligible project costs and 50% of capital expenses for a development project that provides long-term, sustainable economic benefits to Yukoners and Yukon communities.
grant_single_labels|terms_and_conditions
The Economic Development Fund—Tier 3 in Yukon offers substantial financial support for projects with far-reaching economic impacts. Applicants can access funding through various mechanisms to maximize the return on investment and ensure long-term benefits for the community.
- Funding can cover up to 75% of the eligible project costs, which supports financial feasibility for businesses and organizations.
- Applicants are eligible to receive 50% funding towards capital expenses, facilitating significant capital investments.
- Tier 3 funding allows for a maximum of $500,000, enabling the execution of large-scale and impactful projects.
grant_single_labels|projects
The Economic Development Fund Tier 3 supports a variety of eligible projects aimed at enhancing the economic landscape in Yukon. These initiatives focus on fostering business innovation, competitive enhancement, and market diversification.
- Creation and refinement of business plans to improve strategic direction.
- Conducting market research to identify new opportunities and growth areas.
- Development and implementation of marketing plans tailored to expand market reach.
- Organization and promotion of events focused on marketing and investment.
- Building organizational capacity through targeted training and development activities.
- Facilitating participation in trade and investment events to broaden business networks.
- Execution of post-project analysis and ongoing support to ensure longevity of results.
- Providing professional development workshops on essential business topics.
- Producing promotional materials to penetrate new markets and expand existing ones.
- Crafting and executing training plans for workforce development.
- Investment in capital assets and infrastructure improvements to support business growth.
- Implementation support for projects that require external expertise or guidance.
- Improvement of leasehold spaces to better meet business needs and support growth.
- Cautiously planned travel activities to attend key events, adhering to economical travel policies.
grant_single|admissibleProjectsExample
$ 100,000
Building leasehold improvements for a new artisan market space in Yukon
$ 37,500
Developing a business plan and promotional materials for a new eco-friendly lodging
$ 45,000
Implementing a training program for artisanal cheesemakers in Yukon
$ 45,000
Capacity development for First Nation businesses through workshops and training
$ 37,500
Hosting a trade and investment conference focused on sustainable tourism in Yukon
$ 75,000
Developing a comprehensive market research and marketing plan for Yukon honey products
grant_single_labels|admissibility
A Yukon business that wishes to apply for this grant must meet three of the following conditions:
- Has an office with a physical address in Yukon.
- Is subject to the Yukon Income Tax Act.
- Is registered under the Business Corporations Act and the Partnership and Business Name Act, where applicable.
- Has a valid municipal business license, where applicable.
grant_eligibility_criteria|who_can_apply
The Economic Development Fund is open to a variety of applicants who meet specific requirements. Eligible applicants include:- Yukon businesses meeting at least three of the following conditions: having an office with a physical address in Yukon, being subject to the Yukon Income Tax Act, being registered under relevant business acts, or having a valid municipal business license.- Yukon First Nation governments.- Yukon First Nation development entities, which can include corporations, partnerships, joint ventures, or trusts.- Yukon municipal governments.- Community societies or industry associations that are registered and in good standing under the Yukon Societies Act, based in one or more Yukon communities, open to public membership, and demonstrate a clear interest in improving Yukon's economic development.- Not-for-profit corporations incorporated under the Canada Not-for-profit Corporations Act.
grant_eligibility_criteria|who_cannot_apply
This grant does not specify restrictions on the types of companies or industries that cannot apply based on the provided context. It focuses on eligible organizations, criteria, and activities for potential funding.
grant_eligibility_criteria|eligible_expenses
This grant supports projects that aim to create long-term economic benefits for Yukon communities by fostering business innovation and increasing competitiveness. The funded activities promote economic diversification, support organizational development, and enhance market engagement.
- Creation of business plans to guide growth and development.
- Conducting market research to identify new opportunities.
- Development of strategic marketing plans.
- Organizing and promoting marketing and investment events.
- Building organizational capacity and developing skills.
- Participation in trade and investment events to extend market reach.
- Analysis and support activities post-project completion.
- Hosting professional development workshops on business topics.
- Creating promotional materials for amplifying presence in new markets.
- Developing training plans to advance workforce capabilities.
- Investing in capital assets and costs necessary for business growth.
- Providing implementation support for projects.
- Making leasehold improvements to enhance operational spaces.
- Covering travel costs within specified government limits for project activities.
grant_eligibility_criteria|zone
The Economic Development Fund grant is available specifically for businesses and organizations located within the Yukon region. This geographical eligibility ensures that the fund supports economic development specifically targeted at Yukoners and Yukon communities.
- Businesses with a physical office address in Yukon.
- Yukon First Nation governments.
- Yukon First Nation development entities.
- Yukon municipal governments.
- Community societies or industry associations based in Yukon communities.
grant_single_labels|criteria
There are evaluation and selection criteria for this grant. The assessment is based on the following key factors:
- Demonstrated potential for long-term economic benefits and sustainability for Yukon and its communities.
- Ability to support business innovation, sustainability, economic diversification, and competitiveness.
- Clear alignment with the outlined project criteria and expected outcomes.
- Capacity to contribute to economic growth, workforce development, and community well-being in Yukon.
- Adherence to the eligible activities and expenses as defined in the guidelines.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Contact a Program Advisor
- Reach out to an Economic Development Fund program advisor to confirm the eligibility of your project.
- Contact methods include email at edf@yukon.ca or phone at 867-456-3803 or toll-free in Yukon at 1-800-661-0408, extension 3803.
- Step 2: Complete the Application
- Fill out the application form with detailed project information.
- Ensure to adhere to project criteria and align with funding priorities.
- Step 3: Submit the Application
- Submit your completed application before the deadline.
- In-person submissions can be done at 303 Alexander Street, 2nd floor, Whitehorse, from Monday to Friday, between 8:30 a.m. and 4:30 p.m.
- Email submissions can be sent to edf@yukon.ca.
- Fax submissions can be sent to 867-393-7018.
- Mail submissions should be addressed to:
- Economic Development Fund (F-1)
- Box 2703
- Government of Yukon
- Whitehorse, Yukon, Y1A 2C6
- Step 4: Review and Await Decision
- Ensure all submission guidelines are followed.
- Wait for the funding decision, keeping track of deadlines and notifications.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- Past fund recipients can be viewed through the Economic Development Fund annual reports for 2022-23 and 2021-22.
grant_single_labels|contact
edf@yukon.ca
867-456-3803
Apply to this program
Yukon's Economic Development Fund Empowering Growth
This grant offers substantial support to businesses and organizations in Yukon aiming to develop sustainable and innovative projects that contribute to economic diversification and competitiveness. The fund aims to empower communities by supporting initiatives that align with long-term economic development goals.
Deep Dive into Yukon's Economic Development Fund and Its Opportunities
The Economic Development Fund is a strategic initiative by the Yukon government, designed to replace previous funds like the Regional Economic Development Fund, the Strategic Industries Development Fund, and the Enterprise Trade Fund. This consolidated financial support program is tailored to foster long-term, sustainable economic benefits across Yukon by targeting projects that enhance business innovation, encourage economic diversification, and bolster business competitiveness through capacity and capital development.
Open to a diverse range of applicants—including Yukon businesses, First Nation governments and development entities, municipal governments, and community societies—the fund is structured to propel Yuko's businesses and communities towards greater economic resilience and innovation. There are three funding tiers available, offering financial assistance ranging from $30,000 to $500,000, each with specific allocations for project and capital expenses, thereby providing flexibility and scalability depending on the project size and scope.
The projects funded by the Economic Development Fund are anticipated to have both immediate and long-term benefits. In the short term, successful projects are expected to improve the investment environment in various sectors, enhance organizational capabilities, and facilitate joint ventures that positively impact local economies. The focus on innovation is paramount, with the fund encouraging the adoption and creation of new business methods and tools that can attract new investments and diversify economic activities across the region.
Over the long haul, these projects are poised to make a notable impact on Yukon's economy by increasing employment, fostering business start-ups, and ensuring that local businesses not only grow but diversify their markets. This aligns closely with Yukon's broader goal of integrating economic growth with environmental sustainability, as outlined in "Our Clean Future," the territory's climate change mitigation strategy.
Eligible activities supported by the fund are broad and inclusive, addressing various facets of economic development. From crafting detailed business plans and conducting market research to facilitating professional workshops and developing promotional materials for expanding into new markets, the fund ensures comprehensive support for Yukon's enterprises and communities in their growth journeys.
It is crucial for applicants to note the ineligibility criteria to ensure meticulous planning and compliance with fund guidelines. Focusing on innovative projects while avoiding pre-approval costs and standard operational expenses can help applicants secure funding successfully. Moreover, understanding the fund's strategic aims and demonstrating a clear potential for economic impact within the Yukon context is essential for crafting a compelling application.
The application process is streamlined to provide ease for eligible participants, with support and guidance readily available from Economic Development Fund program advisors. This ensures that potential applicants fully understand the requirements and can submit their projects within the stipulated deadlines effectively.
The Economic Development Fund symbolizes a critical investment in the future of Yukon's economic landscape. By aligning financial support with strategic economic priorities, the fund not only drives immediate economic activities but also lays a solid foundation for sustainable growth, which is pivotal for the prosperity and well-being of Yukon's communities now and in the foreseeable future.
