Economic Diversification and Growth Enterprises
Overview
Tax rebates of 100% on provincial income tax, 50% on federal corporate income tax, and 100% on municipal property or business tax for 10 or 15 years.
At a glance
Funding available
- No objectives are currently available
- Minimum amount : 300,000 $
- Up to 50% of project cost
- Open Date : July 9, 2024
Eligible candidates
- All industries
- Newfoundland and Labrador
- All legal structures
- All revenue ranges
- 10 employees minimum
- All groups
Activities funded
Eligibility
Eligibility criteria for the Economic Diversification and Growth Enterprises (EDGE) program are focused on new capital investment, job creation, and the overall economic benefit to the province.
- Potential for new capital investment of at least $300,000 or incremental sales of at least $500,000
- Potential to create and maintain at least 10 new permanent jobs in the province
- Activity would not take place in the province without EDGE incentives
- Substantial net economic benefit to the province
- No direct competitive advantage over existing businesses in the province
Who is eligible?
The Economic Diversification and Growth Enterprises (EDGE) program is available to national and international companies establishing a new enterprise in the province, local companies that want to expand, and local entrepreneurs who are interested in new business start-ups. To be eligible, the company must meet specific criteria demonstrating potential for significant capital investment, job creation, and a substantial net economic benefit to the province.
- Companies with potential for new capital investment of at least $300,000, or incremental sales of at least $500,000.
- Companies with potential to create and maintain at least 10 new permanent jobs in the province.
- Companies that would not take place in the province in the absence of the EDGE incentives, in preference to another location or at the proposed time.
- Companies that provide a substantial net economic benefit to the province.
- Companies that would not result in a direct competitive advantage over other businesses already established in the province, if provided EDGE status.
Who is not eligible
There are specific types of companies that are not eligible for this grant.
- Companies outside of Canada
- Non-profit organizations
- Government organizations
Eligible expenses
Eligible expenses for this grant include:
- Salaries and wages for project personnel
- Direct costs for materials and supplies
- Contractual services
Selection criteria
The Economic Diversification and Growth Enterprises (EDGE) program has specific eligibility criteria for companies to be considered for EDGE status. These criteria include requirements for new or expanding business activities, potential for job creation, and overall economic benefit to the province.
- The business activity must involve new or expanding business activity.
- Potential for new capital investment of at least $300,000, or incremental sales of at least $500,000.
- Potential to create and maintain at least 10 new permanent jobs in the province.
- The business activity would not take place in the province without the EDGE incentives.
- The business activity must have a substantial net economic benefit to the province.
- The business activity must not give the company a direct competitive advantage over other businesses already established in the province.
How to apply
Prepare application – Ensure your business meets the eligibility criteria, including potential for new capital investment of at least $300,000 or incremental sales of at least $500,000, creation of 10 new permanent jobs, etc.
Submit application – Submit the application to the Economic Diversification and Growth Enterprises Board with all required documentation.
Evaluation by the Board – The Board evaluates the application. They may request additional information to conduct a proper evaluation.
Board recommendation – Based on their evaluation, the Board makes a recommendation to the Lieutenant-Governor in Council through the Minister of IET.
Approval by Lieutenant-Governor in Council – Obtain approval for EDGE status from the Lieutenant-Governor in Council.
Enter into contract – If approved, enter into a contract with the Provincial Government and maintain the eligibility criteria to receive the EDGE benefits.
Additional information
The Economic Diversification and Growth Enterprises (EDGE) program offers various benefits to companies, including tax rebates and access to Crown land. The program aims to incentivize new business investments and job creation in the province.
- 100 per cent rebate/remission on provincial corporate income tax and the provincial health and post-secondary education (payroll) tax
- 50 per cent rebate on federal corporate income tax
- Five-year even phase-out period of partial rebates on provincial and federal taxes
- 100 per cent rebate on municipal property and/or municipal business taxes
- Access to un-serviced Crown land for $1
