How much funding can be received?

Funds up to 50% of admissible expenses.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Economic Diversification and Growth Enterprises?

Economic Diversification and Growth Enterprises is funded by Department of Industry, Energy and Technology (NL), Government of Newfoundland and Labrador

What are Economic Diversification and Growth Enterprises's eligibility criterias?

Eligibility criteria not mentioned

Economic Diversification and Growth Enterprises

Last Update: January 24, 2025

NL, Canada

Incentives to grow new business in Newfoundland and Labrador

Economic Diversification and Growth Enterprises at a glance

Eligible Funding

Min. $300,000
Up to 50% of project cost

Timeline

Open Date : July 9, 2024

Financing Type

Tax Credits

Eligible Industries

All industries

Grant Providers

Department of Industry, Energy and Technology (NL)
Government of Newfoundland and Labrador

Status

Open

Overview of the Economic Diversification and Growth Enterprises program

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.

Eligible projects & activities

Examples of admissible projects:

$ 275,000

Implementing an energy-efficient lighting system in public spaces

$ 200,000

Launching a community kitchen initiative to provide healthy meals

$ 275,000

Developing a sustainable waste management program for urban areas

$ 275,000

Establishing a mental health support center for youth

$ 250,000

Developing an innovative financial management platform for small businesses

$ 250,000

Creating an online educational platform for underprivileged students

Eligibility criteria of the Economic Diversification and Growth Enterprises program

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

Eligibility criteria of the Economic Diversification and Growth Enterprises program

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 to the Economic Diversification and Growth Enterprises program

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