Economic Diversification and Growth Enterprises
NL, Canada
Incentives to grow new business in Newfoundland and Labrador
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|minCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateJuly 09, 2024
grant_single|financingType
Tax Credits
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Government of Newfoundland and Labrador
- Department of Industry, Energy and Technology (NL)
grant_single|status
grant_card_status|open
grant_single_labels|preview
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.
grant_single_labels|projects
This grant is designed for companies within certain areas. Please refer to specific grant guidelines or regional offices for detailed eligibility.
grant_single|admissibleProjectsExample
$275,000
Implementing an energy-efficient lighting system in public spaces
$275,000
Establishing a mental health support center for youth
$200,000
Launching a community kitchen initiative to provide healthy meals
$275,000
Developing a sustainable waste management program for urban areas
$250,000
Developing an innovative financial management platform for small businesses
$250,000
Creating an online educational platform for underprivileged students
grant_single_labels|admissibility
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
grant_eligibility_criteria|who_can_apply
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.
grant_eligibility_criteria|who_cannot_apply
There are specific types of companies that are not eligible for this grant.
- Companies outside of Canada
- Non-profit organizations
- Government organizations
grant_eligibility_criteria|eligible_expenses
Eligible expenses for this grant include:
- Salaries and wages for project personnel
- Direct costs for materials and supplies
- Contractual services
grant_eligibility_criteria|zone
The eligibility for the Economic Diversification and Growth Enterprises (EDGE) grant is based on geographic zones determined by the Economic Diversification and Growth Enterprises Act.
- 100 per cent tax rebate for 10 years on the Northeast Avalon
- 100 per cent tax rebate for 15 years outside the Northeast Avalon
grant_single_labels|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.
grant_single_labels|register
- Step 1: 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.
- Step 2: Submit application – Submit the application to the Economic Diversification and Growth Enterprises Board with all required documentation.
- Step 3: Evaluation by the Board – The Board evaluates the application. They may request additional information to conduct a proper evaluation.
- Step 4: Board recommendation – Based on their evaluation, the Board makes a recommendation to the Lieutenant-Governor in Council through the Minister of IET.
- Step 5: Approval by Lieutenant-Governor in Council – Obtain approval for EDGE status from the Lieutenant-Governor in Council.
- Step 6: Enter into contract – If approved, enter into a contract with the Provincial Government and maintain the eligibility criteria to receive the EDGE benefits.
grant_single_labels|otherInfo
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
