Innovation and Business Development Fund
NL, Canada
Financing for oil and gas projects in NL
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateJuly 09, 2024
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Mining, quarrying, and oil and gas extraction
- Utilities
grant_single|grantors
- Government of Newfoundland and Labrador
- Department of Natural Resources and Energy Development
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a non-repayable financial contribution that covers up to 50% of eligible costs of a project that helps grow and diversify the province's oil and gas supply and service capabilities, including supply chain collaboration as well as export and diversific
grant_single_labels|projects
This grant is intended for businesses primarily operating within Newfoundland and Labrador in Canada. The focus is on developing the energy sector capabilities in this specific region.
- Businesses and organizations situated in Newfoundland and Labrador.
grant_single|admissibleProjectsExample
$100,000
Implementation of an industry-wide promotion campaign for oil and gas services
$150,000
Establishment of an export readiness program for local oil and gas suppliers
$200,000
Development of a new supply chain management software for oil and gas industry
$250,000
Upgrade of a laboratory to support oil and gas emerging technologies
$300,000
Construction of a new facility for oil and gas equipment maintenance
$350,000
Pilot program for commercial development of green technologies in the oil and gas sector
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant's profile and operational presence.
- Applicants must be registered businesses, primarily small-and-medium sized enterprises (SMEs), with operations in Newfoundland and Labrador.
- Non-commercial entities such as industry associations, business development organizations, indigenous organizations, post-secondary education institutions and other support groups in Newfoundland and Labrador involved in energy are eligible.
grant_eligibility_criteria|who_can_apply
This grant is aimed at enhancing the oil and gas supply and service capabilities in Newfoundland and Labrador's energy sector, especially for non-commercial and commercial entities involved in this region.
- Non-commercial entities including industry associations, business development organizations, indigenous organizations, and post-secondary education institutions in Newfoundland and Labrador involved in energy.
- Commercial entities such as registered businesses, primarily small-and-medium-sized enterprises (SMEs) with operations in Newfoundland and Labrador.
grant_eligibility_criteria|who_cannot_apply
The applicant guide does not explicitly list companies or industries that are ineligible for the Innovation and Business Development Fund. However, restrictions may apply to ensure alignment with the fund's objectives.
- Costs incurred prior to application are not eligible, suggesting pre-funded projects may face restrictions.
- Other Provincial Government funding cannot be used as project financing.
- Specific costs like proposal development and administrative support are deemed ineligible.
grant_eligibility_criteria|eligible_expenses
This grant supports initiatives that enhance supply and service capacities in the oil and gas sector, as well as diversifying into other energy sectors. Eligible activities focus on workforce expansion, operational enhancements, and infrastructure development.
- Labour costs for new technical, supply chain, or market development expertise necessary for the project.
- Operating costs for strategic initiatives related to supply chain opportunities, industry promotion, export readiness, market entry strategies, and demonstration of emerging technologies.
- Capital costs for specialized equipment, building renovations, and purpose-built supply and service infrastructure.
grant_eligibility_criteria|zone
The grant supports various expenses directly tied to the project's implementation and success within the energy sector.
- Incremental wages and salaries for new technical, supply chain, or market development expertise required for the project.
- Strategic initiatives supporting supply chain opportunities, industry promotion, export readiness, and market entry strategies.
- Costs for commercial development and demonstration of emerging technologies.
- Specialized equipment, building renovations, and purpose-built supply and service infrastructure.
grant_single_labels|criteria
The evaluation and selection criteria for projects under the Innovation and Business Development Fund (IBDF) are designed to ensure the strategic alignment and effective use of resources to enhance Newfoundland and Labrador’s energy sector.
- Demonstration of need or opportunity for innovation and business development.
- Relevance and contribution to expanding local supply, export, and diversification opportunities.
- Evidence of market pull and industry demand for the proposed project.
- Potential for industry-wide impacts and economic benefits at local, regional, or provincial levels.
- Demonstrated ability and track record of the applicant in project management and successful completion of initiatives.
- Feasibility of the project with a detailed and well-defined implementation plan.
- Financial leverage and sustainability, including funding leveraged from private, federal, and other sources.
- Clear rationale and necessity for IBDF funding to the project’s execution.
grant_single_labels|register
- Step 1: Understanding Eligibility and Requirements
- Review the IBDF Guidelines to understand program objectives, eligible applicants, and project types.
- Confirm that your organization and proposal meet the eligibility criteria.
- Step 2: Develop Proposal
- Create a detailed project proposal utilizing the format provided in the applicant guide.
- Include all necessary sections: Title Page, Executive Summary, Introduction, Purpose and Objectives, Description of Proposed Project, Project Management, Budget/Financial, and Appendices.
- Gather required documents such as latest financial statements, resumes of key personnel, letters of support, cost estimates, and any detailed design work.
- Step 3: Consult with IET Office
- Contact the Department of Industry, Energy & Technology in your region for guidance on your proposal.
- Step 4: Complete Application Form
- Fill out the application form available from the Department of Industry, Energy & Technology.
- Step 5: Submit Application
- Submit your completed proposal and application form to the Department of Industry, Energy & Technology by the specified deadline.
- Ensure that all required documents and sections are included with your submission.
- Step 6: Confirmation of Receipt
- Receive confirmation from the fund provider acknowledging receipt of your application.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- IBDF funding does not cover costs incurred prior to the application, proposal development, or administrative support.
- Financial assistance from the IBDF usually does not exceed 50% of the project's total costs and is non-repayable.
- Applicants must provide confirmation of other financing prior to receiving IBDF approval.
- Multi-year funding commitments are possible, subject to budget availability and additional approval.
- Provincial Government funding cannot be used as project financing, ensuring no duplication.
Apply to this program
Boosting Energy Innovation and Growth in Newfoundland and Labrador
The Innovation and Business Development Fund (IBDF) offers financial assistance to eligible applicants developing projects aimed at enhancing the energy sector in Newfoundland and Labrador. It focuses on fostering collaboration, expanding supply chain capabilities, and driving regional economic growth through innovative solutions.
Understanding the Innovation and Business Development Fund and Its Strategic Implications
The Innovation and Business Development Fund (IBDF) is a strategic initiative administered by the Department of Industry, Energy & Technology in Newfoundland and Labrador, aimed at propelling the province’s energy sector towards global prominence. The fund, rooted in fostering innovation and collaboration, provides pivotal financial support to both non-commercial and commercial entities involved in the energy industry across the province. This initiative underscores the government's commitment to bridging gaps in innovation, technology, and supply chain capabilities while avoiding overlaps with existing funding programs. It plays a transformative role in shaping the province's energy landscape by supporting projects that expand local energy supply chains, attract inward investments, and enhance competitiveness by reducing operational costs.
Newfoundland and Labrador’s energy sector, known for its oil and gas output, is targeted by the IBDF for diversification and capability enhancement. The fund’s objectives prioritize projects that foster supply chain collaborations, which are essential for broadening the operational capacity of local businesses and for paving pathways to new markets and export opportunities. By mitigating regional gaps and leveraging the local talent pool, the IBDF aims to lay the groundwork for sustained economic growth and job creation throughout the province.
The IBDF is designed to provide non-repayable financial contributions, typically covering up to 50% of eligible project costs. This funding approach ensures that small- and medium-sized enterprises (SMEs) and other eligible entities can undertake expansive projects without being overly burdened by financial constraints. To enhance outcomes, the fund encourages applicants to seek additional private, federal, and external investments, thus creating a diversified financial base that strengthens the project's sustainability and impact. Multi-year commitments are considered under specific circumstances, offering flexibility and stability to long-term projects that align with the fund's strategic directives.
Applicants are required to submit comprehensive project proposals that showcase a clear need for innovation and business development within their operations. Proposals must articulate how they will advance the province’s energy capabilities, including detailed timelines, anticipated impacts, and an evaluation framework aimed at measuring success against predefined benchmarks. The fund casts a broad net, supporting a range of eligible activities, from labor and operational costs to capital expenditures, ensuring a holistic support structure for complex projects.
Importantly, the IBDF not only catalyzes economic activities and growth but also emphasizes creating a sustainable and competitive energy sector. Projects supported by the fund are encouraged to integrate renewable energy elements where feasible, further diversifying and future-proofing the province’s energy framework. These projects are expected to exhibit clear innovation, scalability, and potential to yield significant economic benefits at local, regional, and provincial levels.
By focusing on strategic investments and fostering an environment conducive to innovation, the IBDF ensures that Newfoundland and Labrador remains at the forefront of global energy developments. It stands as a testament to the province's forward-thinking approach, driving significant industry advancements while laying a solid foundation for long-term economic prosperity and environmental sustainability.
In conclusion, the Innovation and Business Development Fund proves to be an invaluable resource for entities striving to contribute to Newfoundland and Labrador’s energy sector evolution. Through collaborative efforts and strategic funding, the province is well-positioned to establish itself as a leader in energy innovation, ultimately benefiting its economies and communities.
