Innovation and Business Development Fund

Who is eligible?

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.

Who is not eligible

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.

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.

Eligible geographic areas

This grant is intended for organizations and businesses located within Newfoundland and Labrador. Eligibility is specific to operations within this province, ensuring the fund supports local industry growth.

• Businesses operating in Newfoundland and Labrador.
• Organizations registered within the province of Newfoundland and Labrador.

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.