How much funding can be received?

There is no informations about how much funding can be received.

What is the deadline to apply?

The deadline to apply is not specified.

What are Investment Attraction Fund's eligibility criterias?

The business must be a duly registered company or commit to becoming a registered company under the Newfoundland and Labrador Corporations Act and/or the Canada Business Corporations Act. The business must have or commit to have operations situated in Newfoundland and Labrador. The business must be in good standing with the Province.

Investment Attraction Fund

Q: Who are the financial supporters of the Investment Attraction Fund?

Investment Attraction Fund is funded by Department of Industry, Energy and Technology (NL), Government of Newfoundland and Labrador

Last Update: January 24, 2025

NL, Canada

Newfoundland and Labrador investment attraction fund

Investment Attraction Fund at a glance

Eligible Funding

No Condition

Timeline

Continuous Intakes

Financing Type

Loans and Capital investments

Eligible Industries

All industries

Grant Providers

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

Status

Open

Overview of the Investment Attraction Fund program

Get a loan to cover infrastructure, human resources and other costs to support economic growth in the province.

Financing terms and conditions

This grant provides financial assistance tailored to attract and establish significant business operations in Newfoundland and Labrador, by facilitating inward investment. Specific modalities for this funding include customized loans and strategic advances.

Customized financial assistance in the form of loans.
Advances allocated towards strategic investment costs, including infrastructure and human resources.

Eligible projects & activities

The Investment Attraction Fund aims to enhance economic development in Newfoundland and Labrador by attracting businesses and foreign direct investments. Eligible projects focus on establishment or expansion activities that generate employment and long-term sustainability within the province.

Establishment of new business operations in Newfoundland and Labrador by external investors.
Expansion of existing business operations due to foreign direct investments.
Strategic infrastructure investments required for inward investments.
Human resource development related to the operational needs of inward investment projects.
Other strategic costs necessary for the setup or expansion of businesses through inward investment.

Examples of admissible projects:

$ 150,000

Expanding a renewable energy company

$ 100,000

Expanding a digital marketing agency

$ 75,000

Establishing a new eco-friendly bakery in St John's

$ 120,000

Establishing a craft brewery

Eligibility criteria of the Investment Attraction Fund program

Eligibility for this grant is determined by specific requirements related to the business's registration status, operational presence, and financial compliance within the Province of Newfoundland and Labrador.

The business must be a duly registered company or commit to becoming a registered company under the Newfoundland and Labrador Corporations Act and/or the Canada Business Corporations Act.
The business must be legally entitled to conduct business in the Province of Newfoundland and Labrador.
The business must have or commit to having operations situated in the Province of Newfoundland and Labrador.
The business must be in good standing with the Province of Newfoundland and Labrador.

Who is eligible?

The Investment Attraction Fund is aimed at attracting large-scale businesses and foreign direct investment to Newfoundland and Labrador. Eligibility is determined based on the status of being a duly registered company or having the intent to register, having operations in the province, and maintaining good standing with the province. The criteria do not specify different evaluation and selection criteria beyond the detailed business plan requirements and eligibility conditions provided in the context.

Who is not eligible

Some types of companies are not eligible for the Investment Attraction Fund. The fund does not support companies that do not have operations situated in the Province of Newfoundland and Labrador.

Companies without operations in Newfoundland and Labrador

Eligible expenses

This grant focuses on projects that aim to attract foreign direct investment and support the establishment or expansion of businesses in Newfoundland and Labrador. The eligible activities emphasize strategic investments, employment creation, and economic benefits for the province.

Establishment of new businesses in Newfoundland and Labrador stemming from foreign direct investment.
Expansion of existing businesses in the province due to external investment from foreign entities.
Infrastructure support projects facilitating business operations initiated by inward investors.
Human resource development initiatives associated with foreign direct investment in the province.

Eligible geographic areas

This grant is focused on attracting businesses to a specific region of Canada. The eligible geographical area is the Province of Newfoundland and Labrador.

Companies with operations in Newfoundland and Labrador.

Eligibility criteria of the Investment Attraction Fund program

The evaluation and selection of projects for this grant are based on specific criteria with allocated point scores to ensure alignment with the grant’s objectives.

Demonstration that the project would not proceed without the requested funding support.
The project being a result of inward investment.
Potential for long-term sustainability of the project.
Opportunity for job creation within the province.
Ability to bring economic benefit to Newfoundland and Labrador with consideration of funding from all provincial government sources.

How to apply to the Investment Attraction Fund program

Confirm Eligibility

Verify that your business satisfies the eligibility criteria outlined by the Fund.
Ensure your business is registered or in the process of registering under the Newfoundland and Labrador Corporations Act or the Canada Business Corporations Act.

Develop a Business Plan

Prepare a comprehensive business overview documenting your company’s mission and vision.
Craft an ownership and management structure plan detailing key personnel and their roles.
Formulate a human resources plan illustrating staffing requirements and planned hires.
Draft a manufacturing and/or operations plan if applicable, describing your processes and operation strategies.
Create a marketing and promotional strategy to outline how you will promote your business in the province.
Prepare a capital plan outlining your funding sources and expenditure plans.
Include a financial plan with projections and forecasts, showing anticipated financial outcomes and sustainability.

Prepare Additional Documentation

Gather any additional documents requested by the Department of Industry, Energy and Technology during your planning phase.

Contact the Grant Administrator

Reach out to Bob Norman, Manager, Investment Attraction, via email at bnorman@gov.nl.ca or call 709.729.0598.
Discuss your intentions and clarify any questions regarding the application process.

Submit Application

Prepare your application, ensuring it includes all required elements such as the business plan and any additional requested information.
Email your completed application to the contact provided or use any specified submission portal or method discussed with Bob Norman.

Acknowledge Receipt

Keep a record of the submission confirmation for your records and future reference.

Additional information

Here are additional relevant details for this grant:

The Fund provides customized financial assistance, implying that the support is tailored to the specific needs of the investor.
The Department of Industry, Energy and Technology may determine eligible costs beyond infrastructure support and human resource costs.
Inward investors must make a direct contribution of funds, indicating a commitment beyond seeking provincial support.
The funding is aimed at fostering foreign direct investment, suggesting a focus on attracting external capital to the province.