Investment Attraction Fund

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.

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?

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.

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.

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.