Investment Attraction Fund

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 the steps to submit an application for this grant:

• Step 1: 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.
• Step 2: 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.
• Step 3: Prepare Additional Documentation
  • Gather any additional documents requested by the Department of Industry, Energy and Technology during your planning phase.
• Step 4: 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.
• Step 5: 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.
• Step 6: Acknowledge Receipt
  • Keep a record of the submission confirmation for your records and future reference.

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.