Investment Attraction Fund
At a glance
- No Condition
- Unspecified
- All industries
Overview
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.
Activities funded
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.
Eligibility
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.
Selection criteria
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
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
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
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.