Regional Economic Growth through Innovation — Business Scale-up and Productivity — ACOA
Canada
Financing to accelerate growth in Atlantic Canada
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Manufacturing
- Information and cultural industries
- Arts, entertainment and recreation
grant_single|grantors
- Atlantic Canada Opportunities Agency (ACOA)
- Government of Canada
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a financial contribution to help you scale up and expand, adopt and commercialize innovative technologies and processes, or diversify your markets. You can apply to this program as long as your project benefits Atlantic Canada.
grant_single_labels|projects
The grant provided by ACOA through the REGI program is available to businesses and organizations in the Atlantic Canadian provinces. This regional focus is designed to support local economic development and innovation across these specific areas.
- Nova Scotia
- New Brunswick
- Prince Edward Island
- Newfoundland and Labrador
grant_single|admissibleProjectsExample
$60,000
Launch of a new organic skincare product line by a sole proprietorship
$85,000
Development of eco-friendly packaging for a social economy enterprise
$45,000
Digitization of historical records for a non-profit organization with autonomous revenue
$120,000
Implementation of advanced CRM software for greater productivity at a financial cooperative in St John's
$70,000
Exploring new export markets for local seafood products by a limited partnership
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant's type and the support they provide to businesses.
- The applicant must be a business or non-profit organization.
- Businesses eligible include sole proprietorships, partnerships, social enterprises, incorporated companies, corporations, co-operatives, and Indigenous-owned businesses.
- Non-profit organizations eligible include post-secondary educational institutions, accelerators, business incubators, angel networks, social enterprises, and community-owned Indigenous businesses.
- A group of eligible recipients such as an industry association or consortium may also apply.
- Municipalities and municipal-type organizations can apply for funding as well.
grant_eligibility_criteria|who_can_apply
The REGI program through its Business Scale-up and Productivity initiative offers funding to a variety of businesses ranging from sole proprietorships to Indigenous-owned enterprises, including non-profit organizations serving businesses. Meanwhile, the Regional Innovation Ecosystems initiative supports non-profit entities such as educational institutions, social enterprises, and community-owned Indigenous businesses, fostering an inclusive and innovative regional economy.
grant_eligibility_criteria|who_cannot_apply
There are specific types of companies that are not eligible for this grant. Indigenous-owned businesses, sole proprietorships, partnerships, social enterprises, incorporated companies, corporations or co-operatives, and all other types of enterprises are eligible for the grant.
- Indigenous-owned businesses
- Sole proprietorships
- Partnerships
- Social enterprises
- Incorporated companies
- Corporations or co-operatives
- All other types of enterprises
grant_eligibility_criteria|eligible_expenses
This grant facilitates economic growth and innovation in Atlantic Canada by providing funding for businesses to scale up and enhance productivity, as well as support networks for under-represented groups. It covers a variety of projects designed to expand market reach, implement new technologies, and promote regional innovation ecosystems.
- Scaling up and expanding business operations.
- Maximizing the use of new technologies to improve productivity.
- Creating new products and entering new markets.
- Establishing and strengthening business support networks for under-represented groups.
- Supporting strategic clusters and groups to build on regional strengths.
- Facilitating business accelerators and incubators to assist start-ups and innovative companies.
- Enhancing productivity and competitiveness of businesses to attract new investments and recruit talent.
grant_eligibility_criteria|zone
The Regional Economic Growth through Innovation program covers different aspects depending on the stream, aiding in business scale-up, technology adoption, productivity improvement, product creation, and market expansion.
- Scaling up and expansion activities.
- Adoption of new technologies to boost productivity.
- Development and creation of new products.
- Exploration and entry into new markets.
grant_single_labels|criteria
There are evaluation and selection criteria for this grant. The evaluation process considers various factors to determine eligibility and assess the potential impact of the project.
- Evaluation criteria may include:
- Alignment with program objectives
- Viability and potential for growth
- Economic impact and innovation
- Capacity to implement the project
- Benefit to the region and community
grant_single_labels|register
- Step 1: Contact ACOA Office
- Reach out to your nearest Atlantic Canada Opportunities Agency (ACOA) office to discuss your project details.
- Gather insights on project eligibility and funding details.
- Step 2: Prepare Application
- Complete the "Application for financial assistance" form provided by ACOA.
- Ensure all required information and documentation accompany your application.
- Step 3: Submit Application
- Submit the completed application form along with any necessary documents to the ACOA office.
- Confirm submission via a call or email, if necessary, to ensure receipt.
grant_single_labels|otherInfo
- ACOA offers non-repayment contributions for Regional Innovation Ecosystems, where organizations can receive funding without having to pay it back.
- There are specific support networks aimed at under-represented groups such as women, Indigenous peoples, and young entrepreneurs.
- For Indigenous businesses, there is an opportunity for more funding or flexible repayment options.
- Applicants can use the Open Government Portal to look up recently approved recipients under the keyword "REGI".
grant_single_labels|contact
1-888-576-4444
Apply to this program
Empowering Atlantic Canada through Regional Growth and Innovation
The Regional Economic Growth through Innovation (REGI) program facilitates business expansion and productivity in Atlantic Canada by providing unsecured, interest-free funding. Businesses can leverage these funds to drive growth, adopt new technologies, and explore new markets, thus fostering a robust and inclusive economic environment.
Deep Dive into the REGI Program’s Structure and Benefits
The REGI program, spearheaded by the Atlantic Canada Opportunities Agency (ACOA), is a pivotal initiative aimed at bolstering economic development across Atlantic Canada by supporting businesses and non-profit organizations. This program acknowledges the distinctive challenges faced by businesses in the region and addresses them through two primary funding streams: Business Scale-up and Productivity, and Regional Innovation Ecosystems.
Under the Business Scale-up and Productivity stream, the REGI program provides businesses with financial assistance to accelerate their growth trajectories. This funding is especially critical for enterprises looking to enhance their scalability and efficiency. By facilitating access to modern technologies and innovative business practices, the program supports enterprises in their quest to increase productivity. Furthermore, businesses availing themselves of this opportunity can reach a competitive stance on the global stage by identifying and seizing new market opportunities.
The funding provided through this stream is notably unsecured and interest-free, which significantly reduces the financial burden on businesses. This feature makes the REGI program an attractive option for enterprises wary of traditional financial obligations tied to business loans. The terms of the repayment are clearly outlined in the agreement, ensuring transparency and understanding between the funding body and the recipients.
On the other hand, the Regional Innovation Ecosystems stream focuses on nurturing a collaborative environment for non-profit organizations that play a supportive role in business development. This facet of the REGI program is designed to foster a network of strategic clusters, innovation-oriented organizations, incubators, and accelerators that help enterprises at various developmental stages. By doing so, it creates a robust, supportive ecosystem that encourages innovation and includes under-represented groups such as women, Indigenous peoples, and young entrepreneurs.
Non-repayable contributions are a hallmark of the Regional Innovation Ecosystems funding. This differs from the Business Scale-up and Productivity stream, offering organizations like post-secondary institutions, business incubators, and community-owned Indigenous businesses the flexibility to drive regional strengths and ideas to market without the pressure of repayment. This non-repayable aspect is indispensable in ensuring that innovative and strategic initiatives can flourish without financial constraints.
The REGI program not only facilitates business growth but also strengthens regional innovation networks, making them more inclusive. This focus on inclusivity is paramount, as it ensures that diverse groups within the community can actively participate and benefit from economic growth. The emphasis on inclusivity also extends additional support to Indigenous leaders and entrepreneurs, tailoring financial and advisory services to meet their unique needs.
In conclusion, the REGI program serves as a catalyst for economic advancement in Atlantic Canada, combining financial flexibility with strategic support mechanisms. By offering unsecured and interest-free loans, along with non-repayable contributions, the program reduces financial barriers for businesses and non-profit organizations alike. This approach helps create a fertile ground for innovation, competitiveness, and inclusivity, ultimately contributing significantly to a strong, capable, and diverse economic environment in Atlantic Canada.
