Rural Innovation Initiative Eastern Ontario – Local Stream is non-repayable performance-based funding from $25,000 up to $100,000 transitioning SMEs in Trenval catchment area to expand business growth and adoption of advanced business innovation processes.
Innovation capital is investment in Industry 4.O, new or next generation equipment, technology, products and processes that lead to business growth, access to new markets and investment in people (job creation).
Supported projects will strengthen competitiveness, productivity, business growth, process innovation, new market access, creation and retention of employment opportunities, the re-skilling of the industrial workforce, incremental sales and increased profitability, and as a result, diversify and transform our local communities and economy.
Intake will begin May 21, 2019 with all projects through 15 Eastern Ontario CFDCs being targeted for completion by December 31st, 2020
Projects will demonstrate sustainability, drive prosperity and job creation/sustainment through innovation, research and development, commercialization, and business practices that work to position the region for global competitiveness, export markets, and economic diversification.
Projects that focus on inclusiveness: youth, women entrepreneurs, Indigenous peoples, Official Language Minority Communities, persons with disabilities, immigrants and visible minorities
Fourth Pillar NFP projects should be business focused, align with federal government economic development priorities, support priority industry sectors and inclusiveness related priorities. Examples of eligible project activities could include:
Selected projects will be eligible for a non-repayable performance-based contribution and require a minimum 50 percent cash contribution by the recipient on eligible expenses net of HST. The minimum project size for an RIIEO – Trenval local stream project is $50,000 resulting in a minimum contribution of $25,000 by the recipient.
The combined Stream total support to for-profit recipients will not exceed $100,000.
All costs must be reasonable and directly related to the eligible project activities.
Ineligible and/or Unsupported Costs by way of examples include:
Eligible recipients must demonstrate that they are prepared to and have mechanisms in place to submit data, schedules, plans and reports in sufficient detail for the Trenval to:
Eligible recipients will provide the Trenval CFDC with Progress/Activity Reports and financial claims on a monthly basis, quarterly or as required and outlined in the Contribution Agreement.
Applicants notified typically within 6 weeks of date of completed application.
If a project is selected for support, Trenval will prepare a Contribution Agreement with terms and conditions.
Financial contributions are performance-based and subject to a 10% holdback until the applicant has completed the project, and met all project requirements as outlined in the Contribution agreement. No project is expected to extend past December 31, 2020.
Incomplete applications will not be considered.
Applicants are encouraged to contact the Trenval Program Officer to discuss proposed projects prior to submitting an online application:
Trenval Business Development Corporation
tel: 613-961-7999 ext 223
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