The Centre for Research and Innovation in the Bio-Economy (CRIBE) is a new provincial grant funding for business program, created to transform the forest products industry in Northern Ontario. CRIBE is an independent, not-for-profit research corporation that partners with other relevant organizations to provide them with Ontario business grants to direct and turn research results and innovative business opportunities into operational realities. CRIBE believes that the bio-economy is critical in Northern Ontario’s future and these small business funding grants will help create jobs, prosperity and new opportunities. Currently, CRIBE is in their last year of mandate with hopes of having their mandate extended.
Ontario Business Grants Project Eligibility
CRIBE’s main goal is the commercialization of research and innovation findings while also transferring these new technologies to companies in Ontario, Canada and globally. The Centre for Research and Innovation in the Bio-Economy’s Board of Directors are in charge of administering the $25 million investment fund and they will cost-share projects valued at a maximum of $2 million. For your application to be considered, companies must provide how the project will contribute to CRIBE’s key criteria listed below:
- Transferring new technologies to industry
- Commercialization of research and innovation findings using forest biomass
- Attract new business, promote innovation and support jobs and wealth for Ontario’s forest dependent communities
- Facilitate the creation of new products, processes and technologies
Ontario Government Funding Principles
The main funding partner is the Province of Ontario. CRIBE funding for small business can be in the form of grants, loans (interest-free or interest-bearing) or a combination of the two. A grant or loan to an organization ranges from $150,000 to $1M. CRIBE will also invest up to 50% of the total project costs and organizations must contribute at least 25% of the project value as cash with the remaining matching contribution as eligible in-kind contributions. Commercialization is expected before March 31, 2013 and must involve forest biomass.
Business Funding Grants Eligible Expenses
The following are eligible expenses:
- Direct labour
- Overhead costs of up to 10% of total project costs
- Direct material costs
- Consultants and sub-contractors
Applying for Small Business Government Grants
For those who would like to learn more about CRIBE’s funding program and other Canadian government funding mechanisms available to your company, I encourage you to contact one of our Canadian Government Funding Experts or sign up for a 60 Minute Small Business Government Funding Workshops. Please be sure to follow us on Facebook or Twitter to receive frequent updates on these Canadian government funding programs.