Through the Investments in Forest Industry Transformation (IFIT) Program, Canada aims to bring the next wave of innovation to the Canadian forest industry sector and solidify the country’s position as a leader in forestry transformation.
IFIT’s Capital Investment Projects Stream will provide up to a maximum $10M per project for eligible Canadian forest industry sector businesses.
IFIT’s Capital Funding Stream is delivering capital investment non-repayable funding to support transformational projects for Canada’s forest sector companies to research and develop methods to expand into new product markets and ensure industry competitiveness.
The Investments in Forest Industry Transformation (IFIT) Program Capital Investments Stream is now accepting funding requests for eligible transformative and innovative projects. The deadline to apply by is July 22, 2021.
What is the IFIT Capital Investment Projects Stream?
Originally launched in 2010 by the Government of Canada through Natural Resources Canada (NRC), the Investments in Forest Industry Transformation (IFIT) Program was established to address a crucial need for transformation in new forest industry technologies that would innovate and bring new jobs to the ever-growing and expanding Canadian forestry sector.
“Canada’s resource industries are among the economic sectors hit hardest by the pandemic. We are taking action to help Canada’s forest sector keep people working and come out of this difficult period stronger than before.”
– The Honourable Seamus O’Regan, Canada’s Minister of Natural Resources
To address COVID-19 economic impacts, the Government of Canada reinstated the IFIT Program in 2020 with a promised investment of $82.9 million to be distributed over the following three years. IFIT’s Capital Investment Projects Stream aims to provide funding to help bring innovative advancements to Canada’s forest facilities, therefore strengthening Canada’s position as a leader in forest sector transformation and creating new jobs across the country to assist in rebuilding the economy.
About: IFIT Program Capital Investment Projects Stream
For-profit companies located in Canada, that either:
- produce forest products in an existing facility (i.e. pulp, paper or solid/engineered wood products facility)
- are/will be new entrants in the Canadian forest sector for the purpose of the proposed project
Clusters, joint ventures, and consortiums are included if a for-profit company acts as the lead applicant and will be designated as the recipient of IFIT funding.
There are two ways to receive funding from the IFIT Capital Investment Projects Stream:
- General Enterprise Capital Investment Projects (all company sizes): 50% of eligible costs to a maximum of $10,000,000
- Small Enterprise Capital Investment Projects (50 employees or less): 50% of eligible costs to a maximum of $1,000,000
Capital Investment Projects must meet ALL the following criteria:
- Be primarily based on wood fibre;
- Be integrated with existing industrial processes in the forest sector and located in Canada;
- Represent an advancement of a technology or process innovation; and
- Lead to a more diversified product mix that includes high-value bioproducts, including bioenergy, biomaterials, and next generation wood building products.
The timeline for the IFIT Capital Investment Projects Stream:
- Deadline: July 22, 2021 5:00pm EDT
- Project costs eligible for an IFIT Capital Investment contribution must be incurred on or before March 31, 2023.
If your company is interested in government funding through the IFIT Program, and your project objectives meet the above eligibility criteria, please contact the Mentor Works team to help meet your organization’s goals.