FedDev Ontario’s Prosperity initiatives include funding for not-for-profits (NFP’s) with innovative projects that will provide a positive economic impact on their region. The funding from Investing in Business Innovation (IBI) for NFPs will support up to 100% of the costs of the project, to a maximum of $20 million, as a grant. IBI also has a funding stream for SME’s providing small business loans Ontario to innovative small businesses.
Investing in Business Innovation Canadian Government Grants for NFP’s: Organization Eligibility
NFPs that would be considered eligible for funding include: Regional Innovation Centers, incubators, accelerators, angel networks and Community Futures Development Corporations (CFDCs). The NFP must be located in Southern Ontario.
IBI Government Grants Canada: Funding Program Focus
The key focus of the IBI funding program for NFP’s is to provide financial support for NFPs whose activities include the education and training of entrepreneurs to become successful business people. The important aspects of eligible projects are:
- Providing proof of successful programming for entrepreneurs
- A sustainable vision for future training and development of entrepreneurs,
- Having a sensible business structure, good management skills and the experience to implement the proposed programming.
Government Grants for Southern Ontario Not-for-Profits: Project Eligibility
Projects can be multi-year. The types of programming for entrepreneurs that can be funded through the IBI for NFPs are:
- Business and market development skills programs;
- Early-stage business development programs; and
- Seed financing programs and support.
Expenses that are eligible for re-imbursement from this program include: labour, expertise: consultants or contractors, and non-capital costs. Capital costs are not eligible for funding from this government program.
IBI Canada Government Grants: Funding Details
Funding for the IBI for NFPs program is provided as reimbursement payments against eligible costs that are submitted as paid expenses twice a year. The funding has the following limits:
- Funding up to $10,000 per new entrepreneur may be provided for business training.
- Matching funding to new, start-up entrepreneurs will cover up to 50 percent of eligible costs to start a business up to a maximum of $30,000. Start-up entrepreneurs must provide the other 50 percent in the form of cash.
- Up to 10 percent of the contribution to the organization can be allocated to support outreach and project administration costs.
- FedDev Ontario support is not intended to replace or duplicate funding available from other funding sources, including private-sector and/or government programs.
- All projects must be completed by December 31, 2018.
Investing in Business Innovation (IBI): Application Process
Applications for funding from this government program are accepted continuously and evaluated on a first-come, first serve basis. When funding is awarded, the applicant will be required to sign a contribution agreement with FedDev Ontario. The funding is provided as reimbursements for paid expenses. The applicant will submit receipts and a summary of paid expenses for a period of time from 1 month to 6 months and the eligible expenses will be reimbursed.
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