Tourism Investment Program — Product Development Fund
$500,000.00
Grant
Description:
Product Development fund assists Alberta-based tourism operators, Indigenous organizations, not-for-profits, and municipalities in creating or expanding tourism experiences.
Comments on Funding:
Organizations can receive between $75,000 and $500,000 from Travel Alberta. Operator must contribute at least 25% of total costs (example: Travel Alberta could invest $375,000 into a $500,000 project, if the operator provides the other $125,000).
Applications are closed. Stay tuned for future intake announcements
Eligibility:
Applicants must:
1. Be an Alberta-based tourism businesses
2. Be an Indigenous tourism organizations
3. Be a Not-for-profit organizations and/or municipalities with a focus on tourism.
4. Have a minimum six months in operation
5. Have tourism offering available for more than 120 days per year.
Application Steps:
Applicants must:
1. Submit Expression of interest (EOI). Successful applicants receive full intake form.
If you have any questions, please reach out to your destination development manager provided at their website.
Documentation Needed:
Applicants must:
1. Submit a business plan for your company.
2. Have expenses incurred between the dates agreed upon by Travel Alberta
3. Have invoiced expenses by a qualified third party and documented in the financial reconciliation.
4. Provide financial statements, including an income statement and balance sheet
5. Submit a written endorsement from the local municipality (city, town or county) for infrastructure related projects
6. Submit copies of all supporting documentation must be provided, including but not limited to:
–Legal description of the property and copy of the registered title or lease agreement number
–Business/operating license
–If the project is on land leased from the crown – a letter from a representative of the appropriate government authority indicating the proposed project is permitted under the lease agreement
–Tourism and commercial recreation lease (highlight and brief description)
–Municipal land use bylaw requirements
–Development/recreation permits
–Copies of property plans and development dimensions
–Construction schedule with associated budget timeline
Other Things to Note:
Criteria for projects:
1. Your infrastructure project must be “shovel ready,” which means you’ve already gotten all the necessary approvals, permits, and financing in place.
2. You need to have secured at least half (50%) of your financial commitment to the project to apply for funding.
Example of a $500,000 project:
–If an operator can provide the required 25% matching contribution (for this example, $125,000) Travel Alberta can invest up to 75% of the project (for this example, $375,000).
–To apply for this funding stream, you must have secured at least 50% of your required matching contribution (in this case, $125,000 / 2 = $62,500).
About the author
Maurice
