Atlantic Innovation Fund (AIF)

By mmuise
Description:

The Atlantic Innovation Fund (AIF) is helping Atlantic Canada compete at home and abroad by supporting the development of innovative products and services that lead to commercial success. AIF helps researchers and innovative businesses team up to develop new products and services and put them on the market.


Comments on Funding:

Funding is up to 80% of total eligible costs for projects led by not-for-profit organizations. Contributions to not-for-profit organizations are non-repayable.
Funding is up to 75% of total eligible costs for private-sector-led projects. Contributions to the private sector are conditionally repayable based on the commercial success of a project.
It should be noted that the AIF assistance for eligible building and major renovation costs would not normally exceed 30% of the costs.

The AIF assistance for eligible building and major renovation costs would not normally exceed 30% of the costs.
Funding for innovation project ranges from $500,000 to $3 million. Innovation projects of less than $500,000 may be eligible under ACOA’s Business Development Program.

Deadline: Continuous Intake
Eligibility:

Applicants must be:

  • private-sector businesses,
  • universities, colleges,
  • non-government research institutions,
  • provincial Crown corporations operating in Atlantic Canada.
Application Steps:

Applicants must:

1. complete a Project Concept Template and submit it to the ACOA office nearest to them. ACOA will contact them to confirm receipt and to discuss their project.

2. complete and submit the Application for Financial Assistance form, once they have discussed their project with ACOA.

Documentation Needed:

For-profit applicants must submit a completed application form and the following supporting documents:
1. incorporation documents and information on ownership names and percentage of ownership, 2. financial statements (current and last two years),
3. R&D project plan, business plan and/or marketing plan,
4. supplier quotes,
5. copies of relevant permits and licenses,
6. other relevant documents (specify). Other applicants must submit a completed application form and the following supporting documents:
1. constituting/ incorporating documents and list of directors/members of the board, 2. financial statements (current and last fiscal year),
3. description and mandate of the applicant, including the management and qualifications of key personnel,
4. HST rebate information (I.E. rebate rate),
5. one of the following two items is required: research and development (R&D) project plan or detailed project description, including milestones, costs, financing, key partnerships established and evidence of support from the community,
6. supplier quotes,
7. copies of relevant permits and licenses, 8. other relevant documents (specify).

Other Things to Note:

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About the author
mmuise