Strategic Innovation Fund Stream 3: Investment Attraction and Reinvestment

By mmuise
Description:

Strategic Innovation Fund's Stream 3 provides funding to attract and retain large scale investments to Canada. It provides repayable and non-repayable contributions to firms of all sizes across all of Canada's industrial and technology sectors.


Comments on Funding:

Funding is up to 50% of the costs for eligible activities and the amount of the contribution is based on the minimum amount required to allow an eligible activity to proceed. The maximum level will only be considered in exceptional circumstances.
The combined level of assistance from all governments (federal, provincial, territorial, and municipal), shall not normally exceed 75% of eligible costs.
The program contributions are:
- conditionally or unconditionally repayable;
- non-repayable; or
- a combination of 1 and 2.
Repayments will be performance-based and reflect a risk-sharing approach. Non-repayable contributions will only be considered for eligible activities that demonstrate strong economic, innovation and public benefits with clear strategic value or global significance (see next section for more information). The amount and terms of repayment will be determined during the due diligence review.

Deadline: Continuous Intake
Eligibility:

The applicant must be:

  • a for-profit corporation—small, medium or large-sized,
  • be incorporated in Canada and proposing to carry on business in Canada.

    Eligibility criteria for projects:
  • The project must support new investment in industrial or technological facilities in Canada.
  • Activities in this Stream are a minimum of TRL 2 and should support the establishment of new facilities or bring new mandates to Canada.

    For example, projects could focus on:
  • A Canadian company establishing a new production facility which did not previously exist in Canada;
  • Obtaining a production mandate for a product which was previously produced outside Canada or is being produced for the first time; and
  • Obtaining an R&D mandate which was previously held outside Canada or is being established for the first time.
Application Steps:

Applicants must submit:

1. a Statement of Interest (SOI) with a high-level overview of the proposed project. Based on the SOI, applicants will be provided with feedback on whether they will be invited to Step 2 – Full application.

2. a full application, outlining in greater detail the project proposal. Information provided on this form will be used to complete the project due diligence and benefits assessment.



3. Once the assessment of the project application and the due diligence process are complete, Applicants will be informed of the status of their application. The Minister of Innovation, Science and Economic Development Canada will exercise his or her discretion on which projects to fund.

4. Following project approval, a Contribution Agreement will be prepared for signing by the successful Applicant (which then becomes the Recipient) and Innovation, Science and Economic Development Canada, laying out the legally binding responsibilities and obligations of both parties.

Documentation Needed:

Applicants must submit:
1. a Statement of Interest (SOI);
2. a full application, if invited

Other Things to Note:

Business Innovation and Growth (Streams 1–3)

Date modified: 2023-08-04

About the author
mmuise