Economic Development Fund: Project Support Stream
$10,000.00
Grant
Description:
The Economic Development Fund provides Chamber members direct financial assistance toward specific initiatives that support the growth or strengthening of small businesses in Thunder Bay.
The Economic Development Fund Project Support Stream is designed primarily for projects that accomplish these goals:
1. Enhance economic benefits and opportunities;
2. Provide infrastructure to support future economic activity within the city;
3. Attract new investment;
4. Create long-term employment opportunities.
Comments on Funding:
Funding is up to a maximum of 50% of the project costs to a maximum of $10,000 for any single project. Leveraging is mandatory.
Continuous Intake
Eligibility:
Applicants must:
1. be Chamber members;
2. be private sector businesses and individuals;
3. be non-profit/not-for-profit organizations;
4. be community groups;
5. be the Thunder Bay Chamber of Commerce when leveraged with other funders for one-time projects (ie: CEDC, NOHFC, FEDNOR, etc);
6. effectively demonstrate how their project will support growth or strengthen the City’s economy beyond the scope of their organization.
Application Steps:
1. Applicants must complete an application which outlines the objectives of the project, the expected benefits to Thunder Bay and area business community, timing of the project and budget;
2. The Executive Committee will review project applications and bring forward proposals that clearly demonstrate the ability to achieve the goals of the fund to the Board of Directors for discussion and approval. Projects that demonstrate the ability to meet multiple goals will have greater ability to access funding than proposals that meet the minimum criteria.
Documentation Needed:
Applicants must:
1. submit an application which outlines the objectives of the project, the expected benefits to Thunder Bay and area business community, timing of the project and budget;
2. demonstrate the ability to target the goals of the fund;
3. list all funding sources for the project in the application;
4. provide a report within 6 months of receipt of funds, outlining the progress of the project;
5. provide a final report within one year of receipt of funds;
6. submit receipts for use of funds upon request.
Other Things to Note:
1. The initial deposit in the Development Fund was the amount donated by the membership in 1997 ($14,075) to Development Thunder Bay. Funds collected from the membership for economic development, as outlined on the membership fee schedule, during 1998 and into the future, will be allocated to this economic development fund.
2. Funds will be allocated on a project by project basis. Funds should be available each quarter to support initiatives. The fund should not be depleted to less than $5,000 at any time.
3. In addition to these specific goals, applicants will be asked to provide a business plan that demonstrates how the project will support the growth or strengthening of the City’s economy through economic development.
About the author
Maurice
