Business Investment Fund – Business Development Support Program

By mmuise
Description:

The Business Development Support Program assists Newfoundland and Labrador SMEs with opportunities to increase their productivity and improve their competitiveness. Funding is available for productivity improvements, knowledge development, market development and/or professional technical advice.


Comments on Funding:

Funding is in the form of a non-repayable contribution(s) to a maximum amount of $100,000 per government fiscal year.
The contribution level will be up to 50% of eligible costs, with the business identifying their access to the remaining funding to complete the project(s).

Deadline: Continuous Intake
Eligibility:

The applicant must:

  • be a SME based and operating in Newfoundland and Labrador having fewer than 100 employees and less than $10 million in sales,
  • demonstrate a desire to develop and grow by improving the operations of the business, investing in its people, and focusing on trade opportunities,
  • demonstrate its ability to undertake the work identified in the project proposal,
  • demonstrate its ability to access the financial capital required to complete the project,
  • operate in a strategic
Application Steps:

The applicant must submit a signed, completed application with supporting documentation to the office of Industry, Energy and Technology (IET) in his area.

Documentation Needed:

The applicant must submit:
1. the application form,
2. a business plan and project summary & Benefits,
3. financial statements for the current and previous two to five years of operation including notes to the financial statements and the most recent interim statements. If a proprietorship, include recent and previous two to five years personal income tax returns including CRA T2125 form and Notice of Assessment, if an existing business,
4. a copy of the Articles of Incorporation,
5. a Personal Net Worth Statement for all shareholders and key management personnel (loans/equity investments only),
6. a Cash Flow Statement and pro forma statements for the next two to five years including Balance Sheet and Income Statement with detailed assumptions supporting revenue forecasts, if an existing business,
7. Income Statement and Opening Balance Sheet, a Cash Flow Statement and pro forma statements for the next two years including Balance Sheet and Income Statement with detailed assumptions supporting revenue forecasts, if a new business,
8. any supplementary information that may be relevant to his operation.
For larger, more complex projects a more detailed Business Plan, a Feasibility Study and/or Market Study may be required.

Other Things to Note:

Economic Growth Strategy for Newfoundland and Labrador:
High-potential priority sectors: Ocean technology, Offshore Oil, Minning, Aquaculture and Fisheries, Tourism (https://www.gov.nl.ca/fin/files/publications-pdf-mck-final-report.pdf)
Sectors with the capacity to support the Province’s regional development objectives (“targeted opportunities”): Agriculture, Forestry, International education, Aerospace.
NFL Exports according to OEC website (https://oec.world/en/profile/subnational_can/newfoundland-labrador?redirect=true#:~:text=Trade%20In%20August%202022%2C%20the,Newsprint%20(C%2419M):
Petroleum oils, oils from bituminous minerals,... (C$ 7.5B), Iron ore, concentrate, not iron pyrites,... (C$ 2.36B), Iron ore, concentrate, not iron pyrites,unagglomerate (C$ 1.51B), Crabs, frozen (C$ 881M), and Nickel unwrought, not alloyed (C$ 856M) + Newsprint (among the top export in Aug. 2022)=> sectors: Energy, Fisheries & Aquaculture, Metallurgical Industry, Wood

About the author
mmuise