Innovation and Business Development Fund (IBDF)

By mmuise
Description:

The Innovation and Business Development Fund is focused on investments to grow and diversify Newfoundland and Labrador’s oil and gas supply and service capabilities. The fund provides funding to commercial and non-commercial applicants for business development, emerging technologies and industry diversification. The fund supports The Way Forward on Oil and Gas - Advance 2030: A Plan for Growth in the Newfoundland and Labrador Oil and Gas Industry.


Comments on Funding:

Project funding will normally not exceed 50% as a non-repayable contribution.
Other Provincial Government funding is ineligible as project financing (i.e., no duplication of provincial funding sources will be permitted).
Multi-year commitments may be considered based on the business case for the investment and are subject to the available budget and additional approval requirements.

Deadline: Continuous Intake
Eligibility:

Applicants must be:

  • non-commercial: industry associations, business development organizations, postsecondary education institutions and other support groups in Newfoundland and Labrador involved in oil and gas projects,
  • commercial: registered businesses, primarily small-and-medium sized enterprises (SMEs), with operations in Newfoundland and Labrador.
Application Steps:

Applicants:

1. should contact an IET or TCAR office in your region prior to developing a proposal,

2. must submit a detailed proposal and a completed application with supporting documentation to The Department of Industry, Energy and Technology (IET) office in their area.

Documentation Needed:

Applicants must submit:
1. a detailed proposal and a completed application - both are required,
2. their latest financial statements (commercial projects only),
3. the qualifications/resumes of key project management personnel,
4. letters of support (financial and non-financial),
5. financial projections (commercial projects only),
6. cost estimates for the purchase of specialized equipment, building renovations, and purpose-built supply and service infrastructure,
7. any information or resource materials referenced in the proposal,
8. copies of required permits, licenses and/or environmental approvals,
9. copies of relevant contracts and agreements,
10. copies of any detailed design work, engineering or other studies that support the proposal.

Other Things to Note:

The Departments of Industry, Energy and Technology, and Tourism, Culture, Arts and Recreation are co-administering the fund, ensuring coordination with the programs of the Innovation and Business Investment Corporation. The fund supports The Way Forward on Oil and Gas - Advance 2030: A Plan for Growth in the Newfoundland and Labrador Oil and Gas Industry.

About the author
mmuise