Innovation and Business Development Fund (IBDF)
The Innovation and Business Development Fund is focused on investments to grow Newfoundland and Labrador’s oil and gas supply and service capabilities, including opportunities to diversify capacities in other energy sectors.
Offered by Government of Newfoundland and Labrador, Department of Energy and Mines
Amount
Non-repayable contribution that will normally not exceed 50 per cent; the level of support will vary from project to project
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Who can apply
Businesses in Newfoundland and Labrador's oil and gas supply and service sector, including diversification into other energy sectors.
About the funding
Labour costs may include incremental wages and salaries, including new technical, supply chain
or market development expertise required for the project to proceed and not available through other programs
Other operating costs may include strategic initiatives in support of supply chain opportunities
industry-wide promotion of capabilities, export readiness and market entry strategies, commercial development and demonstration of emerging technologies, and other direct costs specific to the project
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Capital costs may include specialized equipment, building renovations, and purpose-built supply
and service infrastructure
Any costs incurred prior to application are not eligible. Specific costs such as proposal
development and administrative support are ineligible. Other costs may be deemed ineligible upon project assessment
IBDF funding will normally not exceed 50 per cent as a non-repayable contribution
The level of support will vary from project to project
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
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| Aboriginal Entrepreneurship Program: Access to Capital | Grant | Individual Indigenous entrepreneurs may receive up to $99,999 in funding assistance and eligible Indigenous community businesses may receive up to $250,000 (non-repayable equity contribution | Open |
| AgriScience Program – Projects | Grant, In-Kind Support | Up to $5 million per project and $10 million per applicant over the program's duration (2023 to 2028) | Open |
| Poultry and Egg On-Farm Investment Program | Grant | Non-repayable contributions of up to 70% of eligible project costs (up to 85% for young producers), limited to each producer's maximum funding amount based on their share of provincial quota/production | Open |
