Forest Innovation Fund grants available
March 8, 2016
By Northern Development Initiative Trust
March 8, 2016 - The Forest Innovation Fund provides up to 50 per cent, to a maximum of $50,000 in grant funding for small and medium companies to support research and development, innovative technologies, and new or improved products to optimize the fibre supply in Mountain Pine Beetle affected areas.
The fund is part of the Northern Development Initiative Trust’s ongoing response to the Mountain Pine Beetle epidemic, which is anticipated to result in fibre supply reductions in the coming years that will impact jobs and communities in pine beetle affected areas.
The Forest Innovation Fund will focus on support for small and medium-sized enterprises, filing a funding gap in the current innovation landscape that will create positive results for the region’s entrepreneurs and the communities they call home.
Features and benefits for business:
▪ The program supports the diversification of local and regional economies that have been impacted by the Mountain Pine Beetle infestation through investment in innovation by local forest sector businesses;
▪ The program is complementary funding to match and leverage existing funding programs from provincial, and federal organizations or private sector investments that have the potential to create new jobs and increases revenue in central and northern British Columbia;
▪ Eligible companies must be privately owned, have less than 500 employees, revenues less than $ 100 million and be operating within the Northern Development Initiative Trust region;
▪ Program provides a rebate to businesses to offset the cost of consulting and consultant travel, third party research, capital costs for new technology or equipment for prototype testing etc. for qualifying project;
▪ Companies may use a preferred consultant, researcher or subject matter expert or obtain assistance to identify a qualified consultant(s), researchers or subject matter expert;
▪ Time sensitive approvals for fully completed applications;
▪ Applications are received and approved on a continuous basis throughout the year – no intake deadlines;
▪ Direct payments to reimburse the company within weeks of receiving verified completion of the contract and payment of all expenses; and
▪ The program gives priority to companies operating in the regions most impacted by the pine beetle epidemic and decreasing timber supply.
What types of projects are eligible for funding?
The Forest Innovation Fund is designed to support projects that focus on innovative technologies, optimizing fibre utilization, stimulate new job creation or retention and create opportunities for economic growth. Project examples might include innovation in biomass and harvesting, advancements in site remediation, value-added forest products and the implementation of new technologies.
What project costs are eligible for funding?
Eligible project costs are outlined in the program application guide, available for download on this page. Eligible costs include: capital expenditures, direct third party project fees, including travel, innovative equipment for research trials monitored by FP Innovations or the National Research Council, incremental third-party project management and contractor fees.
How do I qualify for funding?
Each applicant must demonstrate key deliverables in order for the project to be considered for funding approval. Key deliverables include job creation, increased revenue generation, leveraged funding, sustainability and strategic factors outlined in the application guide.
If I’m approved, when will I receive my funding?
Applicants must provide confirmation of all other sources of project funding prior to Northern Development entering into a funding agreement. A maximum of 50% of a project’s budget up to $50,000 in funding is available, which is remitted to the company in the form of a rebate after project completion and reporting. An applicant must cover a minimum 25% of the project’s budget. Applicants may apply for a 50% advance on their approved funds if they supply Northern Development staff with the appropriate quotes and purchase orders after the project has been approved.
Funding applications are continuously accepted to this program. Each application must be accompanied by a letter of support from the local government or band government where the project will take place.
For more information, click here.
Source: Northern Development Initiative Trust
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