Published On: Friday, 19 January 2018
Grant Programs Support Northern Innovation and Development
PRINCE GEORGE - Northern Development Initiative Trust will invest up to $1.65 million into northern B.C. via two new funding programs.
Grants will be awarded in two categories:
- Innovative projects in traditional northern B.C. industries; or
- Initiatives to achieve key community-based strategic economic priorities.
Together, the Northern Industries Innovation Fund and the Strategic Initiatives Fund will provide up to $1.65 million annually in grant funding for projects. Priority will be given to projects within the regions and communities most impacted by the pine beetle and the resulting decrease in timber supply.
The criteria for funding are outlined below and are part of the Trust's ongoing response to mitigate the economic impact of the mountain pine beetle epidemic.
Northern Industries Innovation Fund
Following the success of the Forest Innovation Fund, Northern Development has restructured the program with a commitment of up to $750,000 annually to create the Northern Industries Innovation Fund.
The Northern Industries Innovation Fund will provide rebate funding up to $50,000 to a maximum of 50 per cent of a project's budget for small and medium enterprises deploying innovative technologies in industries such as mining, energy, agriculture, aquaculture, and forestry.
By supporting applied research, the development of new or improved products /services, and the testing of innovative equipment or technologies, the program will help the northern B.C. businesses improve their competitiveness, generate incremental revenue, and create jobs.
Eligible companies must be privately owned, incorporated, have less than 500 employees, earn less than $100 million in revenue, and be operating within the Northern Development Initiative Trust region.
Applications will be accepted on an ongoing basis until the annual allocation for the fund is exhausted. Visit the website for more information or to apply.
Strategic Initiatives Fund
The Strategic Initiatives Fund is a new proposal-based program that allows municipalities and First Nations to apply for grant funding to support significant projects that focus on long-term economic transformation and sustainability.
The program is supported with a $900,000 commitment from Northern Development. Grant funding is only limited by the annual funds allocated to the program and will cover up to 80 per cent of a project's value.
The program allows Northern Development to support strategic projects that may not otherwise fit into its suite of programs, but that are large in scale, regional in impact, enhance a community or multiple communities' ability to overcome economic challenges, and will result in incremental capacity or strategic economic infrastructure within a municipality or First Nation.
Applications for the Strategic Initiatives Fund will be accepted until March 15th with funding decisions determined in April. Visit the website for more information or to apply.